Proxy released 3/12/2015 Near the very beginning of the proxy statement, in a purported “question and answer” with CEO Muhtar Kent, the company announces Kent’s decision to forgo his annual incentive. Kent says that based on the “difficult but necessary decisions as we implement our strategic actions to accelerate growth” and in view of the work that still needs to be done, he “respectfully requested” forgoing the bonus. (Elsewhere in the proxy the board estimates his bonus would have been $2.5 million.)

Despite this choice, Kent’s Total Disclosed Compensation for Coca-Cola CEO Muhtar Kent was up year-over-year to $25,224,422. The increase was largely on the strength of the changes to pension value: that figure alone was more than $7 million. The other component of pay that increased was Kent’s option grant: 2.38 million shares with an estimated grant date value of $9.3 million.