Shareholders of companies worth $13 trillion vote unanimously to defeat anti-DEI proposals
Conservative activist Robby Starbuck was interviewed in March by Nikkei Asia. โUsing DEI practices to artificially raise disadvantaged peoples to the same level as white males is โa communist concept that is really not friendly to the idea of free markets and capitalism,โ said Starbuck,โ the financial newspaper reported.
But those who prioritize profits โ the north star of free markets and capitalism โ say DEI (diversity, equity and inclusion) is a business imperative. Shareholders of 29 of the largest corporations in the U.S., and one in Canada (lululemon athletica), have voted unanimously to reject anti-DEI proposals in 2025, by overwhelming margins โ most by 98 or 99 percent of voting shares.

Boards of directors of companies collectively valued at more than $13 trillion dollars unanimously urged their shareholders to vote against anti-DEI proposals โ some titled โCease DEI effortsโ โ presented by conservative shareholder activist groups. Shareholders from companies including Costco, Apple, Levi Strauss, among others, pitched a shutout, going 30-0, handing resounding defeats to all anti-DEI proposals that were presented during this yearโs proxy season.
And shareholders from some companies that Robby Starbuck claimed to have โflippedโ โ pressured to revise their DEI initiatives โ also voted overwhelmingly to reject anti-DEI proposals in 2025, including McDonaldโs, Walmart, Boeing, John Deere, and Caterpillar.
The Heritage Foundation, organizer of Project 2025, announced in an April press release that Starbuck was joining the organization as a visiting fellow for its capital markets initiative, which pressures businesses to address โagendas that are unethical, immoral, and illegalโlike so-called diversity, equity, and inclusion (DEI) policies.โ
David Graham, staff writer at the Atlantic and author of The Project: How Project 2025 Is Reshaping America told PBS about the Heritage Foundationโs vision: โThe priority really is on men as breadwinners. They see women raising children as being the highest calling for them. And they see the Christian heritage of the United States as being essential and something that needs to be brought to the fore.โ And โwhen they take on DEI programs,โ those initiatives are coming from this vision.
But boards and shareholders have pronounced anti-DEI proposals DOA (dead on arrival) in 2025.
CEOs speak out for DEI
A March survey from research firm GlobeScan revealed that two-thirds of Americans want CEOs to publicly defend DEI initiatives. And several CEOs have heeded the message.
Reporting for nonprofit project Impactivize, I attended most of the 2025 online shareholder meetings where anti-DEI proposals were presented and defeated. CEOs of several corporations articulated their companiesโ commitments to diversity and inclusion. In Q&A (question-and-answer) sessions during annual meetings of shareholders, several CEOs responded to questions about their companiesโ diversity initiatives.

Rob Davis, Chairman of the Board and CEO of pharmaceutical giant Merck responded to a question from a shareholder about DEI at their May meeting, where shareholders voted to reject an anti-DEI proposal, 99-1 percent. Davis said: โOur company has a longstanding commitment to diversity and inclusion. Itโs at the core of who we are, our values, and how we operate as a company. Itโs also a strategic imperative.โ
In the Q&A session at Southern Company’s annual meeting of shareholders in May, the utility giantโs Chairman, President and CEO Chris Womack, a Black man, responded to a question about an anti-DEI proposal, which shareholders voted to reject, 98-2 percent. Womack responded, citing Southernโs Intentional Inclusion program, saying, “each and every employee has a fair shot at achieving their potential.”
At Walmartโs annual meeting of shareholders in June, President and CEO Doug McMillon underscored the companyโs inclusive policies in response to a question about the companyโs support for the LGBTQ+ community. McMillon then handed the floor to EVP and Chief People Officer Donna Morris who added, โWe’re happy to serve the LGBTQ+ community and Happy Pride Month to those that are part of the community.โ Walmart shareholders voted to reject an anti-DEI proposal by nearly 100 percent.
