DEI is Winning with Costco, Apple and Levi’s Shareholders

DEI is winning with Costco, Apple and Levi’s shareholdersDespite mounting political pressure and public backlash against diversity, equity, and inclusion (DEI) initiatives in corporate America, shareholders at some of the country’s biggest companies continue to overwhelmingly support them.

Recent shareholder meetings at firms including Costco, Apple, Levi’s, Goldman Sachs, and John Deere saw resounding rejections of proposals aimed at dismantling DEI policies. These proposals – mostly filed by conservative think tanks like the National Center for Public Policy Research and the National Legal and Policy Center – called for eliminating DEI goals from executive compensation, scrapping diversity initiatives altogether, or auditing potential legal risks tied to these programs.

In nearly every case, shareholders voted decisively against the proposals, affirming continued belief that DEI is good for business. Legal scholar Matteo Gatti noted the outcome highlights that “investors don’t want ideological battles to dictate business decisions.”

DEI programs typically include initiatives such as employee resource groups, inclusive hiring efforts, and bias training, with the aim of improving workplace representation across race, gender, ability, veteran status, and more. While critics, including tech mogul Elon Musk, have labeled DEI as “reverse racism,” shareholders have consistently refused to align with such views.

At Costco, for example, more than 98% of shareholders voted against a proposal to evaluate the financial risks of maintaining DEI practices. The company defended its diversity strategy as essential to innovation and customer satisfaction, crediting its diverse workforce for helping create the unique in-store experience shoppers expect.

Even as companies like Target and Meta scale back DEI initiatives in response to political scrutiny, shareholder votes remain a rare stronghold for pro-DEI sentiment. Experts say major institutional investors such as BlackRock, Vanguard, and State Street—who often vote in lockstep with company management—remain supportive of inclusive workplace practices.

Though anti-DEI resolutions are unlikely to succeed at the ballot box, their backers say the goal is often more about visibility than victory. Conservative activists use shareholder proposals to apply pressure and garner media attention, while also angling for behind-the-scenes negotiations. In one instance, a proposal was withdrawn after PepsiCo agreed to drop its diversity targets for managerial roles.

Still, investor support for anti-DEI efforts remains minimal. A report by The Conference Board shows such proposals have averaged less than 2% backing, even as they make up a growing share of DEI-related resolutions—rising from 7% in 2022 to about 40% by early 2025.

“The narrative may suggest DEI is losing ground,” said Fordham law professor Atinuke Adediran, “but the votes clearly show shareholders still see it as a value-add for business.”