Majority of Walmart and Netflix Shareholders Reject Proposals Opposing Diversity, Equity, and Inclusion Initiatives
In recent times, several major U.S. corporations, including Walmart, Netflix, Apple, Amazon, Deere, and Goldman Sachs, have been reevaluating their Diversity, Equity, and Inclusion (DEI) programs in response to increasing political, legal, and regulatory pressures.
These changes come in the wake of executive orders and Department of Justice (DOJ) guidance from the Trump administration targeting DEI initiatives. The companies are not abandoning their DEI efforts entirely, but are instead choosing to reframe them and reduce public disclosures about their initiatives.
For instance, many large companies have significantly decreased public references and detailed disclosures about their DEI efforts in official filings. The use of the acronym "DEI" dropped by 68% among major firms' 2025 filings compared to 2024, and workforce and board diversity disclosures have also declined sharply.
Companies are embedding DEI commitments more quietly within governance and human capital management, reducing public visibility to balance legal defensibility with business priorities. This shift can be seen in actions such as Netflix's contributions to the Black Economic Development Fund, deposits to Black-owned banks, and investments in the Netflix Fund for Creative Equity, which were cited as evidence of affirmative action practices by the National Center for Public Policy Research (NCPPR).
The NCPPR has expressed concerns about value-destroying DEI initiatives at Walmart, suggesting that changes made to the company's programs might merely be repackaged rather than eliminated. Similarly, the NCPPR's resolution at Walmart also addressed concerns about the time it took the company to revise its DEI programs.
In contrast, the Netflix resolution did not mention any concerns about the time it took to revise DEI programs, nor did it state that the company only made changes to its DEI programs after an activist threatened a campaign against the company, unlike the Walmart anti-DEI proposal.
Not all companies are rolling back their DEI efforts wholesale. Some leading firms such as Apple and Microsoft continue to engage with DEI practices. The Netflix resolution asked the board to produce a report on how affirmative action initiatives impact discrimination risks to the company, while the NCPPR's resolution at Walmart requested a report explaining why the changes were made after an external threat of public exposure.
Both Walmart and Netflix shareholders voted to reject anti-DEI proposals brought by a conservative shareholder group, with less than 1% support. Netflix's board recommended shareholders reject the proposal, stating that Netflix is an equal opportunity employer and does not discriminate in hiring practices.
The increased scrutiny over corporate DEI policies followed a Supreme Court ruling that struck down Harvard's use of race-based affirmative action criteria in college admissions. This ruling, along with the recent political and regulatory pressures, has led to a reevaluation of DEI policies across many industries.
- Politicians and policy-makers are reevaluating their stance towards business practices involving Diversity, Equity, and Inclusion (DEI), following the Supreme Court's ruling that invalidated Harvard's race-based affirmative action criteria in college admissions.
- In response to the increased scrutiny and the Trump administration's executive orders targeting DEI initiatives, several major U.S. corporations, like Walmart, Netflix, Apple, Amazon, Deere, and Goldman Sachs, have been adjusting their DEI programs, choosing to embed commitments more quietly and reducing public disclosures.
- Some companies, such as Apple and Microsoft, are continuing their investments in DEI, seeking to balance legal defensibility with business priorities, while others, like Netflix, are conducting studies to understand the impact of affirmative action initiatives on potential discrimination risks within their organizations.
