Dozens of shareholders representing $266 billion in assets are asking Walmart to explain business reasons for the retailer's retreat. Diversity, Equity and Inclusion (DEI) Initiative,
Investors, including Amalgamated Bank and the Dominican Sisters of Grand Rapids, said in a letter to Walmart CEO Doug McMillon on Tuesday that they are “concerned to see our company succumb to bullying and pressure from anti-DEI groups.”
In November the world's largest retailer joined a growing list of corporations abandoning their DEI programs after being attacked by conservative activists. The broader changes included Walmart's decision not to renew a five-year commitment to an equity racial center established in 2020. police killing of george floydWalmart also said it would no longer consider race or gender in its dealings with suppliers.
Organized by the Interfaith Center on Corporate Responsibility, a coalition that seeks to influence corporate behavior, investors requested a meeting with Walmart leaders about the policy change, noting that they have faced decades of business practices associated with discrimination and inequality. Data showing the dangers were supplied.
“It is very disappointing to see the company step back from its stated values and the business opportunities associated with a diverse and inclusive workforce. Additionally, Walmart has not presented any financial or business case for this change in policy,” the investors wrote.
Walmart did not immediately respond to a request for comment.
matches the letter second by alliance 14 Attorney General also Voice Concerns about Walmart's DEI announcement, which was made just weeks after President-elect Donald Trump's victory in the November elections, were raised by a vocal opponent of DEI policies.
Other companies have also moved to scale back their DEI efforts in recent weeks. Meta said last week that this would happen Pull the plug on its DEI programJoining forces with other corporate giants to take this step forward, including ford And McDonald'sAfter the Supreme Court, layoffs increased in 2023 affirmative action banned in college admissions, a decision that encouraged anti-DEI activists.
Other large companies closing their DEI programs include motorcycle maker Harley-Davidson, hardware chain Lowe's, and farm equipment makers John Deere and Ector Supply.
Nevertheless, Mamoru companies also include AppleCostco and Target Continue to support their DEI policies. For example, Target is defending itself in court against a lawsuit from a conservative advocacy group claim of The retailer misled investors about the alleged financial risks arising from its DEI practices.
Costco board member Jeff Raikes explains the economic benefits of a diverse workplace, entry “Attacks on DEI are not only bad for business – they hurt our economy. A diverse workforce drives innovation, expands markets, and fuels growth,” it said on social media in November. “
Costco's board is recommending that shareholders vote against Proposal to scrap its DEI program ahead of Jan. 23 investor meeting amid calls from activists like robbie starbuck Urge to boycott warehouse club.
“Among other things, a diverse group of employees helps bring originality and creativity to our merchandise products, fostering the 'treasure hunt' that our customers value,” the retailer said.