Costco's board didn't mince words when it came to supporting the company's stance on diversity, equity, and inclusion - a move that openly challenges the staying power of DEI critics ahead of a new presidential administration that has been critical of the measures.
Our commitment to an enterprise rooted in respect and inclusion is appropriate and necessary, the board wrote last month in its proxy statement in response to a shareholder proposal from the conservative National Center for Public Policy Research, which would have the company prepare a report on its DEI efforts.
Costco's recommendation that shareholders vote against the proposal stands in contrast to several major companies opting to roll back their DEI initiatives over the past year and a half amid a slate of lawsuits and shareholder proposals.
A study by the Conference Board indicated that while the volume of shareholder proposals targeting diversity and equity more than tripled year-over-year during the January to June proxy season in 2024, actual support for anti-ESG proposals has fallen from 5% to 2% during the same period.
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