Most of the anti-DEI proposals were presented to corporations at their annual meetings in 2025 by Stefan Padfield, executive director of the Free Enterprise Project (FEP), an endeavor of conservative nonprofit the National Center for Public Policy Research (NCPPR). The FEP website says it is โthe original and premier opponent of the woke takeover of American corporate life.โ
In a Q&A session at Goldman Sachsโ annual shareholders meeting in April, Padfield asked the financial giantโs Chairman and CEO David Solomon about the companyโs support for โtransgenderism.โ Solomon replied to Padfieldโs question, saying, “We run an inclusive organization, and we’re going to continue to run an inclusive organization.”
Goldman Sachs has a perfect score on the Human Rights Campaignโs Corporate Equality Index, a benchmarking tool for LGBTQ+ workplace initiatives. And the Goldman Sachs Board urged shareholders to vote to reject NCPPRโs anti-DEI proposal, writing in its proxy statement: “We believe that diversity, including diversity of thought, experience and perspectives, is important to our commercial success.” Goldman shareholders voted to reject NCPPRโs anti-DEI proposal, 98-2 percent.
CEOs outside of shareholder meetings have also publicly defended their companiesโ diversity policies.
In April, Marriott CEO Anthony Capuano reaffirmed the companyโs commitment to DEI. Speaking at the Great Place to Work For All Summit in Las Vegas, Capuano shared how the hospitality giant responded to pressure on DEI policies:
โThe winds blow, but there are some fundamental truths for those 98 years,” Capuano told the audience. โWe welcome all to our hotels and we create opportunities for allโand fundamentally those will never change. The words might change, but thatโs who we are as a company.โ Capuano said he had received 40,000 emails from Marriott associates thanking him for speaking out.
CEO of e.l.f. Beauty Tarang Amin told CNN’s Erin Burnett in February that “our diversity is a key competitive advantage in terms of our results.” Amin posted on LinkedIn: โIโve yet to meet a CEO who isnโt committed to fostering a high performing and diverse workforce. At e.l.f., we believe the diversity of our team is one of our greatest strengths, contributing to 23 consecutive quarters of net sales and market share growth.โ
But no company has been more stalwart defending its diversity initiatives than Costco Wholesale. The retailerโs President and CEO Ron Vachris responded in January to a customer who complained about the companyโs diversity policies. Vachris emailed the customer: โIf these are the policies you see as offensive, I must tell you I am not prepared to change,โ he wrote, reported the Wall Street Journal.
I reported for the Queen Zone in January about Costcoโs Board defending DEI, urging its shareholders to reject an anti-DEI proposal. In its 2025 proxy statement, the Costco Board of Directors responded to an anti-DEI proposal, attributing the companyโs success to DEI. The Board wrote:
โOur efforts at diversity, equity and inclusion remind and reinforce with everyone at our Company the importance of creating opportunities for all. We believe that these efforts enhance our capacity to attract and retain employees who will help our business succeed. This capacity is critical because we owe our success to our now over 300,000 employees around the globe.โ
Costco shareholders voted in January to reject an anti-DEI proposal by a margin of 98-2 percent, as urged by its Board. Just days after Costco shareholders voted, 19 Republican state attorneys general sent a letter to Costco CEO Vachris, demanding the retailer โrepealโ its DEI initiatives. In April, Iowa Republican attorney general Brenna Bird, who co-led the Republican AGsโ letter, announced she had had a โproductiveโ meeting with Costco about its DEI policies. But Costco has not announced any changes to its DEI initiatives.
Fast Company named Costco CEO Vachris its โVisionary of the Yearโ in June for not budging on DEI. The magazine reported: โโVachrisโs actions,โ says David Glasgow, a DEI expert at NYU Law School, โprovided a good example for other organizations that are feeling a lot of fear and anxiety right now.โโ
DEI is good for business

Costcoโs foot traffic has increased since the company โdoubled downโ on DEI, while Target, a company that Robby Starbuck announced in January was โending many of their woke policiesโ in response to his pressure campaign, has suffered decreased foot traffic. Shareholders of other large retailers, including Best Buy and Dickโs Sporting Goods, have followed Costcoโs lead, as their shareholders also voted overwhelmingly to reject anti-DEI proposals in 2025. A 2022 analysis from consulting firm Deloitte concluded: โDEI continues to be a major priority for consumers.โ
In February, the NAACP issued the Black Consumer Advisory, โto inform and caution Black consumers about the ongoing and intentional rollback of nationwide Diversity, Equity, and Inclusion (DEI) commitments by corporations and institutions.โ The advisory noted that โBlack consumers possess immense economic power, with a purchasing power exceeding $1.8 trillion annually,โ and urged consumers to โSpend Intentionally: Support businesses and organizations that maintain and expand their DEI commitments and prioritize investment in Black communities.โ
NAACP CEO and President Derrick Johnson said in a statement: “We’ve said it before and we’ll say it again โ diversity is better for the bottom line.โ
Economist Robert Reich reinforced this idea, writing in a Substack column in June: โOn the other hand, corporations like Costco and Apple, which have stood firm against Trump and in favor of DEI, have done well.
