Coca Cola Femsa S.A.B. de C.V.
KOF
Consumer Staples
2
exclusion reasons
1 theme
This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
Coca-Cola FEMSA is an independent marketer, producer, and distributor of Coca-Cola products, deriving its revenue from beverages that include dairy-based items. The company’s supply chain is linked to systemic animal welfare issues through its involvement with Fairlife, a premium milk brand owned by The Coca-Cola Company. In 2023, an animal rights group documented renewed evidence of abuse at Fairlife supplier farms, marking at least the ninth such investigation uncovering mistreatment. This followed a 2020 class action settlement in which Fairlife and Coca-Cola paid $21 million to resolve allegations of false animal welfare marketing claims related to widespread dairy cow mistreatment. A subsequent class action lawsuit filed in February 2025 again challenges the veracity of the brands’ animal care claims.
While The Coca-Cola Company announced in late 2024 that it had ceased funding specific animal tests at a university research institute, Coca-Cola FEMSA’s core business remains tied to dairy production chains with a documented pattern of animal welfare failures. The company has not published a standalone animal welfare policy or supply chain audit reports that would demonstrate systemic oversight of the conditions for animals within its product ingredients.
Coca-Cola FEMSA is excluded due to its parent company’s historical and potentially ongoing involvement in animal testing. The Coca-Cola Company, which holds a significant stake in Coca-Cola FEMSA and is its primary brand licensor, has funded animal experiments in the past. For example, until 2024, Coca-Cola funded research at the University of Wisconsin–Madison Food Research Institute that involved force-feeding mice and other animals. While The Coca-Cola Company states it does not conduct, fund, or commission animal tests except when explicitly required by government agencies, this policy leaves open the possibility of testing for regulatory compliance. As a major bottler and distributor of Coca-Cola products, Coca-Cola FEMSA’s operations are intrinsically linked to these corporate practices.
Research Sources
1 organization
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