<SEC-DOCUMENT>0001377739-23-000050.txt : 20230505
<SEC-HEADER>0001377739-23-000050.hdr.sgml : 20230505
<ACCEPTANCE-DATETIME>20230505151918
ACCESSION NUMBER:		0001377739-23-000050
CONFORMED SUBMISSION TYPE:	PX14A6N
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20230505
DATE AS OF CHANGE:		20230505
EFFECTIVENESS DATE:		20230505

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:		PX14A6N
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	033-58625
		FILM NUMBER:		23893373

	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:			SOC Investment Group
		CENTRAL INDEX KEY:			0001377739
		IRS NUMBER:				203688367

	FILING VALUES:
		FORM TYPE:		PX14A6N

	BUSINESS ADDRESS:	
		STREET 1:		1900 L STREET NW
		STREET 2:		SUITE 900
		CITY:			WASHINGTON
		STATE:			DC
		ZIP:			20036
		BUSINESS PHONE:		202 721 6060

	MAIL ADDRESS:	
		STREET 1:		1900 L STREET NW
		STREET 2:		SUITE 900
		CITY:			WASHINGTON
		STATE:			DC
		ZIP:			20036

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CtW Investment Group
		DATE OF NAME CHANGE:	20061006
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<P style="TEXT-ALIGN: center; MARGIN: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">SECURITIES &amp; EXCHANGE COMMISSION</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">WASHINGTON, D.C.&nbsp;&nbsp; 20549</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">NOTICE OF EXEMPT SOLICITATION (VOLUNTARY SUBMISSION)</FONT></B></P>

<P style="MARGIN: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman"></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">NAME OF REGISTRANT:</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman"> &nbsp;McDonald&#8217;s Corporation</FONT></P>

<P style="MARGIN: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">NAME OF PERSON RELYING ON EXEMPTION:</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman"> SOC Investment Group</FONT></P>

<P style="MARGIN: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">ADDRESS OF PERSON RELYING ON EXEMPTION:</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">&nbsp; 1900 L Street, N.W. Suite 900, Washington, D.C.&nbsp;&nbsp; 20036</FONT></P>

<P style="MARGIN: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=#1a1a1a face="times new roman">Written materials are submitted pursuant to Rule 14a-6(g)(1) promulgated under the Securities Exchange Act of 1934:</FONT></B></P>

<P style="MARGIN: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=#1a1a1a face="times new roman">___________________________________________________________________________________________________________________________________________________________________________________________</FONT></B></P>

<P style="MARGIN: 0in"><STRONG><FONT color=#1a1a1a></FONT></STRONG>&nbsp;</P>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>May 5, 2023</FONT><BR><BR><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>Dear McDonald&#8217;s Corporation Shareholder,</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>On May 25</FONT></B><B><SUP><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>th</FONT></SUP></B><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>, we urge you to support </FONT></B><B><I><FONT size=2 face=Calibri-BoldItalic,Arial,Helvetica,sans-serif>Proposal 9: Annual Report on Lobbying Activities</FONT></I></B><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>, which requests </FONT></B><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>that McDonald&#8217;s Corporation (McDonald&#8217;s) </FONT></B><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>annually disclose the following information:</FONT></B></P>

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   <TD vAlign=top width="2%" noWrap><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>1.</FONT>&nbsp; &nbsp; &nbsp; </TD>

   <TD width="98%" colSpan=2><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>Policies and procedures governing McDonald&#8217;s lobbying, both direct and indirect, and grassroots </FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>lobbying communications.</FONT> </TD></TR>

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   <TD vAlign=top width="2%" noWrap><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>2.</FONT>&nbsp; &nbsp; &nbsp; </TD>

   <TD width="98%" colSpan=2><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>Payments by the company used for:</FONT> </TD></TR>

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   <TD width="2%">&nbsp;</TD>

   <TD vAlign=top width="2%" noWrap><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>a.</FONT>&nbsp; &nbsp; &nbsp; </TD>

   <TD width="96%"><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>direct or indirect lobbying or</FONT> </TD></TR>

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   <TD width="2%">&nbsp;</TD>