โThatโs because diversity is good for business. Investors and consumers often consider a companyโs commitment to diversity in making their decisions. Most big institutional shareholders such as BlackRock and Vanguard believe that a diverse workforce and customer base increases corporate profits.โ
Data clearly shows that diversity, equity and inclusion initiatives are good for business. A large-scale study released in 2023 by As You Sow, a nonprofit shareholder advocacy group promoting corporate social responsibility, revealed the direct correlation between DEI and bottom line results, โmaking a clear business and investor case for diversity as a material factor in financial success.โ
โSimply put, a diverse workforce led by a diverse management team performs better financially. These findings empower corporate boards and investors who want to outperform financially to increase workplace diversity, racial justice, and equity as core business practices and push back against unfounded attacks,โ said Andrew Behar, CEO of As You Sow.
โWhen we consider how complex individual company performance is, and how hard it can be to attribute outperformance to any one factor, it becomes all the more remarkable that the data shows a statistically significant link between diverse management and corporate financial success,โ said the studyโs lead author Meredith Benton, workplace equity program manager at As You Sow and founder Whistle Stop Capital, an investment strategy firm.
Behar told me in an interview, โBusinesses should make business decisions based on business data, not politics.โ
Corporate governance experts tend to agree. Andrew Winden, Assistant Professor at the University of Oregon School of Law and former fellow at Stanfordโs Rock Center for Corporate Governance messaged me: โThe bottom line is that most investors (again, especially the holders of large blocks of shares) are fundamentally pragmatic, meaning that they support proposals that they actually believe will improve the performance of the company.โ
DEI is not illegal

President Donald Trump has made the war on diversity, equity and inclusion a centerpiece of his presidency โ including DEI in the private sector. He issued an Executive Order on January 21 to โcombat illegal private-sector DEI,โ noting, โ(whether specifically denominated โDEIโ or otherwise).โ Trump ordered federal agencies to โidentify up to nine potential civil compliance investigations of publicly traded corporations.โ
In his EO, Trump repeatedly referred to โillegal DEI.โ In February, U.S. Attorney General Pam Bondi issued a memo dangling the threat of โcriminal investigationsโ into companies for their โillegal DEI and DEIAโ practices (diversity, equity, inclusion and accessibility).
Bondiโs Department of Justice took the attack against DEI in the private sector a step further in May, dangling cash incentives for whistleblowers who file lawsuits against companies that receive federal funding. In a memo, Deputy AG Todd Blanche wrote that private parties who file claims under the False Claims Act would be eligible, โif successful, sharing in any monetary recovery,” adding, “The Department strongly encourages these lawsuits.”
