As the annual meeting season for US companies wound down at the end of June, the action this year will surely be remembered for Carl Icahn’s embrace of environmental, social and governance activism.
Icahn, the billionaire activist investor whose approach to business is said to have informed the making of the film Wall Street, launched a boardroom battle to stop McDonald's from sourcing pork from farms that cage sows in small crates, saying he was upset by “unnecessary cruelty”.
But unlike Engine No. 1’s boardroom triumph in winning support to appoint directors at ExxonMobil in 2021 to challenge the oil group’s approach to climate change, Icahn lost his McDonald’s fight.
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