04:27 PM EDT, 04/30/2024 (MT Newswires) -- PepsiCo ( PEP ) shareholders are slated to vote Wednesday on a proposal that would require the food and soft drink company to assess how its operations affect global biodiversity, a measure that is drawing support from some of its larger investors.

Green Century Capital Management, a Boston-based mutual fund behind the shareholder proposal calling on PepsiCo ( PEP ) to collect and report its biodiversity data, said Tuesday that Allianz Global Investors, the New York City Comptroller and Storebrand Asset Management have signaled their support.

Norges Bank Investment Management is also supporting the proposal, a Green Century spokesman told MT Newswires, citing a recent media report. The mutual fund has not directly spoken with Norges Bank about its support, although the proposal was "very much aligned with Norges Bank's policies," the spokesperson said.

PepsiCo ( PEP ) did not immediately respond to a request from MT Newswires seeking comment. The company's board has recommended to vote down the Green Century proposal, believing it was unnecessary given its "robust" efforts supporting sustainability and its comprehensive reporting .

Norge Bank, which held nearly 16 million PepsiCo ( PEP ) shares at the end of 2023, also did not immediately respond to MT Newswires.

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