Carl Icahn loses a proxy battle with McDonald’s over animal welfare


Carl Icahn giving a talk at Delivering Alpha in New York on September 13, 2016.

David A. Grogan | CNBC

Activist investor Carl Icahn McDonald’s On Thursday, shareholders signaled that he was not affected by his animal welfare concerns.

According to McDonald’s, Icahn’s board candidates received votes from only about 1% of the outstanding shares in a preliminary vote at the company’s annual shareholders meeting.

In a statement, the company said, “McDonald’s board and leadership team will continue to focus on continuing to support and move forward with our values, while promising to contribute to the interests of all shareholders. I have. “

Icahn owns only about 200 McDonald’s and is a small stock that did not significantly affect the vote. And, as the results show, he couldn’t beat his fellow shareholders by criticizing McDonald’s efforts for environmental, social and corporate governance and calling for “hypocrisy” to large Wall Street companies. bottom.

McDonald’s President Enrique Hernandez said in a prepared statement obtained by CNBC that Icahn was invited to talk about his nomination at the meeting but resigned two days ago. Icahn did not attend the meeting.

Icahn’s representative declined to comment on CNBC.

Icahn’s dispute began in February, with billionaires publicly criticizing McDonald’s for failing to meet the initial deadline to eliminate the use of supplier gestation crate for pregnant pigs. He also claimed that the company was supposed to ban the use of boxes altogether, but has since changed its scope of commitment.

The Chicago-based company has accused the Covid-19 pandemic and African swine fever outbreak by postponing the initial deadline of 2022, which was set 10 years ago. By the end of this year, McDonald’s predicts that 85% to 90% of US pork supply will come from pigs that have not been placed in gestation crate if pregnancy is confirmed. McDonald’s said that eliminating the use of boxes altogether would increase its cost and higher prices for its customers.

McDonald’s said in a filing in early April that it expects to spend about $ 16 million in a proxy dispute with Icahn.

The Humane Society of the United States has issued a shareholder proposal that reflects Icahn’s criticism, but has withdrawn it. The proposal called on the company to confirm that it would meet its previous goal of eliminating the confinement of pregnant pigs by 2022. If not, the organization has asked McDonald’s to disclose more information about the pork supply chain. Such shareholder proposals are not binding, but you can send a message to the corporate board of directors about public support for corporate practices.

Icahn is doing a similar proxy fight at KrogerThe largest US supermarket chain operator at the US Kroger Annual Meeting is scheduled for June 23.

Carl Icahn loses a proxy battle with McDonald’s over animal welfare

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The post Carl Icahn loses a proxy battle with McDonald’s over animal welfare appeared first on Eminetra.


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