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May 23, 2018

Questions About McDonald's Chairman

"At Wells Fargo's annual meeting in April 2017, he received just 53% of shareholder votes, the lowest among the 15 board nominees. Such a result was seen as a harsh rebuke, since the directors run unopposed; it's rare in such corporate elections to receive approval ratings below 90%."

McDonald's Chairman Trailed by Legacy of Wells Fargo Scandals - TheStreet
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2 comments:

Anonymous said...

Must be nice to stack the compensation committee with your buddies who vote on your part-time director salary. Nice job if you can get it!

Anonymous said...

From the article "There's also the matter of a series of business contracts Hernandez won for his private-security company from Wells Fargo, McDonald's and Chevron Corp. (CVX - Get Report) while he served on their boards, garnering at least $38 million of extra revenue over the past 13 years. Those side deals raised concerns among shareholder advocates about Hernandez's independence, since the company executives he was supposed to be overseeing suddenly became clients.

Hernandez joined the McDonald's board in 2003, and two years afterward his company, Inter-Con Security Systems Inc., won a contract to provide security to the burger maker's headquarters in Oak Brook, Illinois. McDonald's paid Inter-Con a total of $13.2 million under the deal from 2005 through 2016, when Hernandez became chairman and the contract was terminated."

Clearly a conflict of interest and poor judgement. Can him.