On March 21, 2014, PepsiCo, Inc. announced that it has filed a definitive proxy statement soliciting proxies and urged the shareholders to vote against a proposal from John Chevedden, urging the Company executive pay committee to adopt a policy requiring senior executives to retain a significant percentage of shares acquired through equity pay programs until reaching normal retirement age and to report to shareholders regarding the policy before the Company's next annual meeting at the Company's annual general meeting of shareholders scheduled to be held on May 7, 2014.