<SEC-DOCUMENT>0001096906-25-000691.txt : 20250506
<SEC-HEADER>0001096906-25-000691.hdr.sgml : 20250506
<ACCEPTANCE-DATETIME>20250506164518
ACCESSION NUMBER:		0001096906-25-000691
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20250506
DATE AS OF CHANGE:		20250506
EFFECTIVENESS DATE:		20250506

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PEPSICO INC
		CENTRAL INDEX KEY:			0000077476
		STANDARD INDUSTRIAL CLASSIFICATION:	BEVERAGES [2080]
		ORGANIZATION NAME:           	04 Manufacturing
		EIN:				131584302
		STATE OF INCORPORATION:			NC
		FISCAL YEAR END:			1227

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-01183
		FILM NUMBER:		25917966

	BUSINESS ADDRESS:	
		STREET 1:		700 ANDERSON HILL RD
		CITY:			PURCHASE
		STATE:			NY
		ZIP:			10577
		BUSINESS PHONE:		9142532000

	MAIL ADDRESS:	
		STREET 1:		700 ANDERSON HILL ROAD
		CITY:			PURCHASE
		STATE:			NY
		ZIP:			10577-1444

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PEPSI COLA CO
		DATE OF NAME CHANGE:	19700903

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Bowyer Research, Inc.
		CENTRAL INDEX KEY:			0001996368
		ORGANIZATION NAME:           	
		EIN:				463874783
		STATE OF INCORPORATION:			PA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		PO BOX 120
		CITY:			MCKEESPORT
		STATE:			PA
		ZIP:			15135
		BUSINESS PHONE:		412-751-8603

