INDEX / DIRECTORY / PEPSICO / POLITICAL

PepsiCo POLITICAL

POLITICAL AUDIT UPDATED 2026-09-08
Political Score 3.50 /10 C PepsiCo - Complicity Index 561
Political 3.50

Evidence-only forensic audit. Scoring happens downstream - see the main dossier for the composite assessment.

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Corporate Communications & Public Stance

On 27 October 2023, PepsiCo stated that it was supporting people affected in Israel and Gaza through employee-focused housing, food, childcare, mental-health support, and other necessities.1

PepsiCo stated that the PepsiCo Foundation had pledged US$1 million to unspecified humanitarian organisations for urgent relief in Israel and Gaza.1

The same statement said eligible employee donations to nonprofits providing direct regional assistance would be matched at 2:1, while PepsiCo-system donations exceeding US$3 million were being directed to people in need.1

PepsiCo did not identify the recipient organisations, allocations between Israel and Gaza, or amounts disbursed under the stated pledge and system-wide donation figure.1

The October 2023 announcement did not name a state, military, settlement, parastatal, Israeli Ministry of Defense, IDF, or military-welfare recipient.1

No public evidence identified in the reviewed materials of additional verifiable public Israel-Palestine actions by current PepsiCo directors or executives beyond the company statement and the Foundation-level grants addressed below.1, 2, 3, 4, 5

Operations in Occupied or Contested Territories

PepsiCo’s 2025 Form 10-K lists an owned manufacturing plant in Lehavim, Israel, within its International Beverages Franchise segment.6

PepsiCo’s current filed subsidiary schedule lists five Israeli-jurisdiction entities: So Spark Ltd., SodaStream Industries Ltd., SodaStream International Ltd., SodaStream Israel Ltd., and VentureCo (Israel) Ltd.7

The subsidiary schedule identifies those entities’ jurisdictions but does not state their functions, ownership percentages, or facility addresses.7

No public evidence identified of the precise ownership percentages, operational functions, or physical locations of So Spark Ltd. or VentureCo (Israel) Ltd.7

PepsiCo completed its acquisition of all outstanding SodaStream International Ltd. shares on 5 December 2018 at US$144 per share.8

PepsiCo’s 2018 Form 10-K described the SodaStream transaction as valued at approximately US$3.3 billion.9

The continued inclusion of SodaStream International Ltd., SodaStream Industries Ltd., and SodaStream Israel Ltd. in PepsiCo’s 2025 subsidiary schedule evidences an ongoing group relationship as of 27 December 2025.7

The 2018 SodaStream merger agreement recorded PepsiCo’s undertaking to keep SodaStream’s then-Lehavim manufacturing facility in Israel for at least 15 years from closing, with substantially similar operations subject to necessary adjustments.10

That transaction-date undertaking does not establish its performance after closing or whether it was amended.10

SodaStream UK’s support webpage states that Pepsi-branded and SodaStream Classics flavours are produced at a factory in Ashkelon, Israel, while its organic flavours are produced in Australia.11

That webpage does not identify the owning entity, production volumes, or territorial distribution of those flavours.11

Who Profits reported that SodaStream had finalised withdrawal from its sole West Bank facility in the Mishor Adumim industrial zone following a 1 December 2015 field visit.12

AFSC Investigate similarly states that SodaStream closed its Mishor Adumim factory in September 2015 and moved manufacturing inside the 1967 borders.13

The reported Mishor Adumim withdrawal preceded PepsiCo’s 2018 acquisition of SodaStream.8, 12, 13

A Pepsi Palestine/Modern Group webpage describes a PepsiCo-granted Gaza-and-West Bank franchise dating to 1996 and a Jericho production plant serving the West Bank.14

That webpage identifies Modern Group as owned by three partners and does not establish PepsiCo equity ownership or operational control of the franchisee or Jericho plant.14

No public evidence identified in the reviewed sources of post-2018 PepsiCo or SodaStream manufacturing operations in Israeli settlements, East Jerusalem, the West Bank, Gaza, or the Golan Heights.6, 7, 12, 13, 14