But DEI is not illegal. 16 state attorneys general have encouraged businesses to stand firm on their DEI initiatives. Illinois state attorney general, Kwame Raoul, co-chair of the Democratic Attorneys General Association, wrote for Proxy Preview in April, on behalf of 15 other state AGs:
โEmployment policies incorporating DEIA best practices are not only compliant with state and federal civil rights laws, they also help reduce litigation risk by affirmatively protecting against retaliation, harassment, and other discriminatory conduct.โ
AG Raoul wrote: โMy counterparts and I will not back down, be misled, or shy away from the nomenclature that advances the interests and vital purposes of DEIA initiatives. To preserve the social fabric of a nation founded on the principles of equality, justice, and liberty, I encourage you to stand firm as well.โ
Attorney Jon Hyman (and Impactivize advisory board member) wrote in a post on LinkedIn In March:
โDEIA isn’t illegal, and it’s not going anywhere. It’s a critical tool for building better workplaces and stronger businesses. Companies that back away from DEIA out of fear or misinformation aren’t protecting themselvesโthey’re setting themselves up to fall behind. The law is on your side. The business case is on your side. The only question is whether you’re willing to do the work, no matter what the current administration says or does.โ
A June Supreme Court decision also didnโt make DEI illegal, as lawyers have explained about the Ames โreverse discriminationโ ruling. David Glasgow, Executive Director of the Meltzer Center for Diversity, Inclusion, and Belonging at NYU School of Law, posted on LinkedIn: โWhat does this decision mean for diversity, equity, and inclusion (DEI)? In my opinion, not a ton.โ Nevertheless, Padfield cited the decision in NCPPRโs recent anti-DEI proposal presentations. But shareholders didnโt fall for it and continued to vote to reject the anti-DEI proposals.
Attacking Corporate DEI is not new
Trumpโs attack on DEI in publicly traded corporations follows the playbook of America First Legal, a nonprofit organization founded in 2021 by current White House deputy chief of staff Stephen Miller.ย

AFL has filed multiple complaints and lawsuits against so-called โwokeโ corporations. In 2024, America First Legal sued Ally Bank for โalleged anti-white, anti-male discrimination.โ The legal case between Ally and America First Legal was settled in April; AFL claimed โvictory.โ
But an Ally spokesperson told Banking Dive that changes to the bankโs language in its SEC (U.S. Securities and Exchange Commission) filings โdo not signify a reduction in our commitment to our caring and inclusive culture.โ Currently, Ally Bank maintains its publicly stated commitment to DEI.
Chad Comartin, Allyโs executive director of IT audit said, as shown on Allyโs Diversity, Equity and Inclusion web page: โAt Ally, DEI isnโt something we just talk about or put on a poster โ itโs how we show up every day for our employees, customers and communities.โฏItโs personally rewarding to be part of an organization that prioritizes creating an environment where we all feel seen, heard and valued. DEI is truly the heartbeat of what makes the Ally culture so strong and resilient, and is a huge point of pride and fulfillment in my career.โ
AFL maintains a list of Woke Corporations and actions taken against them. AFL issued a press release in February: โAmerica First Legal (AFL) sent a letter to Appleโs CEO and Board of Directors demanding that Apple end its illegal diversity, equity, and inclusion (DEI) programs, warning that the Boardโs recommendation to reject a shareholder proposal to eliminate DEI at the companyโs upcoming annual meeting later this month poses significant material risks to investors and shareholders.โ
Appleโs Board and shareholders ignored the letter from AFL and voted to reject NCPPRโs anti-DEI proposal by a tally of 98-2 percent at its meeting in February. Appleโs โInclusion & Diversityโ web page says: โโAt Apple, we create a culture of collaboration where different experiences, backgrounds, and perspectives come together to make something magical and meaningful. A culture with a North Star of dignity, respect, and opportunity for everyone. Because weโre not all the same. And that remains one of our greatest strengths.
After Appleโs shareholders voted to crush the anti-DEI proposal, the AFLโs Woke Corporations list shows no further actions.
Retreating from DEI poses risks
Like America First Legal, anti-DEI shareholder proposals have also argued that diversity, equity and inclusion programs pose risks to companies.
But a new study released in June by Catalyst in collaboration with the Meltzer Center for Diversity, Inclusion, and Belonging at New York University School of Law reveals significant risks associated with retreat from DEI initiatives, including risks posed in four areas: talent, financial, legal, and reputational risks.
