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• Icahn owns around 200 McD shares, a tiny stake that didn’t give him much leverage
• Proxy fight centered on fast-food giant failing to abolish gestation crates for pigs
Activist investor Carl Icahn lost his proxy fight with McDonald’s Corp (NYSE: MCD) on Thursday, indicating that the burger chain shareholders weren’t influenced by his animal-welfare concerns.
Preliminary vote counts during the company’s annual shareholder meeting showed that Icahn’s board nominees only received votes from about 1% of outstanding shares, McDonald’s said.
The activist nominated Leslie Samuelrich, a sustainability-focused investor, and Maisie Ganzler, an executive at Bon Appétit Management, to replace existing board members, Sheila Penrose and Richard Lenny.
However, the shareholders of the fast-food giant re-elected all 12 of the McDonald’s board members, including Penrose and Lenny.
Icahn only owns about 200 McDonald’s shares, a tiny stake that didn’t give him much leverage.
Fighting for better treatment for pigs
The proxy fight kicked off in February as Icahn criticized the burger chain for failing to meet its deadline to abolish its suppliers’ use of gestation crates for pregnant pigs.
Gestation crates are metal enclosures about two feet wide to constrain pregnant swine and prevent sows from turning around, maximizing available space. Some producers say it also prevents the pigs from harming one another.
“Moving forward, McDonald’s Board and Leadership Team remain focused on continuing to take actions that uphold and advance our values while committing to serve the interests of all our shareholders,” the company said in a statement.
Picture Credit: Business Insider
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