That finding does not resolve third-party retail distribution or distributors’ sales into settlements.6, 7, 14

The supplied document-scoped checks did not identify PepsiCo in the 2023 or 2025 OHCHR settlement-business database updates.15, 16

Those OHCHR no-hit findings are limited to the named documents and do not resolve subsidiaries, distributors, executives, affiliated vehicles, or entities outside those reports.15, 16

The supplied document-scoped check also did not identify PepsiCo in the 2025 UN Special Rapporteur report A/HRC/59/23.17

Internal Governance, Content & Retail Policies

The reviewed filings describe PepsiCo as operating through its own operations, authorised bottlers, contract manufacturers, and other third parties.6

The reviewed materials do not establish PepsiCo operational control over the Pepsi Palestine/Modern Group franchise arrangement or its Jericho plant.14

No public evidence identified in the domain-focused review of PepsiCo-specific employment-speech enforcement, pro-Palestine-related labour litigation, content moderation, settlement-specific retail listings, product-origin-labelling enforcement, or PepsiCo-specific reservist-pay policies.1, 6, 7, 14

No public evidence identified of PepsiCo control over whether PepsiCo-licensed Strauss Frito-Lay products are sold through retailers in settlements, or of joint-venture operations or facilities in occupied territory.18

Brand Heritage & State Partnerships

PepsiCo describes itself in its 2025 filing as a global food-and-beverage company, rather than as an entity with an Israel-specific state, security, or geopolitical corporate mandate.6

The 2025 filing continues to report a SodaStream reporting unit and states that its estimated fair value narrowly exceeded carrying value at year-end.6

The 2025 subsidiary schedule confirms that SodaStream entities remain within PepsiCo’s consolidated corporate structure.7

In December 2024, PepsiCo acquired Strauss Group’s 50% ownership in Sabra Dipping Company, LLC, making Sabra a wholly owned PepsiCo subsidiary.6, 19

PepsiCo’s announcement describes the separate Sabra business as operating in the United States and Canada, and Obela as operating in Australia, New Zealand, and Mexico.19

The Sabra and Obela transaction does not itself establish the status of the separate Strauss Frito-Lay relationship.18, 19

Strauss Group’s FY2025 reporting package describes Strauss Frito-Lay Ltd. as a jointly controlled company and a 50/50 venture between PepsiCo Frito-Lay, through PepsiCo Europe, and Strauss in Israel.18

Strauss reports that the venture manufactures, markets, and sells salty snacks in Israel.18

The FY2025 report describes a 2016 PepsiCo licensing agreement granting Strauss Frito-Lay an exclusive, non-transferable licence to manufacture, distribute, and sell specified salty snacks in Israel using relevant PepsiCo trademarks.18

It describes restricted kosher-market exports under later amendments and states that the licence remains effective while the shareholder agreement remains in force.18

Strauss reports royalty and technical-support payments to PepsiCo of approximately NIS 10.5 million in 2025 and NIS 10 million in 2024 under that arrangement.18

The FY2025 report states that PepsiCo Europe may appoint the Strauss Frito-Lay CEO and CFO subject to Strauss’s prior consent, that each shareholder may appoint 50% of the board, and that specified resolutions - including discontinuing activity in Israel - require unanimity.18

Strauss and PepsiCo entered an option agreement on 21 November 2024 under which PepsiCo granted Strauss an option to acquire up to 2.5% of Strauss Frito-Lay’s share capital, exercisable through 3 December 2026 subject to competition approval.18, 20

Strauss’s FY2025 report states that the option had not been exercised as of the report date.18

This evidence establishes PepsiCo’s co-ownership, trademark licensing, and specified governance rights in the Israel-based Strauss Frito-Lay business; it does not establish that PepsiCo directed, approved, or participated in other Strauss Group conduct not identified in the shareholder and licensing arrangements.18

The BDS Movement’s 30 November 2024 guide names SodaStream as a consumer-boycott priority target and describes it as an Israeli company.21

That BDS guide does not name PepsiCo in its listed consumer, organic-boycott, or pressure-target sections.21

This records the campaign organisation’s stated targeting position and is not independent verification of PepsiCo operations in occupied territory.21

