Activist investor David Winters told CNBC on Thursday that he's still pushing for changes to Coca-Cola's equity compensation plan, even though the beverage giant recently responded to shareholder opposition by revising it. Instead of making the plan a better deal for investors, the overhaul makes it worse, he said.
Winters—CEO of Wintergreen Advisors, which owns about $100 million worth of Coke stock—argued in a "Squawk Box" interview, "The new guidelines are all fizz ... [and] don't address the fundamental problem that was raised that it was excessive, and we believe now is still excessive." Wintergreen has more than $2 billion of assets under management.
Last month, Coca-Cola said it adopted new guidelines for its controversial compensation plan—a revision that would see most executives, depending on performance, getting cash awards instead of shares in the company. Fewer shares would be awarded each year, resulting in less dilution of the total outstanding shares, Coke said.
For those select executives still entitled to long-term equity awards, the new plan puts less emphasis on stock options and more on performance shares—stock awards only given when companywide goals are met.