Buffett Pay Principles Put to Test With Coke, Winters Says

Warren Buffett owes it to shareholders of his Berkshire Hathaway Inc. to vote against Coca-Cola Co.’s executive-compensation plan, said David Winters, a money manager who controls stakes in both companies.

Winters has waged a campaign since March to persuade investors to reject the soft-drink maker’s proposal, which comes to a vote today. The new plan, in addition to ones already enacted, could transfer $29.8 billion to the managers, he said. He wants the plan withdrawn, calling it a “raw deal.” Investors including the Ontario Teachers’ Pension Plan and Calvert Investments have sided with him.