Our newest release talks about the importance of standing up to measures that reduce equity in the workplace. Many companies—including Google, Target, and Walmart—scaled back DEI efforts in response to backlash, citing marketplace and social pressures. The five companies below did not—and were rewarded for holding their ground:
1. Costco
What Happened: A conservative shareholder group proposed evaluating—and potentially dismantling Costco’s DEI efforts. The board explicitly urged shareholders to reject the proposal, arguing that DEI is core to business performance.
Outcome and Win: More than 98% of shareholders voted against the anti-DEI proposal. Public support followed, including consumer “buycotts” in favor of the company.
2. Apple
What happened: Shareholders introduced a proposal to abolish Apple’s DEI programs. The board recommended voting it down, arguing it would harm business operations.
Outcome and Win: Apple framed DEI as central to its strategy—not optional. Shareholders agreed, rejecting the proposal and keeping the programs intact.
3. Pinterest
What Happened: Pinterest identified DEI backlash as a real business risk in its filings. Rather than retreat, it maintained its DEI commitments even as peers scaled back.
Outcome and Win: Pinterest stood out as one of the few tech companies not to reverse course. In an industry where many firms pulled back, holding steady became a visible and respected form of leadership.
4. Microsoft
What Happened: As backlash intensified, Microsoft continued embedding DEI into hiring, reporting, and internal systems while maintaining transparency and accountability.
Outcome and Win: Microsoft strengthened its reputation and trust through consistent DEI commitment. This wasn’t reactive—it was institutionalized, making it more durable and harder to dismantle.
5. Goldman Sachs (and peers)
What Happened: Companies such as Goldman Sachs, Visa, Disney, and Coca-Cola faced anti-DEI shareholder proposals from smaller investor groups seeking to curb these programs.
Outcome and Win: When put to a vote, these proposals were overwhelmingly rejected—often by margins of 98–99%. This wasn’t symbolic; it reflected broad investor backing for DEI and showed that while backlash is loud, it is not widely supported among shareholders.
What Made the Difference?
Across these and several other similar cases, four factors stand out:
- Leadership took a clear stance (not vague statements, but explicit positions and actions)
- DEI was tied to business outcomes (not framed as purely moral)
- Stakeholders provided backing (especially shareholders, which proved decisive)
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DEI was embedded structurally (not treated as branding or PR)
