Coca-Cola shareholders voted recently on a proposal to call the company to disclose how it is responding to public fears about the safety of Bisphenol-A (BPA) in which some 22% reportedly favoured the motion.
The first shareholder proposal ever to focus solely on BPA, a chemical used in the epoxy lining of Coca-Cola’s canned drinks, was filed by social investment companies Domini Social Investments, As You Sow, and Trillium Asset Management Corporation.
Scientific studies indicate that BPA is an endocrine-disrupting chemical that mimics oestrogen in the body. BPA exposure in humans has been linked to cardiovascular disease, diabetes, and liver enzyme abnormalities.
BPA can leach into beverages, Canada’s federal health agency has warned. Manufacturers of baby and sports bottles have been eliminating plastics containing BPA from their product lines.
“Coca-Cola has failed to provide investors or consumers with sufficient evidence that it is taking steps to address these public health concerns,” said Michael Passoff, senior program director at As You Sow.
By comparison, Eden Foods has been using BPA-free cans since 1999 and General Mills has said the company will offer alternative can linings that do not use BPA for its organic canned tomatoes.
“BPA can pose reputational and competitive risks to companies that use it in their products or packaging because of heightened public concern,” added Mr Passoff.
In 2009, As You Sow and Green Century Capital Management ranked 20 packaged food companies on their efforts to eliminate BPA from products and mitigate BPA-related risk, and gave Coca-Cola an F rating.
In January 2010, the US Food and Drug Administration (FDA), responsible for overseeing food safety, expressed concern about the potential health effects of BPA on foetuses, infants, and young children. The agency concluded that it ‘will support changes in food can linings and manufacturing to replace BPA or minimise BPA levels’.