Jennifer McCollum, president and CEO of Catalyst wrote: โInclusion has never been a liability โ it’s a competitive advantage and a business imperative. The data proves that organizations committed to the principles of opportunity and fairness behind DEI will be the ones that outperform their peers, retain talent, and build lasting trust.โ
David Glasgow messaged me about shareholders voting to reject anti-DEI proposals in 2025: โMy main takeaway is that shareholders donโt seem to like activist groups seeking to micromanage the strategic and HR decisions of companies. Large public companies have generally already done audits of their own DEI practices and want to be able to exercise their own business judgment on these topics.โ
And business judgement falls squarely in the purview of corporationsโ leadership teams. Stacy Hawkins, a professor at Rutgers Law School told Marketplace in February: โโCostco says this is not about wokeness โ this is about business strategy and sound decision making based on market analysis and business performance indicators,โ Hawkins said.
โThe companyโs policies are also not illegal, said Carliss Chatman, an associate professor at Southern Methodist Universityโs Dedman School of Law.
โCorporate decisions are protected by whatโs known as the โbusiness judgment ruleโ Chatman said. This means that the director of a corporation is immune from liability if they made decisions in good faith, acted as a โreasonably prudent personโ would, and they acted in the companyโs best interests upon reasonable belief.
โBasically, the burden of proof to show that a company acted inappropriately is โvery, very high,โ Chatman said.โ
What about the risk to board members if they decide to ditch their companyโs DEI programs after shareholders have voted by 98 or 99 percent to keep them? โIf they throw them out, then theyโve breached their fiduciary duty, and they could be removed from the board next year,โ Behar told me.
DEI enhances merit
Trumpโs EO targeting DEI in the private sector called for โrestoring merit based opportunity.โ And when presenting NCPPRโs anti-DEI proposals at several shareholder meetings, Padfield closed his arguments with: โDEI is out, merit is in.โย

But the DEI v. merit myth has been thoroughly debunked by business leaders and studies. And shareholdersโ voting shows DEI is in, bigots are out.
Alexis Ohanian, Sr., co-founder of Reddit (market cap $26 billion) told Forbes in April: โI think that the biggest sham is that we have somehow identified these types of [DEI] goals with not being meritocratic,โ Ohanian said. โThose of us whoโve been out here building multi billion-dollar companies with an eye towards having diversity, equity, and inclusion, weโre hiring for greatness. That never stopped.โ
A study published in June by the MIT Sloan Management Review shows DEI practices can actually promote the goals of merit-based management. The study authors found that โcritics of DEI programs view them as undermining meritocracy, but research has continually found that practices supporting diversity, equity, and inclusion are essential for achieving true meritocracy in the workplace. DEI practices can expand companiesโ pools of qualified applicants and promote fairer, more objective assessments of merit, to the benefit of all job candidates and employees.โ
Shari Dunn, (Impactivize advisory board member) author of the book Qualified, which challenges the false narrative that diversity equals a lack of qualifications, messaged me:
“Letโs be clear: calls from conservatives to shrink DEI programs arenโt just anti-progressโtheyโre anti-capitalist. The idea that every diverse hire is unqualified, and every white male hire is inherently qualified is both racist and sexist. It ignores the realities of todayโs global and multicultural markets. Businesses thrive when they reflect and understand the people they serve.”
In a 2024 article by Meredith Benton and Andrew Behar titled, โLong live the meritocracy! Long live fiduciary duty! Long live DEI!โ the authors write: โItโs impossible not to notice that the results of a well-run DEI program are identical to the goals of a meritocracy.โ
Trump administration has launched attacks against the private sector
Just days after Walt Disney Company shareholders voted to reject an anti-LGBTQ+ proposal by a tally of 99-1 percent in February, Trumpโs Federal Communications Chief (FCC) Brendan Carr announced he was launching an enforcement investigation into Disney and Disney-owned ABC for โpromoting invidious forms of DEI discrimination.โ
The FCC also blocked Verizon from completing a $20 billion acquisition of Frontier Communications unless it ended its DEI programs. Verizon reportedly complied, and the FCC promptly approved Verizonโs acquisition deal in May.
