NEW YORK (AP) — An investment fund is taking issue with Coca-Cola’s pay proposal for management, saying it represents a “raw deal” for shareholders in light of the beverage maker’s slowing growth.

In a letter to Coca-Cola board members, Wintergreen Advisers CEO David Winters noted that Coca-Cola’s equity plan would transfer roughly $13 billion to management over the next four years. His calculation was based on the current stock price and the company’s proposal to issue a split-adjusted 340 million shares to its employees.