The Coca-Cola Company is under pressure to seek approval from its shareholders before it awards executives severance packages. The move comes after large payoffs for executives who have failed to live up to some shareholder expectations.

The International Brotherhood of Teamsters General Fund, which owns 100 Coca-Cola Co shares, has asked that the company's shareholders get the right to approve severance packages that exceed 2.99 times the sum of the executive's base salary plus bonus.

The request was made as part of a shareholder proposal. It will be voted on at Coke's AGM in April.

The International Brotherhood says Coke's board has rewarded executives who have not performed to their expectations. It cites the large recent payoffs for former CEO Doug Daft and COO Steven Heyer.

Coke is asking shareholders to reject the proposal, saying it would not be in the company's best interest.