The Trump administration has deployed similar tactics against law firms, threatening to block their ability to serve clients. Perkins Coie was one of the first law firms targeted by Trump in an Executive Order in March. In it, the president accused the firm of โracial discrimination,โ saying, โMy Administration is committed to ending discrimination under โdiversity, equity, and inclusionโ policies.โ
But Perkins Coie refused to capitulate. A spokesperson from Perkins Coie messaged me the day after the White House issued the Executive Order, writing: โWe have reviewed the Executive Order. It is patently unlawful, and we intend to challenge it.โ
Perkins Coie sued the Trump administration, and three judicial rulings have permanently blocked Trumpโs Executive Orders against Perkins Coie and two other firms that chose to fight. Perkins Coieโs โDiversity, Inclusion & Opportunityโ web page says: โBy embracing diversity, inclusion, and opportunity, we seek to attract and retain the best talent, to facilitate and reward individual excellence, and, in turn, to provide equality of opportunity for our people and outstanding service to our clients.โ
But a number of large law firms complied with Trumpโs demands, agreeing to provide nearly a billion dollars in free legal services. The American Bar Association, the countryโs largest organization of lawyers, sued the Trump administration on June 16 over its efforts to punish law firms.
DEI is thriving overseas
The Trump administration has also targeted DEI programs overseas. I spoke with Paul Klein who wrote for Forbes in May: “Levine Stearns pointed to a recent diplomatic misstep by the Trump administration: letters sent from U.S. embassies in Europe to discourage DEI programming. The backlash from European governments, particularly France, was swift and unapologetic. โIโm reminded of what Glinda the Good Witch said to the Wicked Witch of the West: โYou have no power here. Be gone,โโ I told Klein. He reported: โAround the world, however, DEI is thriving. Large European-headquartered companies with massive U.S. operations, like LโOreal and BMW havenโt appeared to make any changes to their DEI programs.โ
In March, HR Brew reported that 77 percent of employers in Japan say theyโre sticking with DEI. Japan Times reported in June about Daiwa Securities Group, one of the largest financial services companies in Japan: “Even if the U.S. has adopted an anti-DEI policy, Japan should press ahead and make up for lost time rather than following suit,โ said Akihiko Ogino, president and chief executive officer of Daiwa Securities Group, before the start of the Tokyo Pride parade near the bustling Shibuya area.โ
DEI is not dead
While attacks on corporate DEI have had an undeniable impact on companiesโ initiatives and DEI team members, the widespread narrative saying โDEI is deadโ is not accurate.
At the Lead Summit in New York in May, Retail Brew reported about panelists defending DEI for retailers, arguing that diversity and merit go hand-in-hand.
“Panelist Lydia Smith, MBA, who until January had served as chief diversity officer and VP of inclusive marketing at Victoriaโs Secret & Co., noted that while earlier in the year retailers who were ending their DEI programs (and the ensuing backlash) dominated the headlines, these days many companies are making the news for rejecting anti-DEI proposals from shareholders.
โ’There was a huge response in January, that was one direction, and now weโre actually seeing more and more companies publicize that their shareholders are rejecting anti-DEI proposals,’ Smith said.โ
Smith told me in an interview about the impact of shareholder voting on anti-DEI proposals: โI think that people are looking at the situation more holistically and the shareholders are making better business decisions.โ She added, about those who are working in the diversity and inclusion arena, โWhat it does is give people a sense that we are not the only ones. There are others, we won’t be on an island. There is some strength in numbers. And we should stand our ground as it relates to wanting to continue the work.โ
The inaccurate narrative suggesting โDEI is deadโ has been propagated by conservative activists, amplified by the media, and reinforced by the president himself. Trump said at an April rally in Michigan marking his 100th day in office: โI ended all of the lawless, so-called diversity, equity and inclusion bullshit all across the entire federal government and the private sector.โ But he didnโt.
Robby Starbuck posted on X in January about McDonaldโs โending a number of woke DEI policies.โ Many headlines soon followed, suggesting the fast food giant had scrapped its diversity and inclusion initiatives.
