Introduction

Coca Cola represents a business with a long presence and provides customers in various segments with many different flavours and is positioned as number one in the market, and other key brands from the company include Diet Coke, Sprite and Fanta (Brondoni, 2019). In addition, Coca Cola operates across the globe with a distribution system that is complex, large and also significant in its scope. The company has its presence across over ~200 nations world-wide and in a combined manner offers close to ~400 different products/ brands in the beverage category alone (Brondoni, 2019).

In effect, corporate governance concerns methods, processes as well as relations using which corporates shall control the various functions in an effective manner. The same aims in identification of allotment concerning responsibilities as well as rights amongst varied set of stature in corporate levels (Chiu et al., 2019). Further, they encompass managers, shareholders, creditors, auditors, and others. The same encompasses plans as well as objectives using which range of different goals shall get attained. In addition, governance encompasses making of policies, undertaking actions as well as later on evaluation of actions as well as decisions. The practices of corporate governance shall be influenced while there shall be need for aligning to the interests concerning the stakeholders shall arise (Chiu et al., 2019).

Coca Cola’s Corporate Governance

In effect, the board shall take all critical decisions pertaining to company. The directors in essence have framed relevant guidelines for ensuring effective governance (Sardana & Zhu, 2017). The board at Coca Cola has effectively adopted various critical guiding principles for making its corporate governance to be successful and the same is discussed further.

Mission & Responsibilities of Board of Directors at Coco Cola
In essence, shareholders shall undertake election of directors for the company’s board and this election shall aid in experiencing overall success as well as in encouraging significant financial strengths at the organisational for Coco Cola. The board shall be responsible to take all of the strategic form of decisions with respect to Coco Cola (Jones & Comfort, 2018). Further, the board shall undertake selection with respect to members in the team encompassing senior management with a responsibility to carry out businesses at the level of Coco Cola. The overall interest with respect to concerned shareholders of Coco Cola shall lie with respect to action as well as judgement pertaining to business activities that shall best aid in all of the key functions pertaining to Coco Cola. The Coco Cola’s board offers advices as well as guide to senior management as well as Chief Executive Officer ensuring the organisation gets guided in an effective (Jones & Comfort, 2018). The same safeguards the assets of this company, ensuring sustainability at the level of organisation, and enforcing financial controls for company being a prime focus concerning the company’s board. With respect to the same, compliance with rules as well as regulations shall be mandatory.

The directors at the organisation shall seek required support from relevant senior managers, advisors as well as auditors who shall from the outside of organisation. In effect, the selection concerning auditors as well as advisors externally shall need skillsets as well as integrity (Jones & Comfort, 2018). The board possess the right for selecting financial as well as legal advisors who are qualified and from external bodies but aligned to needs of Coca Cola as a company. In effect, directors shall be required in attending all meetings that are held at the level of committees. Further, directors shall be mandated in devoting their time as well as efforts to ensure fulfilment concerning their respective dukes. The board shall be directed in hold five meeting every year without any misses. The concerned chairperson at board level shall establish the pertinent agenda. Further, directors shall also spearhead discussion on topics which are not of immediate concern but has long-term significance. The meetings of this nature shall be deemed for taking place once each year. In terms of executive sessions undertaken by board, the non-executive form of directors shall be required in meeting (Jones & Comfort, 2018).

Board’s Leadership
The board at Coco Cola has the authority for altering position concerning the company’s executives at the end of each financial year aligned to the business-level needs of Coco Cola. Further, the board shall effectively consider all of the relevant factors prior to doing so. The description concerning the perspectives of board in choosing the leadership structure of the board shall be part of annual meetings for shareholders (Foster, 2014).

In this context, there shall at the least be a single executive session for the purposes of including the review concerning the leadership structure at Coco Cola’s board amongst the non-executive form of directors for determining the chairman post for overall board. The CEO shall elect the board chairman (Foster, 2014). The directors of the board shall elect one amongst the members on an annual basis for serving as chairman for board. The overall chairman for the Coco Cola’s board shall be required in supervising all of the meetings between share-owners and that of board members. In this context, chairman shall undertake various duties for exercising the powers inherent in the role, in the manner prescribed by laws and also prescribed from board on a timely manner. There shall be belief in that the directors of independent nature shall be required in electing lead director who is independent to hold the role for a year. Even in case lead director shall be elected annually for the purposes of serving a year, the person shall be expected for serving beyond a year (Foster, 2014).

Qualifications
Directors at Coco Cola can also get nominated from shareholders or else by board in accordance to laws/ regulations. The committee for undertaking corporate governance as well as the directors shall undertake reviews spanning all of the nominees in the board (Sardana & Zhu, 2017). In addition, they shall encompass proposed nominees from share owners, and the same shall be aligned to the company’s charter. The assessment shall encompass reviews pertaining to the independence of nominees, experiences as well as understanding pertaining to other various industries, companies as well as other relevant factors that shall be concluded by concerned committee to be applicable in accordance to prevailing needs concerning board. Overall, there shall be belief that is raised at the level of board at Coco Cola that shall allow in determining the nominees to be given suitable imitations for joining the company’s board. The chairman of the board shall essentially expand invitation of board for joining the board (Sardana & Zhu, 2017).

Conclusion

At a broad level, Coca Cola can be noted to be considered as having in place policies and frameworks concerning corporate governance that is effective and well-aligned. The same promotes longer-term focus amongst the executives and shareholders, and the same braces concerned board, accountability at the level of management as well as construct trust and reliability over the company by public. In essence, shareholders of company, its board of directors as well as their election shall aim in realising overall success as well as in strengthening company’s financial growth at a robust level.

References

Brondoni, S. M. (2019). Shareowners, Stakeholders & the Global Oversize Economy. The Coca-Cola Company Case. Symphonya. Emerging Issues in Management, (1), 16-27.

Chiu, H., Fischer, D., & Friedman, H. (2019). Board Diversity in Audit and Finance Committees: A Case Study of Coca-Cola. In Diversity within Diversity Management. Emerald Publishing Limited.

Foster, R. J. (2014). Corporations as Partners:“Connected Capitalism” and The Coca‐Cola Company. PoLAR: Political and Legal Anthropology Review, 37(2), 246-258.

Jones, P., & Comfort, D. (2018). The Coca Cola Brand and Sustainability. Indonesian Journal of Applied Business and Economic Research, 1(1), 34-46.

Sardana, D., & Zhu, Y. (2017). Corporate Governance and Business Management. In Conducting Business in China and India (pp. 157-218). Palgrave Macmillan, London.