Disney Shareholders Vote Against Anti-DEI Proposal

A shareholder proposal seeking Disney to reconsider participating in the Human Rights Campaign’s (HRC) corporate equality index was voted down Thursday night.

Disney shareholders have rejected an anti-DEI proposal at the entertainment giant’s annual meeting. According to Fox Business, a shareholder proposal seeking Disney to reconsider participating in the Human Rights Campaign’s (HRC) corporate equality index was voted down Thursday night.

Disney has long participated in HRC’s corporate equality index, which is described as a national benchmarking tool on corporate policies, practices, and benefits pertinent to LGBTQ+ employees.

Only 1% of Disney shareholders supported the proposal to halt participation in HRC’s corporate equality index.

Disney’s board reportedly advised its stockholders in the Securities and Exchange Commission (SEC) filing to vote against the proposal before the meeting. The board provided many reasons for voting it down. One reason is the belief that it “would not provide additional value to shareholders.” Another reason is for transparency. The board said Disney “provides transparency on a wide range of matters important to shareholders, including through participating in external surveys.”

Anti-DEI Proponents Worry About Disney’s Stance

The National Center for Public Policy Research reportedly proposed that Disney withdraw from the HRC index. The center argued that Disney’s involvement in divisive political issues has alienated audience segments and damaged the company’s stock price. The policy center had hoped stakeholders would support the proposal to move Disney back to neutral.

However, other companies have not followed suit. Ford, Harley-Davidson, and Lowe’s have all withdrawn from HRC’s corporate equality initiative.

Shortly after President Donald Trump signed an executive order to end DEI initiatives, Target ended its Racial Equity Action and Change program. As a result, angry consumers began a 40-day Target boycott.

Google informed staff it would no longer have hiring targets related to improving diverse representation. Forbes reports that Amazon omitted a section in a report filed with the Securities and Exchange Commission for 2024 that focused on inclusion and diversity.