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  "documentTitle": "McDonald's Corporation (MCD)",
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  "authorName": "Carl C. Icahn",
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  "presentationDate": "2022-05-01 00:00:00",
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  "notes": "Uses a Bloomberg article screenshot as evidence of management's refusal to adapt.",
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      "kind": "callout",
      "text": "We believe this is yet another example of McDonald’s’ leadership’s unwillingness to embrace and act on stakeholder feedback.",
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      "kind": "callout",
      "text": "“The Company is prioritizing chicken and beef offerings, as we expect they represent the largest growth opportunities” – MCD Annual Report",
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      "text": "Bloomberg article: McDonald's Pours Cold Water on Report That Its McPlant Burger Is Expanding",
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      "text": "With just one alternative meat option still only in testing, the Company is far behind industry trends and fails to grasp the necessity of meaningfully diversifying its product line to capture consumer trends, mitigate risks and reduce its global impact",
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      "text": "On April 27, 2022, McDonald's swiftly shut down reports that it planned to permanently keep the McPlant burger on its menu in the U.S. Even as consumers express support for plant-based alternative food options, McDonald's has refused to adapt. On the Company's Q1 2022 earnings call, CEO Chris Kempczinski even professed that McPlant sales helped grow McDonald's' U.K. sales",
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      "text": "Plant-based foods are not mentioned once in McDonald's' entire climate strategy (CDP Climate Questionnaire)",
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      "text": "40% of McDonald's' net sales are from products are based on ruminant red meat (Source: ISS ESG Report), and the Company has no public commitment to expanding plant-based options",
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      "text": "GFI Score: 0",
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      "text": "The U.K. continues to be one of our strongest performing markets. In the first quarter performance in the U.K. was fueled by sustained digital momentum and strong menu initiatives like the national rollout of McPlant and the extremely successful Chicken Big Mac promotion.",
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      "text": "“The Company is prioritizing chicken and beef offerings, as we expect they represent the largest growth opportunities” — MCD Annual Report. “The U.K. continues to be one of our strongest performing markets. In the first quarter performance in the U.K. was fueled by sustained digital momentum and strong menu initiatives like the national rollout of McPlant and the extremely successful Chicken Big Mac promotion.” — McDonald's Q1 2022 earnings call transcript (4/28/22).",
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      "text": "GFI Score (0-10) for various brands including McDonald's at 0",
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      "text": "Under the incumbent Board, McDonald’s remains wed to its meat-based strategy despite a growing plant-based foods market",
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      "text": "THE BOARD HAS FAILED TO DIVERSIFY PROTEIN SOURCES",
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