Corporate Support for DEI Continues Among Investors and Companies
/August, 2025
During this proxy season, companies faced a wave of shareholder resolutions attacking diversity, equity, and inclusion (DEI) programs and calling for their eradication. This campaign expanded on last year’s anti-DEI attacks, as tracked in the “Championing Diversity in Corporations," which also included quotes from numerous companies strongly defending their diversity programs. This year’s anti-DEI resolutions built upon growing attacks on DEI by various government agencies and right-wing critics, who argued that company diversity programs were on the way out. Interestingly, these anti-DEI resolutions conveyed the exact opposite message, demonstrating that investors and companies alike believe that diversity has a positive impact on employees and long-term shareholder value.
In fact, in this proxy season, approximately 98% of the shares voted to maintain current corporate diversity, equity, and inclusion programs. Companies including Disney, Costco, Visa, Apple, Deere, Boeing, Goldman Sachs, Levi’s, AMEX, Coca-Cola, Berkshire Hathaway, Bristol Myers, and Gilead Science saw near-unanimous votes, averaging a mere 2% shareholder vote supporting these resolutions, sending a clear message to the boards that shareholders support the business case for non-discrimination in employment and a diverse workforce.
Many of these companies under attack remained publicly committed to their longstanding DEI programs. Corporations like Costco, JPMorganChase, Delta Air Lines, American Airlines, Southwest Airlines, and Apple continue to view diversity as a cornerstone of their workforce strategies, refusing to back down despite mounting pressure from conservatives.
These companies fully understand the benefits of having diverse teams and leadership. For example, a review by As You Sow and Whistle Stop Capital of over 1,600 companies found that manager diversity is positively associated with key financial performance indicators, including return on equity and invested capital, revenue growth, and share price performance.
Similarly, a recent investor brief by the Canadian organization SHARE found that diversity, equity and inclusion add to company performance and, therefore, shareholder value. If a company eliminates or dilutes efforts to promote diversity, they are neglecting that benefit and adding risk for investors. Simply stated, the data shows that diversity is good for business.
The following is an excerpt from a series of quotes and public statements from Senior executives on DEI. This is a small snapshot of company statements, but it clearly demonstrates the fact that numerous leading corporations strongly resist these attacks and stand behind their commitment to non- discrimination and diversity. At the end we also include relevant articles.
AMERICAN EXPRESS:
"We Embrace Diversity: We believe that diversity of experiences, perspectives, and backgrounds enables us to be our best."
BOEING
“Boeing remains committed to recruiting and retaining top talent and creating an inclusive work environment where every teammate around the world is respected, valued, and empowered to succeed," and defended its "culture of nondiscrimination, inclusion, and meritocracy."
COCA-COLA
"Creating a culture of diversity, equity and inclusion. Diversity, equity and inclusion are at the heart of our values and our growth strategy and play an important part in our company's success."
GOLDMAN SACHS
“We run an inclusive organization, and we’re going to continue to run an inclusive organization.” - David Solomon, CEO, Goldman Sachs
JPMORGANCHASE
“We will continue to reach out to the Black community, the Hispanic community, the veteran’s community, and LGBTQ. We have teams with second chance initiatives — governors in blue states and red states like what we do.” - CEO Jamie Dimon in a CNBC interview.
MICROSOFT
“If ever there were a critical time for the business case for diversity and inclusion in the workplace, it is now… Our innovation has come from our commitment to Diversity and Inclusion (D&I), and our future innovation depends on D&I.”
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This document was drafted by Maxwell Homans, Shareholder Advocacy Associate, Mercy Investment Services, in partnership with Tim Smith, Senior Policy Advisor, ICCR.