Le Monde reported in June 2024 that boycott activity had identified PepsiCo following its acquisition of SodaStream.22

That reporting evidences reported boycott pressure and does not independently establish PepsiCo operations in occupied territory or a current BDS designation of PepsiCo itself.22

Lobbying, Advocacy, Financing & Logistics

PepsiCo’s disclosed October 2023 Israel-and-Gaza activity was framed as humanitarian, employee, and community support.1

The company’s announcement did not disclose IDF or Israeli Ministry of Defense procurement, military logistics, a settlement-organisation donation, a military-welfare recipient, or a state recipient.1

No public evidence identified in the reviewed PepsiCo disclosures, primary corporate statements, specialist-company records, direct UN records, BDS guide, and focused searches of PepsiCo or SodaStream contracts supplying the IDF or Israeli Ministry of Defense, conflict-logistics deployment, anti-BDS lobbying, or PepsiCo-directed military, reservist, or settlement donations.1, 6, 7, 12, 13, 15, 16, 17, 21

The Pohlad Family Foundation’s tax-year 2023 Form 990-PF lists five Friends of the Israel Defense Forces grants, each described as general operating, of US$460, US$280, US$118, US$118, and US$459, totalling US$1,435.4

The Foundation’s tax-year 2024 Form 990-PF lists one US$1,000 Friends of the Israel Defense Forces grant, described as general operating support.3

Those are Foundation grants, not PepsiCo corporate contributions, and the filings do not state that PepsiCo funded, approved, matched, or administered them.3, 4

No public evidence identified in the reviewed materials of FIDF, IDF, settlement-entity, or military-welfare donations by PepsiCo itself, Ramon L. Laguarta, or another current executive or director other than the Foundation-level grants described above.1, 3, 4, 5

No public evidence identified of a relevant court, regulatory, OECD National Contact Point, or parliamentary proceeding against PepsiCo concerning these operational relationships.1, 6, 7, 15, 16, 17

Corporate Structure & Primary Mission

PepsiCo, Inc. is the SEC registrant and reports on a consolidated basis for PepsiCo, Inc. and its subsidiaries.6

The SEC filing identifies PepsiCo as incorporated in North Carolina, with its business address at 700 Anderson Hill Road, Purchase, New York.6

PepsiCo’s 2025 reporting structure comprises six reportable segments, including International Beverages Franchise, which includes international franchise beverage businesses and SodaStream.6

Ramon L. Laguarta is PepsiCo’s Chairman and Chief Executive Officer.2, 5

As of 26 February 2026, PepsiCo’s proxy reported that directors and executive officers as a group held 1,955,371 shares or phantom units, below 1% of PepsiCo common stock outstanding.2

The proxy reported The Vanguard Group as a 10.1% beneficial owner and BlackRock, Inc. as an 8.2% beneficial owner, based on the ownership disclosures and dates specified in that filing.2

The proxy reports beneficial-ownership and voting or dispositive-power information and does not itself establish operational control by Vanguard or BlackRock.2

No public evidence identified in the reviewed 10-K, subsidiary schedule, and proxy of a state-held golden share, controlling-shareholder arrangement, or express corporate mandate directing PepsiCo to advance Israeli or other state geopolitical objectives.6, 7, 2

Executive & Leadership Footprint

Robert C. Pohlad is a current PepsiCo independent director, Chair of the Nominating and Corporate Governance Committee, and a Compensation Committee member.5

As of 26 February 2026, PepsiCo’s proxy reported Robert C. Pohlad’s beneficial ownership and PepsiCo deferred units at 1,089,387, including 900,000 shares held by an LLC over which he had shared voting and investment power.2

Both the Pohlad Family Foundation’s 2023 and 2024 Form 990-PF filings list Robert C. Pohlad as “Director/Vice President,” with zero hours per week and no compensation reported.3, 4

The filings therefore establish a formal Foundation governance role for Robert C. Pohlad in both years, but do not establish attendance, voting, grant-approval authority, participation in the listed FIDF grants, or personal funding of any Foundation grant.3, 4

