<SEC-DOCUMENT>0001193125-22-148619.txt : 20220512
<SEC-HEADER>0001193125-22-148619.hdr.sgml : 20220512
<ACCEPTANCE-DATETIME>20220512160305
ACCESSION NUMBER:		0001193125-22-148619
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20220512
DATE AS OF CHANGE:		20220512

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MCDONALDS CORP
		CENTRAL INDEX KEY:			0000063908
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-EATING PLACES [5812]
		IRS NUMBER:				362361282
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-05231
		FILM NUMBER:		22917676

	BUSINESS ADDRESS:	
		STREET 1:		110 NORTH CARPENTER STREET
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60607
		BUSINESS PHONE:		630 623 3000

	MAIL ADDRESS:	
		STREET 1:		110 NORTH CARPENTER STREET
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60607

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BARBERRY CORP.
		CENTRAL INDEX KEY:			0000860851
		IRS NUMBER:				133526064
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A

	BUSINESS ADDRESS:	
		STREET 1:		16630 COLLINS AVENUE
		STREET 2:		PH
		CITY:			SUNNY ISLES
		STATE:			FL
		ZIP:			33160
		BUSINESS PHONE:		305-422-4145

	MAIL ADDRESS:	
		STREET 1:		16630 COLLINS AVENUE
		STREET 2:		PH
		CITY:			SUNNY ISLES
		STATE:			FL
		ZIP:			33160

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BARBERRY CORP /NY/
		DATE OF NAME CHANGE:	19990402
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<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
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Registrant&nbsp;&nbsp;&#9744; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Filed by a Party other than the Registrant&nbsp;&nbsp;&#9746; </P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Preliminary Proxy Statement </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B></B>&#9744;<B></B><B></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Confidential, for Use of the Commission Only (as permitted by Rule
<FONT STYLE="white-space:nowrap">14a-6(e)(2))</FONT> </B></P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Definitive Proxy Statement </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Definitive Additional Materials </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Soliciting Material Pursuant to &#167; <FONT STYLE="white-space:nowrap">240.14a-12</FONT>
</P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>McDONALD&#146;S CORPORATION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Name of Registrant as Specified In Its Charter) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>BARBERRY CORP. </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>CARL C.
ICAHN </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>LESLIE SAMUELRICH </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>MAISIE LUCIA GANZLER </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Name of Person(s) Filing Proxy Statement, if other than the Registrant) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Payment of Filing Fee (check the appropriate box): </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">No fee required </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Fee computed on table in exhibit required by Item 25(b) per Exchange Act <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">Rules&nbsp;14a-6(i)(1)&nbsp;and&nbsp;0-11</FONT></FONT> </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On May&nbsp;12, 2022, Maisie Ganzler was featured in an article regarding McDonald&#146;s Corporation, a
copy of which is filed herewith as Exhibit 1. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">THE SOLICITATION DISCUSSED HEREIN RELATES TO THE SOLICITATION BY BARBERRY CORP. AND CARL C. ICAHN OF
PROXIES FOR USE AT THE 2022 ANNUAL MEETING OF STOCKHOLDERS OF MCDONALD&#146;S CORPORATION (&#147;MCDONALD&#146;S&#148;). BARBERRY CORP. AND ITS AFFILIATES HAVE FILED WITH THE SECURITIES AND EXCHANGE COMMISSION AND MAILED TO THE STOCKHOLDERS OF
MCDONALD&#146;S A DEFINITIVE PROXY STATEMENT AND A GOLD PROXY CARD IN CONNECTION WITH THEIR SOLICITATION OF PROXIES FOR USE AT THE 2022 ANNUAL MEETING OF STOCKHOLDERS OF MCDONALD&#146;S. STOCKHOLDERS OF MCDONALD&#146;S ARE ADVISED TO READ THE PROXY
STATEMENT AND RELATED MATERIALS CAREFULLY AND, IN THEIR ENTIRETY, BECAUSE THEY CONTAIN IMPORTANT INFORMATION, INCLUDING INFORMATION RELATED TO THE PARTICIPANTS IN SUCH PROXY SOLICITATION. COPIES OF THE DEFINITIVE PROXY STATEMENT AND GOLD PROXY CARD
