Target’s shareholders are suing the company as they believe Target hid the risks of its DEI initiatives, as stated by USA Today. Why are shareholders suing Target? In a proposed class action, Target’s shareholders claim that they felt that the company was unaware of the consequences that would surface due to DEI efforts. Additionally, the shareholders claim they were swindled into paying higher fees for its stocks and unknowingly supported its “misuse of investor funds to serve political and social goals.” In addition, before Target announced it was rolling back
Google has become the latest tech giant to cut back its DEI efforts after sharing that it would end its goal of employing more candidates from historically underrepresented backgrounds. The company also said it would reevaluate some of its DEI programs, as first reported by The Wall Street Journal. In an email to employees, Google revealed that it would abolish the hiring targets created to improve representation in its labor force. In 2020, during the resurgence of The Black Lives Matter movement, Google set out to expand the proportion of
As more companies have decided to scale back their DEI efforts, Aldi could be the next company on the list. Although the company hasn’t publicly announced that it is doing so, it has removed any evidence linked to DEI from its website. What sections has Aldi removed from its website? The company website previously featured an “Aldinclusive” section that said “diversity strengthens us,” according to HR Brew. Additionally, it detailed Aldi’s DEI efforts and commitment, such as its 30-year support of the United Negro College Fund, an inclusive resource library
Many companies are rethinking their Diversity, equity, and inclusion (DEI) efforts amid a shifting political landscape and mounting anti-DEI pressure. President Donald Trump’s recent decision to revoke a decades-old executive order that prohibited workplace discrimination by federal contractors is just the latest in his string of attacks on DEI in the first few days of his presidency. While Trump’s initial focus has been DEI in the government, the subsequent impact on the private sector is yet to be determined. Several leading companies have rolled back DEI programs in response to
Yesterday, President Trump revoked a six-decade-old executive order that prohibited workplace discrimination by federal contractors. President Lyndon Baine Johnson had signed the executive order just one year after the Civil Rights Act of 1964 and months after the Voting Rights Act. Trump revokes Executive Order 11246 Executive Order 11246 stopped federal contractors from discriminating against employees on the basis of race, color, religion, national origin, sex, sexual orientation, or gender identity. This law applied to federal contractors and was implemented just two years after Rev. Martin Luther King Jr. gave
Apple has opposed a shareholder proposal to remove its DEI programs, as first reported by TechCrunch. Meanwhile, Meta and Amazon have joined the list of companies that have scaled back their DEI programs in response to anti-DEI pressure. Apple opposes anti-DEI Proposal Apple’s board of directors has opposed a proposal by the National Center for Public Policy Research (a conservative think tank) to “consider abolishing its Inclusion & Diversity program, policies, department, and goals.” In a proxy filing, Apple stated that the proposal was “unnecessary” as the company “already has
Costo is standing firm on its diversity, equity, and inclusion (DEI) commitments despite activist investors pushing for the company to make changes in line with those seen at Walmart, John Deere, and McDonald’s. Activist investors target DEI efforts Forbes reported that a proposal from a shareholder, put forward by a conservative think tank, challenged Costco to evaluate and openly share the harm linked with its DEI policies and goals. The proposal states that the firm DEI’s plans present financial, reputational, and litigation threats that could negatively affect shareholders. In the
A US appeals court has struck down Nasdaq’s diversity disclosure rules for companies listed on the stock exhange. The rules required companies to appoint women, racial minorities, or LGBTQ+ individuals to their boards or explain why they could not. The 5th Circuit Court ruled 9-8 that the proposal was not legal and that the Securities and Exchange Commission (SEC) had overstepped by approving Nasdaq’s rule. Court Rejects SEC’s Role in Diversity Mandate Nasdaq introduced a rule requiring companies to share board diversity data and include at least one director from
Facing rising scrutiny and backlash, more than half of companies are changing how they present their diversity, equity, and inclusion (DEI) initiatives, according to recent data from the Conference Board. A survey of over 60 executives revealed that 50% have adjusted DEI terminology to reduce an emphasis on racial diversity, with 20% more considering similar changes. Notably, “equity” is frequently being omitted as it’s perceived as the most controversial term. A Response to Legal and Social Pressures This shift follows increased pressure from conservative activist groups and legal challenges. The
Two of the most influential Black business leaders in the US are calling on companies to rethink scaling back their diversity, equity, and inclusion (DEI) efforts, according to CNN. Ken Frazier, who served as CEO of Merck from 2011 to 2021, was the first Black CEO of a major pharmaceutical company. Ken Chenault, CEO of American Express from 2001 to 2018, was only the third Black CEO of a Fortune 500 company. The leaders warned that reducing DEI efforts could limit opportunities for future generations of leaders facing racial and