   <TD vAlign=top width="2%" noWrap><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>b.</FONT>&nbsp; &nbsp; &nbsp; </TD>

   <TD width="96%"><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>grassroots lobbying communications, in each case including the amount of the payment and the recipient.</FONT> </TD></TR>

<TR>

   <TD vAlign=top width="2%" noWrap><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>3.</FONT>&nbsp; &nbsp; &nbsp; </TD>

   <TD width="98%" colSpan=2><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>Description of management&#8217;s decision</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>-</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>making process and the Board&#8217;s oversight of this process.</FONT> </TD></TR></TABLE>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>The SOC Investment Group works with pension funds sponsored by unions affiliated with the Strategic Organizing Center, a coalition of unions representing millions of members, to enhance long term shareholder value through active ownership. These funds have over $250 billion in assets under management and are s</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>ubstantial McDonald&#8217;s shareholders.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>McDonald&#8217;s policy and disclosures on lobbying payments are lagging.</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>Corporate lobbying spending has steadily increased over the past decade. However, while there are issues that a company may lobby on to protect its business interests, any political actions taken by a company expose it and its shareholders to risks. In order to protect themselves from these risks, it is important for shareholders to be fully aware of any and all lobbying spending that a company engages in.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>In its opposition statement, McDonald&#8217;s claims to be a &#8220;top company for political accountability and transparency&#8221;, however this is not the case when it comes to lobbying disclosures. Currently, McDonald&#8217;s only provides a list of trade </FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>associations that received at least $25,000 in dues from the company, but does not provide the total amount of dues paid and does not disclose what portion of dues may be used for lobbying</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>. It provides no disclosure of payments to &#8220;social welfare&#8221; </FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>groups or payments for grassroots lobbying communications, nor direct lobbying expenditures at all levels. In its opposition statement, </FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>McDonald&#8217;s also touts that the CPA</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>-Zicklin Index has recognized it as a </FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>&#8220;trendsetter&#8221;; however, referencing the CPA</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>-Zicklin index is misleading when applied to the issue at hand. In fact, to address companies using the index as a bulwark against lobbying disclosure and transparency, CPA-</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>Zicklin issued a &#8220;purpose and misuse statement&#8221; in 2022. The statement reads: &#8220;The </FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>Ind</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>ex does not make a value judgment on a company&#8217;s political spending or alignment with its publicly stated values and does not cover company lobbying spending or activities.&#8221;</FONT><SUP><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>1</FONT></SUP></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>We contrast McDonald&#8217;s disclosure to its peer, Chipotle. After receiving a sim</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>ilar lobbying proposal from us, Chipotle now discloses all dues and other payments made to trade associations and social welfare</FONT></P>

