Carl Icahn loses proxy battle with McDonald’s over pig welfare

The other side: “We are proud of the progress we have made toward our ambitious goals – including with respect to animal health and welfare, climate, responsible sourcing and DEI – and we will continue to advance these goals in the future,” McDonald's said in a statement.

• An Icahn representative didn’t immediately respond to comment.

Details: The activist investor’s two director picks mustered only 1% of McDonald’s shareholder votes. It's known that animal welfare is a particular passion of Icahn's daughter, Michelle.

What’s next: Icahn has also targeted Kroger’s for the same animal welfare issue.

• He nominated two candidates to the grocery chain’s board in March, bringing up the company’s lack of progress to phase out pig gestation crates from its supply.
• Kroger’s annual shareholder meeting is June 23.

Of note: McDonald's isn't the only fast-food company in the activist frying pan.

• Nelson Peltz — another veteran agitator — and his Trian Partners hedge fund is agitating for Wendy's to pursue some kind of deal to boost its shares, which have lagged peers.