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

  • Shareholder advisory firm gives ‘cautionary’ nod to directors
  • Billionaire seeking changes over use of pig gestation crates
Carl Icahn

Carl Icahn

Photographer: Victor J. Blue/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.