– Kering rebounds
Dodging the question. Sometimes democracy brings change. At Bank of America, it brought more of the same. The bank’s shareholders voted on Monday against a proposal to audit the lender’s impact on communities of color, according to a preliminary tally.
That will please rivals JPMorgan, Wells Fargo, Citigroup and Goldman Sachs, whose shareholders face the same question in coming weeks. They should see it as only a temporary reprieve.
Big U.S. banks are keen to tout their efforts to improve diversity and boost lending to marginalized communities, yet many have been twitchy about this year’s spate of proposals that they conduct external racial audits. JPMorgan and Citigroup asked the U.S. Securities & Exchange Commission to let them snip the question from their annual ballot – unsuccessfully. All five banks have argued they are already taking action.
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Coca-Cola Beverages Africa to show its fizz in listing in Joburg and Amsterdam
By Dineo Faku
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JOHANNESBURG - THE COCA-COLA Company has unveiled plans to sell its shareholding in Coca-Cola Beverages Africa (CCBA) through an initial public offering (IPO) that will see shares traded on the JSE and Amsterdam.
The company said the group had not yet taken a decision on the quantum of the stake, and would work with CCBA on the IPO process over the next 18 months.
The IPO was expected to pave the way for CCBA, Africa’s biggest bottling company, to operate as an independent Africa-focused, South African-headquartered, managed and domiciled business. Speaking during The Coca-Cola Company’s 2020 first quarter earnings webcast yesterday, chief executive James Quincey said it had always been the group’s intention to reduce its interest in CCBA in line with its strategy to operate as a global brand owner with independent bottling partners.
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