'McFail' by Carl Icahn reveals investors' growing mistrust of ESG.

Carl Icahn, the activist investor, is well-known.

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Icahn made his name and fortune by taking on a company's inept leadership. Icahn, on the other hand, entered the fashionable world of ESG politics with his purchase of McDonald's.

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ESG, he learned the hard way, has no value or favour with shareholders.

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The Humane Society of the United States, where Icahn's daughter worked, advocated Icahn's vegan animal liberation stance.

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The group's goal was to persuade McDonald's to stop buying bacon from suppliers who use maternity pens throughout the production process.

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Pigs are commonly housed in maternity pens while they are pregnant, which is a standard practise.

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