"The New York City pension funds are concerned about the allegations of alleged human rights abuses at Coca-Cola's Colombian affiliate," city Comptroller William Thompson said in asking for a shareholder resolution on the matter.
The resolution filed on behalf of the five funds asks that Coca-Cola sponsor an independent delegation of inquiry to Colombia to examine the charges of collusion in anti-union violence made against managers and officials of Coca-Colas bottling affiliate, Coca-Cola FEMSA, and that the delegation include representatives from US and Colombian human rights organizations.
"By failing to address this issue, Coca-Cola has fostered a negative image of itself and is now the subject of a boycott campaign, which poses a financial risk for its investors," Thompson said.
Since 1995, union officials and unionized employees of Coca-Cola's Colombian unit have been subjected to numerous attacks and physical threats from paramilitary forces.
Allegations of collusion between officials of the affiliate and the paramilitaries have resulted in calls for consumer boycotts of Coca-Cola products in Europe and the United States.
Coca-Cola has strenuously denied any collusion and denounced the boycott calls as politically motivated.
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