Icahn Enterprises Activist Presentation Deck
THE BOARD BEARS RESPONSIBILITY FOR POOR OVERSIGHT
The Board has failed to effectively oversee the Company's ESG and sustainability efforts, resulting in poor
disclosures and little meaningful progress
Animal Welfare
McDonald's is missing key
indicators for all material protein
sources for business and antibiotic
use
McDonald's lacks welfare
indicators for the most significant
animal protein sources for its
business (beef and dairy)
Of the indicators McDonald's does
report, clarity on scope and
progress is unclear
McDonald's lacks clear supply
chain management practices,
including contractual obligations
for animal welfare standards and
transparency around audits and
risk assessments
CAWS
ā
Protein Diversification &
Product Innovation
McDonald's lacks meaningful
product
diversification,
including alternative proteins
While
McDonald's
is
exploring/testing the McPlant
Burger, the Company has failed
to disclose goals, targets and
progress on these initiatives
not
McDonald's
has
acknowledged the material
business impact of protein
diversification and fails to
recognize the vulnerability of
animal agriculture in climate
scenarios
Climate Impact
& Strategy
McDonald's has failed to have
scope 1, 2 and 3 emissions audited
by a third-party, despite this being
an industry norm
McDonald's received a C rating on
the CDP 2021 Climate
Questionnaire, the lowest response
of all benchmarked peers
Due to lack in consistency of GHG
emissions inventories, there is no
clear progress on McDonald's GHG
emission targets and goals
Food Quality
& Nutrition
McDonald's lacks third-party
certification for its food safety
management system
The Company also lacks
transparency on compliance
with safety inspections, recalls
and other quality incidents
While McDonald's has set
nutrition-related
targets,
progress is unclear and KPIs lack
clarity
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