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Coke Plus SunTrust: Formula for Terror Print, sign and mail the letter below to SunTrust's Board of Directors, or write your own. The Board of Directors Dear Board Members: There is overwhelming evidence that management at Coca-Cola bottling plants in Colombia routinely allows and encourages paramilitary death squads to murder, torture and kidnap union leaders and organizers. Coke's toleration for these acts of terror is indefensible. Since SunTrust's and Coke's leadership and ownership are so intertwined, both companies must be held accountable. Coca-Cola Chairman and CEO Douglas Daft serves on the boards of both Coca-Cola and SunTrust, as does James Williams, SunTrust's former CEO. Douglas Ivester, Coca-Cola's retired CEO, also sits on the SunTrust board. SunTrust President and CEO Phillip Humann serves on the boards of both SunTrust and Coke's largest subsidiary, Coca-Cola Enterprises (CCE), as does CCE's former CEO, Summerfield Johnston, Jr. Each owns substantial equity in both Coke and SunTrust. Since 1919, when SunTrust helped take Coca-Cola public, the bank and Coke have been so intimately linked that it's hard to tell them apart. SunTrust recently helped underwrite a $500 million bond and extended a $100 million line of credit to Coke. SunTrust is the second largest shareholder in Coca-Cola and the fifth largest in CCE. Coca-Cola's largest shareholder is Coke board member Warren Buffett, also the fifth largest shareholder in SunTrust. When more and more people learn what Coca-Cola and SunTrust are doing, the bank's reputation and credibility will surely suffer. Many customers and potential customers, including unions and their members, will think twice before doing business with SunTrust. As SunTrust's top policymakers, you have a fiduciary responsibility to avoid becoming embroiled in controversy that will affect the bank's bottom line. If "The Real Thing" won't do the right thing in Colombia, SunTrust should sever all ties with Coca-Cola. Please let me know what you plan to do. Sincerly, |
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