2014

Strong Showing in Vote on Resolution Urging PepsiCo to Report on Effect of AIDS in Africa Operations Religious Investors Achieve Sufficient Support to Resubmit Proxy in 2004



    PLANO, Texas, MAY 7 /PRNewswire/ -- Concerned PepsiCo (NYSE:   PEP)
 shareholders garnered 7.5 percent support for a resolution voted on today at
 PepsiCo's annual meeting in Plano, Texas, that called on the soft drink giant
 to report on how it plans to deal with the business and employee impact of the
 AIDS pandemic in Africa.  A first-year support level of 3 percent is required
 by the U.S. Securities and Exchange Commission (SEC) for this proxy resolution
 to be reintroduced at PepsiCo in 2004.
     Mark Regier, stewardship investing services manager for MMA, said, "This
 is an extremely encouraging outcome and one that exceeds our expectations,
 which were modest.  During a resolution's first year, you work hard just to
 make sure people know the issue exists.  But this resolution seemed to strike
 a chord immediately with many shareholders.  People understand that this is
 both a business and a humanitarian issue for PepsiCo.  More shareholders now
 want to know how this pandemic will affect PepsiCo's business throughout
 Africa."
     The resolution was filed by MMA along with the Congregation of the Sisters
 of Charity of the Incarnate Word, School Sisters of Notre Dame Cooperative
 Investment Fund, Sisters of Mercy of the Americas, Sisters of St. Dominic of
 Caldwell New Jersey, and ASC Investment Group.  On March 4, 2003, the SEC
 rejected a PepsiCo effort to kill the proxy measure.
     The proxy resolution stated: "Shareholders request the Board of Directors
 to report on: the effect of the health pandemic on the company's operations in
 Sub-Saharan Africa; the Company's response to the pandemic; and, that the
 report would be made available to shareholders by October 2003 (omitting
 proprietary information and at reasonable cost)."
     Regier noted, "Other companies operating in Africa, including PepsiCo's
 direct competitors, have recognized the importance of this issue and are
 responding to shareholders' concerns about how they are dealing with it.  At
 MMA, we are responsible as shareowners to call on PepsiCo to take the same
 action."
 
     ABOUT MMA and MMA PRAXIS MUTUAL FUNDS
     MMA, together with its MMA Praxis Mutual Funds, helps individuals meet
 their financial goals in ways that support their beliefs.  MMA practices
 stewardship investing, a philosophy that balances a need for productive use of
 financial resources with a deep-seated concern for others.  For more
 information on MMA Praxis, visit http://www.mmapraxis.com.
     As a stewardship solutions organization, MMA helps Anabaptists and others
 practice biblical stewardship through its expertise in insurance, financial
 services, charitable-giving programs, and educational resources. For more
 information, visit http://www.mma-online.org.
 
 

SOURCE MMA

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

 

PR Newswire Membership

Fill out a PR Newswire membership form or contact us at (888) 776-0942.

Learn about PR Newswire services

Request more information about PR Newswire products and services or call us at (888) 776-0942.