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Costco shareholders have sharply rejected a proposal calling for a report on the risks associated with implementing its diversity, equity and inclusion (DEI) efforts, the wholesale club said Thursday.
Preliminary results show that approximately 98% of shareholders voted against the measure.
Costco shareholders overwhelmingly vote to assess the risk of maintaining the company's DEI program. (Getty Images/Angus Mordant/Bloomberg via Getty Images)
Last month, Costco's board came out unanimously against a proposal put forward by activist shareholders at the National Center for Public Policy Research. Sffav. Harvard Discriminating on the basis of race in college admissions violates the Equal Protection Clause of the 14th Amendment.
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The proposal cites 13 state attorneys general warning Fortune 100 companies that rulings implicate corporate DEI programs, and numerous lawsuits have been filed.
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But Costco's board of directors defended the program.
“Consistent with our commitment to following the law, we regularly evaluate our practices regarding compliance with the law, including evolving Supreme Court decisions,” the board wrote in response to the proposal. “We believe that our diversity, equity, and inclusion efforts are legally appropriate, and there is nothing in the proposal that indicates otherwise.”
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Costco and its shareholders' continued embrace of DEI comes as support for the program wavers in the private sector as well as the public sector.
| ticker | safety | last | change | change % |
|---|---|---|---|---|
| Fee | Costco Wholesale Corp. | 939.68 | -2.48 |
-0.26% |
Over the past year, more than a dozen major companies, including Walmart, McDonald's, Ford, and Amazon, have launched DEI initiatives and other U.S. companies seeking to make DEI programs and other corporate social considerations competitive with less than 2% support. reduced shareholder resolutions. Average for 2024.
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President Donald Trump Signed an executive order on Monday to eliminate all DEI programs from the federal government.
Fox Business' Danielle Wallace and Reuters contributed to this report.