The reviewed filings do not identify which director, officer, staff member, or donor proposed, approved, or personally funded the FIDF grants; they therefore do not establish Robert C. Pohlad’s personal direction of those grants.3, 4

No public evidence identified in the reviewed materials that PepsiCo, its listed Israeli subsidiaries, or the Strauss Frito-Lay joint venture is controlled by Vanguard, BlackRock, Robert C. Pohlad, or another individual shareholder.7, 2, 18

The entity-focused searches and reviewed primary corporate records identified no additional verifiable current PepsiCo director or executive personal donation, family-foundation grant, advocacy role, state partnership, or public Israel-Palestine action relevant to this audit.2, 3, 4, 5

That is a source-scoped finding and does not establish that no such activity exists.2, 3, 4, 5

Footnotes

  1. https://www.pepsico.com/en/newsroom/press-releases/2023/pepsico-supports-associates-and-communities-in-israel-and-gaza ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7 ↩8 ↩9 ↩10 ↩11 ↩12

  2. https://www.sec.gov/Archives/edgar/data/77476/000130817926000169/pep015012_def14a.htm ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7 ↩8 ↩9 ↩10

  3. https://pdf.guidestar.org/PDF_Images/2024/411/768/2024-411768558-202533169349103213-F.pdf ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7 ↩8 ↩9

  4. https://pdf.guidestar.org/PDF_Images/2023/411/768/2023-411768558-202443179349101549-.pdf ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7 ↩8 ↩9

  5. https://www.pepsico.com/board-of-directors ↩ ↩2 ↩3 ↩4 ↩5 ↩6

  6. https://www.sec.gov/Archives/edgar/data/77476/000007747626000007/pep-20251227.htm ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7 ↩8 ↩9 ↩10 ↩11 ↩12 ↩13 ↩14

  7. https://www.sec.gov/Archives/edgar/data/77476/000007747626000007/pepsico202510-kexhibit21.htm ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7 ↩8 ↩9 ↩10 ↩11 ↩12

  8. https://www.pepsico.com/newsroom/press-releases/2018/pepsico-completes-acquisition-of-sodastream-international-ltd ↩ ↩2

  9. https://www.sec.gov/Archives/edgar/data/77476/000007747619000017/pepsico201810-k.htm ↩

  10. https://www.sec.gov/Archives/edgar/data/1502916/000114420418049220/tv502666_ex99-1.htm ↩ ↩2

  11. https://support-uk.sodastream.com/hc/en-gb/articles/24352889439515-Where-are-the-flavours-produced ↩ ↩2

  12. https://www.whoprofits.org/publications/report/120 ↩ ↩2 ↩3 ↩4

  13. https://investigate.afsc.org/company/sodastream-international ↩ ↩2 ↩3 ↩4

  14. https://www.pepsi.ps/mission-and-vision ↩ ↩2 ↩3 ↩4 ↩5 ↩6

  15. https://docs.un.org/A/HRC/53/71 ↩ ↩2 ↩3 ↩4

  16. https://docs.un.org/A/HRC/60/19 ↩ ↩2 ↩3 ↩4

  17. https://docs.un.org/A/HRC/59/23 ↩ ↩2 ↩3

  18. https://ir.strauss-group.com/wp-content/uploads/2024/08/Reporting-Package-English-FY-2025.pdf ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7 ↩8 ↩9 ↩10 ↩11 ↩12

  19. https://www.pepsico.com/en/newsroom/press-releases/2024/pepsico-to-acquire-full-ownership-of-sabra-and-obela ↩ ↩2 ↩3

  20. https://ir.strauss-group.com/wp-content/uploads/2024/08/Reporting-Package-FY-2024-ENG.pdf ↩

  21. https://bdsmovement.net/sites/default/files/2024-12/Guide%20to%20BDS%20Boycott%20%26%20Pressure%20Corporate%20Priority%20Targeting-30%20Nov%202024-Submitted%20by%20BDS%20movement.pdf ↩ ↩2 ↩3 ↩4

  22. https://www.lemonde.fr/en/international/article/2024/06/13/american-brands-in-middle-east-under-pressure-from-israel-boycotts_6674736_4.html ↩ ↩2