Despite growing backlash against diversity, equity, and inclusion (DEI) initiatives in the corporate world, shareholder support for these efforts remains strong.
Shareholders at 30 of the largest U.S. companies just delivered a powerful counterpunch to the anti-DEI movement. During the 2025 proxy season, every single one of the anti-DEI proposals filed at these corporations’ shareholder meetings was rejected, according to a news release.
The companies represent over $13 trillion in market value and include prominent names such as Apple, Costco, Mastercard, Levi Strauss, McDonald’s, Walmart, and Coca-Cola, per Impactivize data. According to the nonprofit, most of the proposals failed by wide margins, with 98% to 99% of votes against cutting DEI initiatives.
“Shareholder voting margins send a clear message: Investors understand that diversity is good for business,” Impactivize Founder Nancy Levine Stearns said in the news release. “The overwhelming tallies are significant, corporate governance experts told me.”
Investors Are Backing DEI — Loud and Clear
AFROTECH™ has reported extensively on the corporate rollback of DEI programs. However, data from Impactivize shows that for shareholders, anti-DEI campaigns are out of step with investor priorities.
According to the news release, Merck CEO Rob Davis told shareholders that diversity and inclusion are a “strategic imperative.”
Executives have alluded that DEI is not just about social values — it’s just smart business. “Inclusion has never been a liability — it’s a competitive advantage and a business imperative,” Jennifer McCollum, president and CEO of research firm Catalyst, said in a larger article from Impactivize. “The data proves that organizations committed to opportunity and fairness will outperform peers, retain talent, and build lasting trust.”
Why It Matters
This wave of shareholder support for DEI mirrors broader research showing that inclusive companies outperform financially.
Costco, for example, has seen an increase in foot traffic and stronger consumer loyalty after reaffirming its stance on DEI. Meanwhile, other companies have lost ground after pulling back, as AFROTECH™ previously reported.
“DEI isn’t illegal, and it’s not going anywhere,” attorney Jon Hyman, an Impactivize advisory board member, stated in the news release. “Companies backing away from DEI aren’t protecting themselves — they’re setting themselves up to fall behind.”
While some political leaders argue that DEI may be unlawful, a group of 16 state attorneys general recently affirmed that such programs comply with state and federal law.
In an article for Proxy Preview, Illinois Attorney General Kwame Raoul, who also co-chairs the Democratic Attorneys General Association, wrote, “Employment 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.”
Raoul closed the article with a firm message: “My 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.”
A Message That Goes Beyond the Boardroom
These votes clarify positions on inclusion by investors, boards, and executives. At a time when many companies are quietly and publicly retreating from DEI, this 30–0 result signals that investor support remains strong and growing.