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<P style="TEXT-ALIGN: left"><SUP><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>1 </FONT></SUP><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>CPA Zicklin, Index, Purpose and Misuse Statement, June 27, 2022, </FONT><I><FONT size=2 face=Calibri-Italic,Arial,Helvetica,sans-serif>available at </FONT></I><U><FONT color=#0563c1 size=2 face=Calibri,Arial,Helvetica,sans-serif>https://www.politicalaccountability.net/wp-content/uploads/2022/06/CPA-Zicklin-Index-Purpose-and-Misuse-Statement-6.27.22.pdf</FONT></U><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=1 face=Arial,Arial,Helvetica,sans-serif>1900 L Street NW, Suite 900, Washington, DC 20036</FONT><BR><FONT color=#231f20 size=1 face=Arial,Arial,Helvetica,sans-serif>(202) 721-0660</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT color=#231f20 size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>S O C I N V E S T M E N T G R O U P . C O M</FONT></B></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>organizations. Chipotle also now discloses on its website direct payments made at the federal and state level, including for referendum expenditures.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>The publication of a report containing this vital information will help shareholders ensure that any </FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>lobbying spending made by McDonald&#8217;s is in line with its core value of integrity and doing &#8220;the right </FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>thing.</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>&#8221; It will also ensure </FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>that the company and shareholders are not exposed to excessive risk as a result of lobbying practices.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>Publicly available data on McDonald&#8217;s direct state and local lobbying contributions is inconsistent.</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>While federal lobbying spending is easily accessible to shareholders online, there is no reliable way for investors to collect data on direct lobbying at the state, local, or municipal level. Shareholders encounter a variety of obstacles in their efforts to collect data on direct lobbying expenditures at the state and local level. This is due to the lack of uniformity in disclosure requirements between states and municipalities. For example, while some states may require a company to submit quarterly disclosures on their precise lobbying expenditures, other states, such as Florida, might only disclose a spending range (ex: $1.00-$9,999.99). Additionally, these websites are not always accessible to shareholders due to a myriad of technological issues. Shareholders need a centrally located and reliably accessible </FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>disclosure of McDonald&#8217;s lobbying expenditures. </FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>Given the increasing scrutiny on which types of </FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>lobbying initiatives companies are allocating support, McDonald&#8217;s </FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>can and should disclose any state and local-level lobbying expenditures to its investors.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>Disclosure of indirect lobbying payments would provide greater transparency to investors, with minimal burden to the company.</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>Greater transparency on indirect lobbying payments to trade associations and &#8220;social welfare&#8221; </FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>organizations would provide </FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>investors with a full picture of the company&#8217;s political activity, while simultaneously being of minimal cost and burden to the company given that McDonald&#8217;s is already collecting this information. For example, companies can use &#8220;indirect&#8221; contributions t</FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>o industry/trade associations or other organizations as a means to influence government policy. These memberships and contributions are difficult for shareholders to trace unless the company publicly discloses this information, or the organization publicly lists its membership and any contributions that it has received.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>McDonald&#8217;s is a member of the International Franchise Association (IFA) and the National Restaurant</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>Association (NRA). These groups are capable of spending significant sums of money to influence policy on important issues. </FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>Just this year, CEO Kempczinski spoke at the IFA&#8217;s annual conference, </FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>where for the first time, he overtly pushed back on state and federal efforts to regulate franchisors. Mr. Kempczinski was specifically concerned about regulators </FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>holding franchisors like McDonald&#8217;s responsible for </FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>franchisee employment practice related liabilities.</FONT><SUP><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>2 </FONT></SUP><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>95% of </FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>McDonald&#8217;s restaurants </FONT><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>are franchised, making it unsurprising that franchisee employment practices have been at the heart of numerous human capital management-related controversies that have arisen the last few years, including significant sexual harassment allegations.</FONT></P>

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<P style="TEXT-ALIGN: left"><SUP><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>2 </FONT></SUP><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>Jonathen Maze, &#8220;McDonald&#8217;s CEO warns that regulations could end franchising,&#8221; </FONT><I><FONT size=2 face=Calibri-Italic,Arial,Helvetica,sans-serif>Restaurant Business</FONT></I><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>, February 27, 2023, </FONT><I><FONT size=2 face=Calibri-Italic,Arial,Helvetica,sans-serif>available a</FONT></I><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>t </FONT><U><FONT color=#0563c1 size=2 face=Calibri,Arial,Helvetica,sans-serif>https://www.restaurantbusinessonline.com/financing/mcdonalds-ceo-warns-regulations-could-end-franchising</FONT></U><FONT size=2 face=Calibri,Arial,Helvetica,sans-serif>.</FONT></P></DIV>

