Corporate board members feeling pressure to dismantle their DEI programs may want to focus on what their shareholders want them to do with those programs. Instead of bending to demands from conservative groups that have filed most of the anti-DEI shareholder proposals recently, boards may consider providing a detailed explanation as to how supporting DEI has enhanced and benefited their business in their proxy statement and then let their shareholders vote to keep or end those practices. This is what companies like Costco, Apple and Levi’s are doing as they continue to execute the DEI values that their customers and shareholders appreciate.
Although the number of anti-DEI shareholder proposals has grown significantly since 2022, according to a recent report from The Conference Board they have garnered very little voter support. The Conference Board report found that as of April 1, anti-DEI proposals accounted for 40 percent of all proposals in 2025, but they averaged less than 2 percent of voter support. Anti-DEI proposals only totaled 7 percent of all proposals in 2022.
While DEI opponents want to use filing anti-DEI proposals as leverage to force companies to end DEI practices, shareholders are showing that they will support companies that continue diversity initiatives in the face of political pressure. Although the anti-DEI proposals are being defeated, conservative groups will likely continue to file them year after year to push corporate directors to act. Therefore, corporate board members must consider developing strategies that allow their companies to stay true to core values of diversity they’ve promoted for years but also lessen the risk of implementing policies that can be interpreted as discriminatory in nature. Companies that want to maintain DEI practices may want to consider the following:
Describe DEI practices as part of company culture and business operations. Demonstrating that DEI programs have been in place for years and the company has been flourishing financially goes a long way toward combating the idea that DEI programs are harmful to the company and may subject it to unmanageable risk. Provide this evidence in the company proxy statement and other public documents where appropriate. Survey customers and investors about their views on company DEI practices as further evidence that customers are in alignment with company values and corporate culture.
Collaborate with your largest shareholders on efforts to support the use of DEI practices. Large shareholders may have influential contacts that can help lessen the pressure conservative groups may exert on certain companies. Working with shareholders can also help develop effective strategies that can minimize opposition to DEI programs. The almost unanimous shareholder votes against anti-DEI proposals show that shareholder opinions on this matter can be important.
Monitor the efforts of other companies fighting to maintain DEI programs and learn from them. In many ways, companies like Costco and Apple are showing how supporting DEI programs can be done effectively. Examine what these companies are doing and modify their strategies to fit your company’s circumstances when appropriate. Boards may want to build on their efforts if possible.
