Shareholders Defend DEI Programs With 98% Votes Against Ending Them

In recent times, Diversity, Equity, and Inclusion (DEI) initiatives have become a focal point in corporate environments, sparking debates among advocates and critics alike. Advocates argue that these programs dismantle systemic biases, ensuring that the best workers are hired and promoted. Critics, however, contend that DEI programs are discriminatory and disadvantage white workers. Executives and board directors have had to navigate this delicate terrain, ultimately reporting to shareholders who hold significant sway over corporate policies.

As the 2025 proxy voting season approached, the business community was abuzz with speculation over whether investors would vote to dismantle or defend DEI programs. Over 20 shareholder resolutions were filed this year, targeting iconic companies such as Visa, Deere, Boeing, Goldman Sachs, Levi’s, American Express, Coca-Cola, Berkshire Hathaway, McDonalds, Amazon, Netflix, Walmart, Alphabet, American Airlines, Caterpillar, Best Buy, and Mastercard. These resolutions sought to end DEI programs, but the outcome was clear: over $9.8 trillion in share value voted with management to continue DEI policies and programs.

Proposals from serial anti-DEI filers aimed to terminate all DEI policies and programs that grant or deny employment or advancement opportunities based on race, sex, or other protected characteristics. While the surface argument might seem reasonable, the underlying intent was to exploit racist and misogynistic tropes, often disregarding the business implications. Apple CEO Tim Cook, known for his measured statements, reminded shareholders that innovation thrives on diverse perspectives. He emphasized that Apple's strength comes from hiring the best people and fostering a culture of collaboration, where diverse backgrounds and perspectives drive innovation. The anti-DEI proposal at Apple was overwhelmingly defeated by 98% of shareholders.

At Disney, executives stood firm against anti-DEI proposals that sought to withdraw the company from diversity benchmarks. Disney's leadership made it clear that diverse voices and stories are core to the magic that captivates global audiences. Disney’s shareholders agreed, rejecting the proposal with nearly 99% opposition. Across Pfizer, Goldman Sachs, Costco, and other major corporations, the trend was evident: anti-DEI proposals were met with strong resistance, with an average of 98% votes against ending diversity programs. This was despite threats from a group of conservative attorneys general that voting against anti-DEI resolutions could be illegal.

The near-unanimous votes reflected deep shareholder trust in the boards and executives who defended DEI publicly and forcefully. When investors align with management on the assertion that diversity programs drive growth, innovation, and long-term value, executives and the board have a strong mandate to cement DEI as a corporate imperative. Shareholders sided decisively with the evidence, as shown in the Diversity Dividend report from As You Sow, which analyzed 1,641 U.S. companies over five years (2016–2022). The report 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. Investors would have been in breach of their fiduciary duty if they supported proposals to end DEI.

For these financial reasons, high-profile business leaders have publicly supported diversity programs despite potential political backlash. Costco, for instance, effectively defended its DEI programs, resulting in stable growth and improved employee morale. Conversely, Target, which relented to DEI criticism from social media activists, experienced drops in employee satisfaction and weaker sales. Companies that followed legal advice not to capitulate to DEI attacks saw higher reputation scores in 2025. The 2025 proxy season affirmed diversity as an essential business principle grounded in business data, 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.