1. McDonald’s Wins ISS Support in Board Fight With Carl Icahn

    McDonald’s Wins ISS Support in Board Fight With Carl Icahn

    (Bloomberg) -- Activist investor Carl Icahn’s efforts to revamp the board of McDonald’s Corp. were dealt a blow Monday with a prominent shareholder advisory firm arguing the billionaire hadn’t made a sufficient argument for change. Institutional Shareholder Services Inc. credited Icahn’s original push in 2012 for changing policies at McDonald’s and in the industry as a whole on the use of gestation crates for pregnant pigs, even though the fast-food chain fell short of its original goal of completely eliminating the use of the stalls in its supply chain. The advisory firm argued that the proxy ...

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    1. Given that there seems to be a credible scientific basis and nontrivial commercial considerations underlying the company's current position, the dissident has not presented a definitive argument that MCD's gestation crate progress is cause for immediate board change.
    2. MCD's overall ESG track record does not seem sufficiently concerning to warrant the immediate replacement of incumbent directors with nominees whose experience, while robust, seems narrower in focus.
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