Legendary investor Carl Icahn issued a letter to McDonald’s (NYSE:) shareholders Thursday, during which he slammed the corporate’s prime ranks and asset administration corporations for his or her environmental, social, and company governance (ESG) insurance policies, citing “the most important hypocrisy of our time.”

The letter marks the most recent saga in Icahn’s battle with McDonald’s over the corporate’s therapy of pregnant pigs. The American financier is striving to incorporate two new board seats so as to add nominees who share Icahn’s views that each one Mcdonald’s U.S. suppliers ought to transfer to crate-free pork.

In his letter, Icahn referred to as out asset managers, banks and attorneys from Wall Road, saying they’re profiting from ESG investing to make a revenue as a substitute of supporting “tangible societal progress.”

“The truth is that if the ESG motion is to be greater than a advertising idea and fundraising device, the large asset managers who’re amongst McDonald’s’ largest house owners should again up their phrases with actions,” Icahn wrote.

McDonald’s greatest three shareholders embrace State Road’s asset administration arm, The Vanguard Group, and BlackRock (NYSE:).

Furthermore, Icahn stated that the compensation amongst McDonald’s prime managers and corporations is “unconscionable,” including that the fast-food chain’s board was overlooking injustice on a number of events.

“Maybe if the Firm’s executives utilized the identical effort to getting their suppliers to develop into utterly gestation crate-free as they do to acquiring wealthy compensation packages, we might not be having this election contest,” he stated.

In a response to his letter, McDonald’s stated it sources simply round 1% of U.S. pork manufacturing, including that Icahn’s calls for from McDonald’s and different firms are “utterly unfeasible.”

The fast-food big stated its U.S. pork provide can be crate-free by the tip of 2024, in comparison with its preliminary goal of 2022 the corporate set ten years in the past. McDonald’s stated the coronavirus pandemic and African Swine Fever have been the first causes for the delay.

By Senad Karaahmetovic