Icahn Enterprises Activist Presentation Deck
THE BOARD HAS FAILED TO DIVERSIFY PROTEIN SOURCES
Under the incumbent Board, McDonald's remains wed to its meat-based strategy despite a growing plant-based
foods market
ā
"The Company is prioritizing chicken and beef offerings, as we expect they
represent the largest growth opportunities" - MCD Annual Report
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
Plant-based foods are not mentioned once in McDonald's' entire climate strategy (CDP
Climate Questionnaire)
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
CAWS
GFI Score
(0-10)
9.25
9
8
7
6.5
0
Brand
Panera
Chipotle
Starbucks
Taco Bell
Hardee's
McDonald's
McDonald's has the lowest score possible
on the Good Food Institute's ("GFI") 2019
Scorecard, which evaluates how companies
promote and increase offerings of plant-
based dishes to appeal to mainstream diners
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.
99
Source: McDonald's Q1 2022 earnings call transcript (4/28/22).
Bloomberg
McDonald's Pours Cold Water on Report
That Its McPlant Burger Is Expanding
and all urs
guiden
McPlant
By Leslie Patton
April 27, 2022, 2:52 PM EDT Updated on April 27, 2022, 3:48 PM EDT
Beyond Meat Inc. pared gains after McDonald's Corp. disputed a
report that it plans to keep the McPlant burger as a permanent
menu item.
The fast-food chain said Wednesday that it has no new plans to
announce with Beyond Meat. Shares of the plant-based protein.
company had soared earlier in the afternoon after a Fast Company
report cited a McDonald's executive as saying the McPlant was
sticking around in the U.S. and would be augmented by other
Beyond Meat products.
Source: Bloomberg article dated 4/27/22
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
We believe this is yet another example of McDonald's' leadership's
unwillingness to embrace and act on stakeholder feedback.
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