	MAIL ADDRESS:	
		STREET 1:		PO BOX 120
		CITY:			MCKEESPORT
		STATE:			PA
		ZIP:			15135
</SEC-HEADER>
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<TYPE>PX14A6G
<SEQUENCE>1
<FILENAME>bowy_px14a6g.htm
<DESCRIPTION>BOWYER RESEARCH - PX14A6G
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<DIV style=margin-left:72pt;width:468pt><P align=center style='font:15pt Times New Roman;margin:0'><B>Notice of Exempt Solicitation</B></P>
<P align=center style='font:11pt Times New Roman;margin:0'>Pursuant to Rule 14a-103 | May 6, 2025</P>
<P style='font:11pt Times New Roman;margin:0'> &nbsp;</P>
<P style='font:11pt Times New Roman;margin:0'><B>Name of Registrant:</B> PepsiCo</P>
<P style='font:11pt Times New Roman;margin:0'><B>Name of person relying on exemption:</B> Bowyer Research</P>
<P style='font:11pt Times New Roman;margin:0'><B>Address of person relying on exemption: </B>P.O. Box 120, McKeesport, PA 15135</P>
<P style='font:11pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:11pt Times New Roman;margin:0'><I>Written materials are submitted pursuant to Rule 14a-6(g) (1) promulgated under the Securities Exchange Act of 1934. Filer of this notice does not beneficially own more than $5 million of securities in the Registrant company. Submission is not required of this filer under the terms of the Rule but is made voluntarily in the interest of public disclosure and consideration of these important issues.</I></P>
<P style='font:11pt Times New Roman;margin:0'>&nbsp;</P>
<P align=center style='font:11pt Times New Roman;margin:0'><IMG src=bowypx14a6g_1.jpg width=570 height=82>&nbsp;</P>
<P align=center style='font:11pt Times New Roman;margin:0'>&nbsp;</P>
<P align=center style='font:11pt Times New Roman;margin:0'><B> PepsiCo, Inc. (PEP)</B></P>
<P align=center style='font:11pt Times New Roman;margin-top:12pt;margin-bottom:0pt'><B>Resist Anti-Fiduciary Activist Timelines: Vote NO on Proposal 7</B></P>
<P align=center style='font:11pt Times New Roman;margin-top:12pt;margin-bottom:0pt'>Contact: Gerald Bowyer | jerrybowyer@bowyerresearch.com</P>
<P style='font:11pt Times New Roman;margin-top:12pt;margin-bottom:0pt'><FONT style=background-color:#FFB064> &nbsp;&nbsp;&nbsp;&nbsp;</FONT> &nbsp;<B>Resolution</B></P>
<P style='font:11pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:11pt Times New Roman;margin:0'>Bowyer Research urges PepsiCo shareholders to vote NO on Proposal #7, &#8220;Sustainable Packaging Policies for Plastics.&#8221;</P>
<P style='font:11pt Times New Roman;margin-top:12pt;margin-bottom:0pt'><FONT style=background-color:#FFB064> &nbsp;&nbsp;&nbsp;&nbsp;</FONT> &nbsp;<B>Supporting Statement</B></P>
<P style='font:11pt Times New Roman;margin-top:12pt;margin-bottom:12pt;background-color:#FFFFFF'>While debates over corporate sustainability policies have their place among legitimate non-activist shareholders who invest for return, there&#8217;s no question that such debates are often hijacked by profoundly unrealistic demands that view sustainability as synonymous with prioritizing social activism over continued company success.</P>
<HR style='page-break-after:always;border:0;height:3pt;background-color:#909090;margin:8pt 0'><P style=line-height:0;margin:0></P>
<P style='font:11pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:11pt Times New Roman;margin-top:12pt;margin-bottom:12pt;background-color:#FFFFFF'>Proposal 7 is just such an example. Submitted by notorious activist group As You Sow, the proposal asks Pepsi to report on its transition into completely recyclable packaging. Yet the asks contained within evince a view of corporate sustainability philosophy that values adherence to partisan dogma more than a solid business timeline for achieving sustainability. Proposal 7 represents the kind of activist scrutiny that will not forward the best interests and will instead drag valuable resources away from ensuring the continued success of PepsiCo.</P>
<P style='font:11pt Times New Roman;margin-top:12pt;margin-bottom:12pt;background-color:#FFFFFF'>The activists behind Proposal 7 cite research<SUP><A name=_ftnb1 /><A href=#_ftnf1><SUP>1</SUP></A></SUP> from Pew stating that &#8220;[w]ithout immediate and sustained new commitments throughout the plastics value chain, annual flows of plastics into oceans could nearly triple by 2040.</P>
<P style='font:11pt Times New Roman;margin-top:12pt;margin-bottom:12pt;background-color:#FFFFFF'>This section of the proposal implies that PepsiCo is somehow negligent for not advancing a sufficiently rigorous timeline for its sustainability commitments. Yet the evidence regarding pollution doesn&#8217;t line up with the demands activists are making regarding PepsiCo. The data cited by the activist proponents behind Proposal 7 references &#8216;business as usual,&#8217; an implication that businesses that make no changes to their plastic policies are actively contributing to the growth in ocean pollution. Yet, this very same proposal complains about PepsiCo not hitting its &#8220;targets&#8221; regarding proportions of reusable plastics &#8212;&nbsp;targets that definitionally make PepsiCo <I>not</I> a part of &#8216;business as usual.&#8217; </P>