McDonaldโs Executive Vice President, Global Chief Legal Officer and Corporate Secretary Desiree Ralls-Morrison attempted to set the record straight. She posted on LinkedIn about people who โlikely only read the media reports, which overwhelmingly got it wrong.โ Ralls-Morrison pointed to the companyโs Commitment to Inclusion statement and an article for Forbes by Doug Melville: โMcDonaldโs Didnโt Roll Back Their DEI Initiatives โ They Evolved Them.โ
But headlines and reporting continued to fuel the misleading narrative that corporate DEI was dead or dying. In February, a CNN graphic misleadingly labeled a group of 13 companies, including McDonaldโs, as โU.S. COMPANIES ENDING DEI POLICIES.โ Shareholders from more than half of those companies shown on the CNN graphic voted overwhelmingly to reject anti-DEI proposals, including at McDonaldโs, where shareholders rejected an anti-DEI proposal in May, 99-1 percent.
Loweโs is another company that Starbuck claimed to have โflipped,โ and which CNN included on its โcompanies ending DEI policiesโ graphic. But a Loweโs spokesperson told the Wall Street Journal in June: โOur commitment to diversity is embedded in our values and core to who we are as a brand.โ Loweโs โDiversity + Inclusionโ web page says: โInclusion Drives Our Success.โ
Other companies have likewise evolved their DEI initiatives. A DEI Tracker published by HR Brew shows only a few companies have actually terminated their programs entirely. A study published in January by Resume.org found that seven out of eight companies, or 87 percent, were planning to maintain or augment their DEI programs in 2025. But the study framed its findings as: โ1 in 8 companies are scaling back DEI commitments,โ fueling a misperception that DEI is dying.
DEI By Any Other Name
Impactivize has published a list of 400+ corporations, brands, and large nonprofits that state their commitments to diversity, equity, and inclusion initiatives (DEI or by any other name). Diversity, equity and inclusion programs, โwhether specifically denominated โDEIโ or otherwise,โ as Trump wrote in his January 21 EO, continue to proliferate in the private sector.

A June study from Harvard Law School Forum on Corporate Governance found that DEI programs are now widely called by many other names. The study โidentified over 30 different phrases now used across the S&P 500 to describe these programs.
โFor example, we found the following phrases commonly used to describe diversity programs:
- Belonging and Culture
- Equal Opportunity and Inclusive
- Building a Diverse and Inclusive Workplace
- Inclusion for All
- Corporate Culture and Engagement
- Inclusion, Diversity and Equal Employment and
- Workplace Cultureโ
As Angela Cheng-Cimini, Head of Human Resources for the Chronicle of Philanthropy (and Impactivize advisory board member) messaged me: โDEI is not dead, but reincarnated.โ
Size matters (in voting tallies)
While itโs typical for boards to recommend that shareholders vote to reject outside proposals, and likewise commonplace for shareholders to vote to defeat those proposals, the overwhelming margins of tallies, 98 or 99 percent voting to defeat anti-DEI proposals in 2025, is significant.
Oklahoma Republican state Treasurer Todd Russ announced in February he was bringing anti-DEI shareholder proposals to several corporations including Netflix, Google and lululemon Athletica. Russ wrote in a press release that โthe era of DEIโ is โabout to come to an end.โ
Russโ anti-DEI proposals were rejected by shareholders of Netflix, Google and lululemon athletica by nearly 100 percent of voting shares. Jerry Bowyer of Bowyer Research, the firm that partnered with Russ to shepherd his anti-DEI proposals, told Bloomberg in April: “We canโt be coming in at 1% forever and be taken seriously.โ
Behar told me, โIf they get a one percent vote, they might say, โMaybe what weโre asking is not the right way to go.โโ About the overwhelming tallies of shareholder votes, Behar said the margins are โextraordinarily significant.โ
Corporate governance analyst Andrew Droste, aka โMr. CorpGov,โ agreed, messaging me about the massive margins of shareholder votes to reject anti-DEI proposals. He said, โThese defeats are substantial.โ And, as compared with voting margins of other shareholder proposals that were defeated, Droste said, โWeโre talking a chasm.โ
Behar said, โThere can be great hope to see shareholders coming together, unanimously.โ The vanguard of free markets and capitalism have declared in 2025: DEI is good for business and here to stay.
Nancy Levine Stearns is founder of nonprofit journalism project Impactivize.org. Donations to Impactivize are 100% tax-deductible and will allow Impactivize to expand its capacity to research and report on diversity, equity and inclusion initiatives in the private sector.