Are they doing what he wanted? Not nearly, to the letter. But is he having a positive impact on shareholder value and wealth? Yes.

You followed the letter of the law and you should not be penalized for that.

They need something new. McDonald's has taken away all of their exclusive items.

It makes sense to be spending money there.

You have new competition that wasn't there five years ago, you have what was historically a relatively low-margin business that is subject to commodity volatility.

[So is the individual disregarded?] They're not ignored, ... but they may not get the priority a shareholder who has a million shares will.