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<FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">In 2022, the NRA spent &#36;2,890,000, and the International Franchise Association spent &#36;1,240,000. A restaurant industry insider has </FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">even criticized the NRA for being a &#147;lapdog&#148; for large chains</FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">, such as </FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">McDonald&#146;s. In recent Congresses, the NRA lobbied against raising the federal minimum wage, paid sick </FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">leave during the COVID-19 pandemic, and supported legislation that would ease child labor restrictions. This is particularly concerning given recent reports of 305 children working at </FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">McDonald&#146;s restaurants </FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">in Kentucky, Indiana, Maryland, and Ohio, in violation of child labor laws.</FONT><SUP><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">3 </FONT></SUP><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">The NRA is also behind ServSafe, a company that offers online food safety courses that are often mandatory before a worker is able to begin a job in the food-service industry, and whose profits are then used by the NRA to lobby in favor its political interests.</FONT><SUP><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">4</FONT></SUP></P>
<P style="text-align: left;">
<FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">McDonald&#146;s also does not disclose payments to 501(c)(4) organizations, which have been increasingly politically active in recent years. Such &#147;social welfare&#148; organizations have been known to be a source of &#147;Dark Money,&#148; given that these </FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">entities are not required to disclose their donors. Further, because of the lack of transparency on spending by social welfare organizations, corporate contributions to these organizations may be used for inappropriate purposes, such as gifts or entertainment that could benefit lawmakers, at a state, federal or local level, exposing donors to potential legal risks.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">Lastly, state level contributions and indirect contributions to third-party groups may also work against </FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">shareholders&#146; long</FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">-term interests. For </FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">example, in 2022, McDonald&#146;s spent </FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">&#36;5,773,914.61 on lobbying in California, largely in opposition to the FAST Recovery Act in California, a law that established a council of stakeholders in the fast-food industry to address issues such as setting minimum wage standards, working hours, and other working conditions. In opposition to this law, national trade associations like </FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">the IFA and NRA established the &#147;Save Local Restaurants&#148; campaign, intending to overturn the new law </FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">via a referendum in 2024. As of March 2023, this organization has received over &#36;21,066,600 in </FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">contributions, and McDonald&#146;s and its franchisees have contributed &#36;5,555,326.13 directly to oppose the new law in California. A similar law has been introduced in Virginia. McDonald&#146;s </FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">opposition to the FAST Recovery Act seems to be in stark contrast to their federal lobbying position. The company in 2019 announced to the NRA it would no longer oppose raising the federal minimum wage. Such significant funding to oppose a law that is likely to improve working conditions for employees appears contrary to</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">McDonald&#146;s commitment to &#147;making opportunity open to all.&#148;</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">For these reasons, we urge you to vote FOR Proposal 9: Annual Report on Lobbying Activities.</FONT></P>
<P style="text-align: center;">
<B><FONT size=2 face="Calibri-Bold,Arial,Helvetica,sans-serif">THIS IS NOT A PROXY SOLICITATION AND NO PROXY CARDS WILL BE ACCEPTED</FONT></B></P>
<P style="text-align: center;">
<B><FONT size=2 face="Calibri-Bold,Arial,Helvetica,sans-serif">Please execute and retu</FONT></B><B><FONT size=2 face="Calibri-Bold,Arial,Helvetica,sans-serif">rn your proxy card according to McDonald&#146;s instructions.</FONT></B></P>
<P style="text-align: left;">
<SUP><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">3 </FONT></SUP><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">Sareen Habeshian, &#147;10</FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">-year-</FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">olds found working at McDonald&#146;s until 2 a.m., </FONT><I><FONT size=2 face="Calibri-Italic,Arial,Helvetica,sans-serif">Axios</FONT></I><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">, May 3, 2023, </FONT><I><FONT size=2 face="Calibri-Italic,Arial,Helvetica,sans-serif">available at </FONT></I><U><FONT color="#0563c1" size=2 face="Calibri,Arial,Helvetica,sans-serif">https://www.axios.com/2023/05/03/mcdonalds-child-labor</FONT></U><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">.</FONT></P>
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<SUP><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">4 </FONT></SUP><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">David Fahrentold and Talmon Joseph Smith, &#147;How Restaurant Workers Help Pay for Lobbying to Keep Th</FONT><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">eir Wages Low, </FONT><I><FONT size=2 face="Calibri-Italic,Arial,Helvetica,sans-serif">The New York Times</FONT></I><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">, January 17, 2023, </FONT><I><FONT size=2 face="Calibri-Italic,Arial,Helvetica,sans-serif">available at </FONT></I><U><FONT color="#0563c1" size=2 face="Calibri,Arial,Helvetica,sans-serif">https://www.nytimes.com/2023/01/17/us/politics/restaurant-workers-wages-lobbying.html</FONT></U><FONT size=2 face="Calibri,Arial,Helvetica,sans-serif">.</FONT></P>
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