By any measure, Icahn suffered a severe loss in his recent campaign to make McDonald's Corporation commit to phasing out purchase of pork derived from sows held in gestation crates.

His two nominees for the Board gained only one percent of the shareholder vote.  The lopsided response to the resolution probably does not represent the sentiment of consumers.  This presumption should be taken into account by the Board and management of McDonald's Corporation.

Carl Ichan, an experienced and influential activist investor may regroup and commit serious funding to a subsequent nomination of candidates to the Board.

McDonald's Corporation issued a statement following the annual meeting confirming their commitment to leadership on environmental social and governance issues that presumably would include sow welfare following their stance on cage-free egg production. Their intentions will be judged by events.