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  "notes": "The slide uses a 'villain' framing by accusing the board of using excuses to avoid ESG commitments.",
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      "text": "Rather than waste $16 million of shareholder capital on this costly proxy contest, we contend McDonald's should allocate that capital toward responsible, ethical sourcing and other important sustainability and ESG areas.",
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      "text": "In the near-term, we doubt that McDonald's' customers will abandon the Company if it takes this important step toward better animal welfare. As demonstrated by the Company's 3.5% increase in comparable U.S. sales in Q1 2022, strategic price increases do not always result in the loss of customers and/or sales",
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      "text": "In the long-term, the decision to eliminate gestation crates could have a positive financial impact: a 2011 economic comparison in Canada found that costs for construction of group housing that allowed for more space per sow were 4% cheaper than conventional gestation crate housing",
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      "text": "McDonald's cites customer price increases as a reason for its stagnation on the elimination of gestation crates. The truth is McDonald's had 10 years to act and produce a sustainable solution, which does not include putting a strain on customers' wallets.",
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      "text": "For example, Whole Foods has acted early on this issue and does not expect its customers to experience prices increases as its suppliers are already compliant with Proposition 12",
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      "text": "While it will cost the Company near-term capital to eliminate gestation crates, we believe the move will deliver business and financial benefits over the long-term",
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      "text": "THE BOARD IS USING PRICING CONCERNS AS AN EXCUSE",
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