A proposal to ban plastic straws at all restaurants was denied by the majority of McDonald’s (NYSE:MCD) shareholders on Thursday.
Despite the proposal being backed by a consumer group, the proposal only received 7.65% of the shareholder vote at the McDonald’s annual shareholder meeting.
Putting the proposal into action would require the company to prepare a report for the shareholders that covered all the business risks that come with using plastic straws. The proposal was also likely denied because the McDonald’s management had recommended against it.
Going through with the proposal would have entailed taking the first steps towards banning the use of plastic straws in all McDonald’s restaurants. This doesn’t mean that the company isn’t doing anything towards progressing its sustainability efforts.
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When the McDonald’s management recommended against the plastic straw ban proposal, they reinforced the sustainable efforts the company was working towards. The company is still taking steps to cut waste.
There are also some locations that are testing out paper straws. Restaurants in the United Kingdom are trial testing paper straws to use instead of plastic straws. The plastic straws are being kept behind the counter and are only available to those who ask for them specifically.
Some markets may require the McDonald’s restaurants to get rid of their plastic straws, despite the shareholder rejection of the proposal. For example, Vancouver, Canada will be placing a ban on plastic straws by June 2019. This ban also includes foam take-out containers and foam cups. It is for markets like this that paper straw trials are being undertaken so that McDonald’s restaurants can be prepared for the inevitable ban.
McDonald’s stock is currently selling for $163.49, which puts the stock up $1.10, or 0.68%, from the previous closing price of $162.39.
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Featured image: ulleo via Pixabay
