Shareholders Soundly Reject Anti-DEI and Stakeholder Measures
Click here to subscribe to the ESM weekly e-newsletter.
"We are committed to creating a culture that leverages and values each person's unique strengths and talents," New York-based Verizon Chief Legal Officer Vandana Venkatesh recently work in a letter to FCC Chairman Brendan Carr. "However, we recognize that the regulatory and policy landscape surrounding diversity, equity, and inclusion has changed," Venkatesh added, in announcing the company’s abandonment of all DEI efforts. In the meantime, shareholders in general are soundly rejecting anti-DEI and stakeholder capitalism proposals.New York-based Verizon made news recently by announcing its commitment to end all DEI-related practices, allegedly in order to receive Federal Communications Commission (FCC) approval to purchase Frontier Communications, Stamford CT. The sale subsequently was approved.
Backsliding by major companies on DEI is up as are anti-DEI shareholder proxy efforts, but so far few such efforts are bearing fruit. By early April, says the Conference Board in a recent report, as reported in Morningstar, 13 anti-DEI proposals have already been filed at US public companies, nearly as many as filed in all of 2024. In 2024, anti-DEI proposals accounted for 23% of all DEI proposals; this year, the anti-DEI share has jumped to 40%, it says.
Nonetheless, despite the willingness of some companies to give in to political pressures, shareholders show little support for anti-DEI proposals. As reported in the recent analysis by the Conference Board, “despite growing public attention around anti-DEI proposals, they continue to receive minimal support. In 2024, support for anti-DEI proposals was less than 2%. As of April 1, 2025, support for proposals voted on ranged from 0.8% to 2.3%.
Support for pro-DEI proposals in favor of corporate DEI initiatives has dropped in recent years as well. From 2021 to 2024, support for such proposals fell from 36% to 22%. The trend is expected to continue in 2025, reflecting a broader decline in support for environmental and social proposals.
A recent report by Impactivize, a DEI advocacy group, highlights that anti-DEI proxy efforts were almost unanimously rejected this year at some of the world’s best-known and most successful companies, including Berkshire Hathaway, McDonalds, Apple, Costco, Visa, Walmart, Disney and two dozen more. A proxy vote at BlackRock for an examination of the company’s stance on stakeholder capitalism was also soundly rejected.
Enterprise Engagement Alliance Services
Celebrating our 15th year, the Enterprise Engagement Alliance helps organizations enhance performance through:1. Information and marketing opportunities on stakeholder management and total rewards:
- ESM Weekly on stakeholder management since 2009. Click here to subscribe; click here for media kit.
- RRN Weekly on total rewards since 1996. Click here to subscribe; click here for media kit.
- EEA YouTube channel on enterprise engagement, human capital, and total rewards since 2020
Management Academy to enhance future equity value for your organization.3. Books on implementation: Enterprise Engagement for CEOs and Enterprise Engagement: The Roadmap.
4. Advisory services and research: Strategic guidance, learning and certification on stakeholder management, measurement, metrics, and corporate sustainability reporting.
5. Permission-based targeted business development to identify and build relationships with the people most likely to buy.
Contact: Bruce Bolger at TheICEE.org; 914-591-7600, ext. 230.
