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

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

Until recently, the emperor of boardroom disputes was proven to have no clothing in a recent struggle against McDonald's over an animal rights bill.

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.

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

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

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

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