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  "documentTitle": "Pershing Square | Activist Presentation Deck | 58 slides",
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  "authorName": "Pershing Square Capital Management",
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      "kind": "callout",
      "text": "Question: Would a publicly traded McOpCo hinder the current “Farm Team” system or inhibit McDonald’s ability to recruit top McOpCo managers to work at Corporate?",
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      "text": "With 80% ownership, Brand McDonald’s will still be able to leverage its deep relationship with McOpCo for recruiting purposes",
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      "text": "Arm’s-length, publicly traded McOpCo is better training ground than the current wholly owned McOpCo\nBetter “real world” business discipline for managers, once corporate subsidies are removed\nTeaches restaurant operators how to run a public business",
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      "text": "Offering direct equity compensation in McOpCo will\nAttract “best-in-class” operators\nImprove retention",
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      "text": "Answer: No. We believe the creation of a publicly traded McOpCo will actually improve the talent pool at both Brand McDonald’s and McOpCo.",
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      "text": "Addressing Potential Company Questions",
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