<P style='font:11pt Times New Roman;margin-top:12pt;margin-bottom:12pt;background-color:#FFFFFF'>The proponent maintains that &#8220;our Company could avoid regulatory, environmental, and competitive risks by adopting a comprehensive approach to addressing flexible plastic packaging use at scale,&#8221; indicating that their true problem is not with PepsiCo&#8217;s actual work to advance sustainability on an ostensibly business-first timeline, but PepsiCo&#8217;s audacity to make continued company success part of that framework. This proposal, and many proposals like it, fall into the category of goalpost-moving, i.e. voicing activist demands in the name of a noble-sounding cause and then consistently upbraiding the company for daring to view such causes through the lens of fiduciary duty. Whether these causes actually create <I>sustainable</I> return to shareholders is not addressed by the proponent &#8212;&nbsp;this omission, likely, is no accident.</P>
<HR style=text-align:left;width:25%><P style='font:10pt Times New Roman;margin:0'><SUP><A name=_ftnf1 /><A href=#_ftnb1><SUP>1</SUP></A></SUP> https://www.pewtrusts.org/-/media/assets/2020/10/breakingtheplasticwave_mainreport.pdf</P>
<HR style='page-break-after:always;border:0;height:3pt;background-color:#909090;margin:8pt 0'><P style=line-height:0;margin:0></P>
<P style='font:11pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:11pt Times New Roman;margin-top:12pt;margin-bottom:0pt'><FONT style=background-color:#FFB064> &nbsp;&nbsp;&nbsp;&nbsp;</FONT> &nbsp;<B>Conclusion</B></P>
<P style='font:11pt Times New Roman;margin-top:12pt;margin-bottom:12pt;background-color:#FFFFFF'>The reality is, PepsiCo has a moral responsibility to view <I>all</I> its commitments, whether environmental, social, or governance-related, through the lens of ensuring continued business success and doing right by the company&#8217;s owners &#8212;&nbsp;ordinary American shareholders whose financial futures rest on PepsiCo being a food and beverage giant. PepsiCo, as evidenced in its board statement of opposition, understands that responsibility. But the proponents behind Proposal 7 &#8212;&nbsp;and the larger anti-fiduciary activist syndicate they represent, have no interest in considering that responsibility. PepsiCo has planted its flag: a company&#8217;s sustainability practices don&#8217;t count as noble if the company&#8217;s success &amp; revenue have to suffer to make them reality. And that&#8217;s a stance that every shareholder who cares about the company should be able to get behind.</P>
<P style='font:11pt Times New Roman;margin-top:12pt;margin-bottom:0pt'> We don&#8217;t believe that the company has to choose between
<I> actual
</I> sustainability and creating human flourishing through the impact of its products. Activist narratives like the ones in Proposal 7 represent the kind of narrow either-or thinking that PepsiCo has made a career out of rejecting, and epitomize the sort of non-fiduciary, unseriously-argued demands that can easily pull a company off course. It&#8217;s laudable that the company is so vocal
<SUP> 2
</SUP> in opposing its demands &#8212;&nbsp;but we also urge shareholders, in the name of fiduciary focus and rejecting tangential activist ideology, to vote
<B> AGAINST
</B> Proposal 7.
</P>
<P style='font:11pt Times New Roman;margin-top:12pt;margin-bottom:0pt'><FONT style=background-color:#FFB064> &nbsp;&nbsp;&nbsp;</FONT> &nbsp;<B>Disclosures/Media</B></P>
<P style='font:11pt Times New Roman;margin:0'> &nbsp;</P>
<P style='font:11pt Times New Roman;margin:0'><I>The foregoing information may be disseminated to shareholders via telephone, U.S. mail, e-mail, certain websites and certain social media venues, and should not be construed as investment advice or as a solicitation of authority to vote your proxy. The cost of disseminating the foregoing information to shareholders is being borne entirely by the filers.</I></P>
<P style='font:11pt Times New Roman;margin:0'> &nbsp;</P>
<P style='font:11pt Times New Roman;margin:0'><I>The information contained herein has been prepared from sources believed reliable but is not guaranteed by us as to its timeliness or accuracy, and is not a complete summary or statement of all available data. This piece is for informational purposes and should not be construed as a research report. Bowyer Research is not able to vote your proxies, nor does this communication contemplate such an event. Proxy cards will not be accepted by us. Please do not send your proxy to us. To vote your proxy, please follow the instructions on your proxy card.</I></P>
<P style='font:11pt Times New Roman;margin:0'> &nbsp;</P>
<P style='font:11pt Times New Roman;margin:0'>For questions, please contact Gerald Bowyer, president of Bowyer Research, via email at <FONT style='border-bottom:1px solid #000000'>jerrybowyer@bowyerresearch.com</FONT>.</P>
<P align=center style='font:11pt Times New Roman;margin-top:0pt;margin-bottom:3pt'>____________________</P>
<P style='font:10pt Times New Roman;margin:0'><SUP>2</SUP>https://www.pepsico.com/docs/default-source/annual-reports/2025-pepsico-proxy-statement.pdf?sfvrsn=cef6b7a0_3</P>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
