30 Companies Worth $13 Trillion Defeat Anti-DEI Proposals in Shareholder Voting

Shareholders of 30 major corporations worth over $13 trillion have voted overwhelmingly to reject anti-DEI proposals during the 2025 proxy season, with all 30 proposals defeated. The median rejection rate was 99%, and companies including Costco, Apple, and Mastercard saw shareholders decisively support board recommendations to vote against anti-DEI proposals. CEOs of several companies underscored the business case for DEI during shareholder Q&A sessions.

Shareholders of 30 major corporations, collectively valued at over $13 trillion, have voted overwhelmingly to reject anti-DEI proposals during the 2025 proxy season. All 30 proposals were defeated, with a median rejection rate of 99%. Companies such as Costco, Apple, and Mastercard saw shareholders decisively support board recommendations to vote against anti-DEI proposals.

The 2025 proxy season was marked by a significant shift in shareholder sentiment. Despite the increase in anti-DEI filings, none of the proposals received majority shareholder approval. This trend was evident across various industries, with companies such as Apple, Goldman Sachs, and Costco facing anti-DEI measures. The overwhelming rejection of these proposals underscores the strong support for DEI initiatives among shareholders.

CEOs of several companies underscored the business case for DEI during shareholder Q&A sessions. Apple CEO Tim Cook, for instance, highlighted the importance of diverse perspectives in driving innovation. Similarly, Costco CEO Craig Jelinek emphasized the role of DEI in fostering a collaborative and inclusive workplace, which has contributed to the company's stable growth and improved employee morale.

The rejection of anti-DEI proposals is not surprising given the significant financial benefits associated with DEI. A study by As You Sow found a statistically significant correlation between diverse management teams and superior financial outcomes, including enterprise value growth rate, free cash flow per share, return on invested capital, and 10-year total revenue compound annual growth rate [4].

The 2025 proxy season affirmed diversity as an essential business principle, grounded in business data and immune to fleeting political pressures. The dramatic confrontations that played out at over 20 companies solidified DEI’s place in the corporate world. For investors, executives, and employees alike, the message was loud and unmistakable: Corporate diversity programs aren’t going away—they are stronger than ever.

References:
[1] https://www.ainvest.com/news/shareholders-defend-dei-programs-98-votes-2507/
[2] https://www.tradingview.com/news/reuters.com,2025:newsml_L4N3T50KE:0-singapore-listed-insurer-great-eastern-s-shareholders-reject-delisting-proposal/
[3] https://finance.yahoo.com/news/more-than-200-sp-500-companies-scrubbed-diversity-and-equity-from-annual-reports-in-2025-143039186.html
[4] https://www.prnewswire.com/news-releases/impactivize-shareholders-of-30-companies-worth-13-trillion-vote-overwhelmingly-to-defeat-anti-dei-proposals-302499371.html