Coca-Cola (NYSE:KO) is being assaulted on multiple fronts. Institutional Shareholder Services has warned shareholders not to re-elect Berkshire Hathaway's (NYSE:BRK.A)(NYSE; BRK.B) top dog Warren Buffett to the board. The issue at hand is whether Buffett is truly an "independent" board member, as he is both part of the board's audit committee and an affiliated outsider, as in someone who does business with Coca-Cola.

In addition, more turbulence has come from CalPERS (California Public Employees' Retirement System, which manages health and retirement plans for over 1.4 million people). The pension fund giant has announced that it will withhold votes for three directors and Coke's entire audit committee (including Buffett).

Next up: Coca-Cola's head general counsel, Deval Patrick, resigned under a cloud of mystery, leaving investors to further head-scratch as to just what the heck is happening at Coke. Patrick's resignation is another broken spoke in the company's recent upper management shuffle. (Coca-Cola is currently seeking a replacement for CEO Douglas Daft.)

Doing the math, these events equal one thing: uncertainty. And ambiguity over a company's internal management strength can trigger emotion-induced selling by shareholders.

But before you call your broker, remember a few things. First and foremost, Warren Buffett is a man of integrity, and it would be highly unlikely that shareholders would not want a man of such stature on the board of directors. Second, the resignation of Patrick and the search for a new CEO are merely storms that will soon pass.

It's not uncommon for corporations to occasionally go through times of management tribulation. But when the dust settles, the company is usually better off than before, with stronger management in place. Take Disney (NYSE:DIS), for example. The company is in a whirlwind of shareholder tussle regarding several directors and Michael Eisner. However, it's likely that Disney will eventually regain its footing, despite the current upheaval.

Finally, even though Coke has battled sluggish sales over the last year, it remains fundamentally healthy. With a forward P/E of just under 22 and a 1.95% dividend yield, the recent developments shouldn't be enough to compel shareholders' flight. The company also stands strong with almost $3.5 billion in cash.

The end result is that Coca-Cola is a solid company with tangible products that the world loves. And, the current "clouds" hanging over the soft drink heavyweight are not measured in the company's financial statements. Before you panic and sell based on the recent spate of news, take a step back, and remember that this can is half full, not half empty.

How do you feel about all the recent developments at Coca-Cola? Talk it over with other Fools on the Coca-Cola discussion board.

Fool contributor Mark Whistler does not own any of the companies mentioned in this article.