As proxy season winds down, it appears that support for anti-DEI shareholder resolutions is losing steam. For the second year in a row, most of the anti-DEI resolutions that reached a shareholder vote were soundly defeated. While there remain proposals that will be voted on over the next few months, board members should be aware that the threat of anti-DEI shareholder pressure is trending downward. According to recent data, there are fewer anti-DEI proposals being filed and they are receiving minimal shareholder support.
According to data in a report from the Harvard Law School Forum on Corporate Governance, as of May 31, 2026, there were 43 anti-DEI shareholder resolutions filed in the U.S. At that time, 22 resolutions had been voted on with average support of 1 percent. That translates into roughly 99 percent of shareholders voting against most anti-DEI proposals—results that have remained consistent over the last two years. Such minimal support of anti-DEI proposals across several categories indicates shareholder interest in this issue appears to be waning.
Andrew Behar, CEO of As You Sow, a shareholder advocate for environmental and social corporate responsibility, believes the trend of shareholders voting against anti-DEI focused proposals is a call to action.
“In our view, a board that capitulates to outside political pressure and halts these hiring and promotion policies in defiance of 99 percent of its shareholders is breaching the duty it owes to those shareholders, and its directors should expect no-confidence votes at their next election. We will be watching each company where shareholders voted in support of DEI to ensure their boards follow through,” he said in a press release.
Two years after there was tremendous pressure on boards to amend or eliminate diversity policies, shareholders appear to be sending the message that they aren’t for the wholesale dismantling of DEI initiatives at most corporations. Now that shareholders are weighing in on this issue, board members might want to consider the following:
Review DEI policies for alignment with shareholders. If your company is committed to DEI policies, make certain that those policies do not violate the law and are in line with what shareholders will support. Don’t assume shareholders will support policies every year. There will continue to be challenges to DEI policies, so continuous review of your positions will be needed to reduce unanticipated risks.
Examine the success and failure of anti-DEI proposals. Corporate boards must understand why shareholders vote for some anti-DEI measures and not others. How is each proposal written? What changes are being requested? What level of support are these proposals getting? How did specific companies address their anti-DEI proposal? Analyzing the outcomes of votes on anti-DEI proposals will help boards prepare for similar proposals at their company.
Prepare approved statements regarding how board members should respond if asked about DEI policies. The company should have one statement regarding DEI that all board members refer to. An ununified board will likely lead to additional anti-DEI proposals being filed. It could also lead to certain members being targeted for removal when board elections come due.