ARE AVAILABLE AT NO CHARGE AT THE SECURITIES AND EXCHANGE COMMISSION&#146;S WEBSITE AT HTTP://WWW.SEC.GOV. INFORMATION RELATING TO THE PARTICIPANTS IN SUCH PROXY SOLICITATION IS CONTAINED IN THE SCHEDULE 14A FILED BY BARBERRY CORP. AND ITS
AFFILIATES WITH THE SECURITIES AND EXCHANGE COMMISSION ON APRIL&nbsp;21, 2022. EXCEPT AS OTHERWISE DISCLOSED IN THE SCHEDULE 14A, THE PARTICIPANTS HAVE NO INTEREST IN MCDONALD&#146;S OTHER THAN THROUGH THE BENEFICIAL OWNERSHIP OF SHARES OF COMMON
STOCK, $0.01 PAR VALUE PER SHARE, OF MCDONALD&#146;S. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><U>EXHIBIT 1 </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>From animal welfare a board nomination at a major fast-food company: A Q&amp;A with Maisie Ganzler </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>by<U>&nbsp;Jenny </U><U>Slafkosky</U> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>May&nbsp;12,
2022 </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In February, the <U>New York Times broke the news</U> that Bon App&eacute;tit&#146;s Chief Strategy and Brand Officer, Maisie Ganzler, had been
nominated to the board at McDonald&#146;s by financier Carl Icahn, who holds shares in the fast-food brand. Icahn has been <U>making headlines</U> for pushing McDonald&#146;s to stick to its 2012 commitment to transition its pork supply away from
inhumane gestation crates, which it publicly stated it would do by 2022. Ganzler, who <U>successfully led the transition of Bon App&eacute;tit&#146;s pork supply away from gestation crates</U> (a nationwide rollout of the product is occurring right
now), was chosen by Icahn for her deep direct experience in working with suppliers to make this change. In the following Q&amp;A, Maisie talks about the journey from asking lots of questions about the welfare of pigs to receiving a highly publicized
board nomination for a fast-food giant. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>First of all, how did you get on the radar for this nomination?</B> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">A friend told me about Carl Icahn&#146;s campaign to get McDonald&#146;s to live up to their commitment around gestation crates and explained
that Carl was going to nominate people to the board of McDonald&#146;s, so I threw my hat into the ring. That sounds more casual than it actually was&#133; I thought, &#147;I would <I>love</I> to be involved in that solution for
McDonald&#146;s,&#148; so I decided to shoot for the stars on it. I didn&#146;t actually expect a nomination, but I&#146;ve learned that an important part of leadership is showing up&#151;sometimes by inviting myself into the conversation&#151;then
showing interest and asking questions. For me, this opportunity is really about helping to make change for as many sows as possible&#151;and there are so many that are impacted by the McDonald&#146;s supply chain. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>So, do you share what some are calling Carl Icahn&#146;s &#147;activist agenda&#148;?</B>
</P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">I do in terms of believing that shareholders have a responsibility to look at the ESG actions of the companies in which
they are invested. I can&#146;t speak to his broader agenda; it&#146;s been quite a career. But in this case specifically, I do think that if a board is not shepherding the company in a responsible way, it is up to shareholders to hold them
accountable. To be clear, my goal is not to disrupt McDonald&#146;s in some sort of harmful way. It&#146;s to help them live up to the commitment that they&#146;ve already made, that I believe the public wants, and is the right thing to do. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>OK, so tell me more about why you want to be on the board at McDonald&#146;s.</B> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">We went down a very similar path that McDonald&#146;s has unfortunately started down in terms of gestation crates. We wanted to eliminate them
from our supply chain because they are an inhumane practice and we initially thought that our supplier was aligned with that goal. And then we found out that they weren&#146;t. My team and I put in the work to find a supplier that was aligned with
our values. By sharing what I learned along the way with a purchaser the size of McDonald&#146;s, I aim to multiply the effect of the knowledge that I&#146;ve garnered at Bon App&eacute;tit. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 1 - </P>

