Day 005 - 04 Jul 94 - Page 04

     
     1        A.  I am adviser currently for a one year term to the US
              board, but I am not a member of the board per se.
     2
         Q.   Do you attend board meetings?
     3        A.  I will be starting next week -- about seven of them in
              the next 12 months.
     4
         Q.   Have you ever attended board meetings of the corporation?
     5        A.  I have done.  I was an adviser once before back in
              early 1980, 1982, I think, as an adviser, yes.
     6
         Q.   Could you remember the exact date?
     7        A.  82/83, May of 1982 to May of 1983, something like
              that.
     8
         Q.   When you say you were an adviser, what was your role at
     9        those meetings?
              A.  Attend the board meetings, learn, when asked questions
    10        or asked to give a presentation on my area of
              responsibility, I would do just that.  No vote.
    11
         Q.   Right.  I will put to you a question:  Mr. Beavers was
    12        unable to answer about the shareholders in the United
              States?
    13        A.  Yes.
 
    14   Q.   Are you aware of who the main shareholders are in the
              United States?
    15        A.  I know in general who the shareholders are.
 
    16   Q.   The main ones, the ones that own the largest?
              A.  Well, the largest single block, I think, is probably
    17        owned by the Kroc family.  Beyond that, I do not know.
              I mean, institutions hold shares, employees, suppliers of
    18        the company hold collectively about 15 or 16 per cent of
              the outstanding shares, but for I think it is four or five
    19        years now the McDonald's shares have been voted the number
              one stock held by small investors across the width and
    20        breadth of the United States.
 
    Q.   Would you say it is a fair comment to say that the
              majority of shares, over 50 per cent, are owned by
    22        financial institutions?
              A.  I have no way of knowing.  It is possible, but I do
    23        not know.
 
    24   Q.   On the board of directors of the UK subsidiary, is it true
              that a majority are of American origin?
    25        A.  A majority of British residents, whether they are of
              American origin or not, I do not think so. 
    26 
         Q.   I have here a report from 1989.  This is not a disclosed 
    27        document at the moment.  It is one of our -- is it
              disclosed?  Maybe I will hand it up to you.  This is from
    28        1989.  It is a disclosed document.
 
    29   MR. JUSTICE BELL:  Show Mr. Rampton first.
 
    30   MISS STEEL:  It is from 189 of our original list of documents.
              (Handed).