{"id":126771,"date":"2022-04-22T00:52:30","date_gmt":"2022-04-22T00:52:30","guid":{"rendered":"https:\/\/fin2me.com\/?p=126771"},"modified":"2022-04-22T00:52:30","modified_gmt":"2022-04-22T00:52:30","slug":"mcdonalds-calls-icahn-demands-on-sourcing-pigs-unfeasible-expensive","status":"publish","type":"post","link":"https:\/\/fin2me.com\/markets\/mcdonalds-calls-icahn-demands-on-sourcing-pigs-unfeasible-expensive\/","title":{"rendered":"McDonald's calls Icahn demands on sourcing pigs unfeasible, expensive"},"content":{"rendered":"
FILE PHOTO: The logo for McDonald’s restaurant is seen in Arlington, Virginia, U.S., January 27, 2022. REUTERS\/Joshua Roberts<\/figcaption>

BOSTON (Reuters) – McDonald\u2019s Corp on Thursday said Carl Icahn\u2019s call for the fast food chain to stop buying pork from suppliers that house the animals in crates would be logistically unfeasible and prohibitively expensive.<\/p>\n

The billionaire investor, who owns roughly $50,000 worth of McDonald\u2019s stock, is pushing the company to change how it sources its pork and has nominated two directors to the company\u2019s board to help monitor progress on the issue.<\/p>\n

He has said confining pigs in crates during their pregnancy is inhumane and McDonald\u2019s pledged a decade ago to stop buying pork from suppliers that use the crates by the end of this year.<\/p>\n

McDonald\u2019s said in a statement that it cares about the health and welfare of the animals in its supply chain but objected to Icahn\u2019s calls for new commitments.<\/p>\n

\u201cWhat Mr. Icahn is demanding from McDonald\u2019s and other companies is completely unfeasible,\u201d McDonald\u2019s said in the statement. It added that Icahn\u2019s campaign has \u201cone certain outcome: a greater financial burden on customers.\u201d<\/p>\n

McDonald\u2019s said that it would require at least 300-400 times the animals housed today in \u201ccrate-free\u201d systems to keep its supply chain running.<\/p>\n

McDonald\u2019s was responding to a letter Icahn sent to the company\u2019s shareholders on Thursday morning in which he called on the fast-food chain to become \u201can ESG leader in the restaurant and food service industry by setting verifiable targets for improved animal welfare objectives in areas where the company currently exhibits grave shortfalls.\u201d<\/p>\n

\u201cMcDonald\u2019s inability to fulfill its 10-year-old promise indicates cracks in the board\u2019s highly touted ESG efforts,\u201d Icahn wrote, urging fellow investors to back his two board nominees. Investors will vote at the company\u2019s annual meeting on May 26.<\/p>\n

McDonald\u2019s said in its statement that Icahn seeks to replace two current directors with \u201csingle-platform nominees that not only lack public company board experience, but also the expertise and qualifications to add meaningful value to the majority of issues regularly faced by the McDonald\u2019s board.\u201d<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

FILE PHOTO: The logo for McDonald’s restaurant is seen in Arlington, Virginia, U.S., January 27, 2022. 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