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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>You&#146;ve sort of answered this already, but I&#146;m going to ask it anyway in case you have additional
thoughts: What do you think you can bring to the table specifically for McDonald&#146;s?</B> </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Unlike most of the people
on the current McDonald&#146;s board, I have experience actually managing a pork supply chain. And, given my role at Bon App&eacute;tit, I&#146;m also much closer to customers. I think I can bring that expertise to the table, not just in the area of
animal welfare and gestation crates specifically, but also on labor issues, sustainable seafood, antibiotics, et cetera. We&#146;ve done such great work on these issues at Bon App&eacute;tit, I think I can bring all of that to McDonald&#146;s.
Another example: Bon Appetit&#146;s parent company Compass Group was involved in the development of the <U>Ethical Charte</U>r to which McDonald&#146;s is a signatory. The Charter focuses on promoting responsible labor practices in the produce
supply chain and the Equitable Food Initiative (EFI) has been involved in pilot programs. As a board member of EFI, I think that I can lend my expertise there as well. There are a lot of overlapping issues that I can contribute my experience and
perspective on. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>I know you&#146;ve told the story of this a little bit before in your TEDx talks and on <U>Bon</U>
<U>App&eacute;tit&#146;s blog</U>, but could you tell me a little bit about the journey from 2012 to now? Specifically, what were your biggest surprises and biggest challenges along the way?</B> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">After many meetings with our original pork supplier, I thought we had agreed that we were going to create a gestation crate-free product. When
I did the first <U>TEDx Manhattan talk</U>, which was in 2013, that was what I thought was happening at that point in time. And, in fact, I went to <U>TEDx Manhattan in 2014</U> and gave an update saying that we had great news: The bacon was already
gestation crate free in our supply chain! Then, somewhat indirectly, I received a request to change the language on our marketing materials to &#147;group housed&#148; instead of &#147;gestation crate-free.&#148; When I probed, I was told that the
sows were still in gestation crates until the confirmation of pregnancy. They were trying to pass off group housed after the confirmation of pregnancy as having the same meaning as gestation crate-free. That&#146;s not what we promised! And, to be
clear, that&#146;s where McDonald&#146;s stands today. But, unlike McDonald&#146;s, when I found this out, I didn&#146;t simply change the language of our commitment, I changed suppliers. With the support of Foodbuy and our great purchasing team at
Bon App&eacute;tit, we surveyed every pork supplier we could find in the United States and eventually found the Clemens Food Group, who was confining sows to gestation crates for impregnation&#151;so, not until confirmation of pregnancy, just for
the artificial insemination period. A sow&#146;s gestation period is three months, three weeks, and three days. For the <FONT STYLE="white-space:nowrap">so-called</FONT> group-housed pork, the sows were crated for about a month of that on average.
With the Clemens product, it was for about a week for the insemination. So, not perfect, not gestation crate free, but much, much less time in crates. Then, when Prop 12 came on the ballot in California, I saw the writing on the wall that someone
was going to have to develop a truly gestation crate-free product and restarted talks with a number of potential suppliers about creating such a product. Once again, Clemens stepped up and created that, and that is now we are currently rolling out
across the United States. </P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>You managed to make a large-scale change at Bon App&eacute;tit, but companies like McDonald&#146;s are much
larger and global. Do you think companies of this size might be facing barriers that you didn&#146;t have to at Bon App&eacute;tit? </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Well, the barriers <I>are</I> different. From a global perspective, they&#146;ve already eliminated gestation crates in parts of their supply
chains because in other parts of the world gestation crates aren&#146;t allowed to be used legally. In terms of the scale in the United States, I would say that the bigger challenge that McDonald&#146;s has than Bon Appetit did is that they use even
fewer parts of the pig. So, if you&#146;re going to raise a product&#151;a pig&#151;in a way that costs more money, the hope would be that you can raise the price of all the meat that comes from that pig. But because McDonald&#146;s is using very
little of the pig, it&#146;s unclear right now what the market is for gestation crate-free ribs, not to mention tenderloin and all the other parts that McDonald&#146;s doesn&#146;t use. At Bon App&eacute;tit, we use, not the total pig, but a more
balanced portfolio than McDonald&#146;s. So, I think that is a real problem for them. I don&#146;t pretend that this is going to be easy or cost neutral for McDonald&#146;s. But it is the right thing to do. And the thing they already promised they
were going to do. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>Some people in the sustainable food movement think large fast-food companies are the antithesis of
sustainability. What&#146;s your response to that? </B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">I respect that opinion. But that doesn&#146;t mean that I&#146;m
not going to try to do everything I can to make their supply chains more sustainable. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>What lessons learned from your own process of making change do you think you could share with McDonald&#146;s
as a board member? </B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">In in relation specifically to gestation crates, I&#146;ve learned that you have to talk to many
different suppliers&#151;not just one&#151;as everybody has a different philosophy about what&#146;s possible, and what&#146;s possible at what speed. And I&#146;ve learned that you need to develop a true partnership with your supplier. Because if
they&#146;re going to make changes in physical plants, like removing gestation crates, they have to also believe that you&#146;re going to be their partner for the long run&#151;so they&#146;re not absorbing all the risk. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">And I&#146;ve learned&#151;as I learn over and over again whenever we take on a new initiative&#151;that rarely, if ever, is implementation as
easy as writing a bigger check. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><B>Posted at bamco.com </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 3 - </P>

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