LOS ANGELES (Reuters) - Coca-Cola Co KO.N is awarding discretionary executive bonuses for 2008 and abandoning a plan to use a formula based on individual and company performance, according to a regulatory filing on Monday.
Coke said it abandoned the formula because it would require the company to publicly disclose the specific volume, net income and pretax profit targets that would result in payments under the bonus plan.
“Rather than subject the company to the substantial competitive harm that would result from the disclosure of the targets comprising the business performance factor, the compensation committee decided to award bonuses on an entirely discretionary basis,” the company said.
Shares of Coca-Cola were down 1.6 percent to $42.17 in late trade on the New York Stock Exchange.
Reporting by Lisa Baertlein; Editing by Bernard Orr
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