Goldman Sachs leads push against anti-DEI shareholder resolutions

In the United States, significant corporate resistance to diversity, equity, and inclusion (DEI) measures has become increasingly evident. By early April 2025, reports indicated that 13 anti-DEI proposals were filed across U.S. public companies, representing 40% of all DEI proposals. This marks a sharp increase from 2024, when only 23% of DEI proposals were anti-DEI, indicating a growing push from investors and conservative activists against established DEI practices. Despite this shift, companies have similarly rejected pro-DEI measures, with many shareholder proposals focused on enhancing DEI efforts being voted down at the recommendation of corporate boards. One notable instance occurred with Costco, where shareholders voted overwhelmingly against an audit examining the risks associated with the company’s DEI policies, highlighting shareholders' reluctance to embrace or promote DEI measures despite pressures from various stakeholders. Companies like Goldman Sachs, Pfizer, and Coca-Cola have managed to successfully fend off shareholder resolutions aimed at restricting their DEI efforts, illustrating an intricate balancing act between varying pressures from shareholders, employees, and external political influences. Notably, in 2023, S&P 500 companies initially integrated diversity metrics into executive compensation, reflecting an earlier commitment to promoting DEI initiatives; however, recent trends suggest a retreat from such practices amidst rising anti-DEI sentiment. Analysts and observers emphasize that while corporations may appear to diminish their public commitment to DEI, they often reframe their approaches to avoid backlash, signaling a critical juncture in corporate governance and DEI advocacy amid a shifting socio-political landscape.