DEI Wins Big: Over 99% of Shareholders Back Walmart, Netflix

Shareholders at two of America’s biggest companies, Walmart and Netflix, have rejected proposals aimed at rolling back diversity, equity, and inclusion (DEI) programs. The measures, both put forward by the conservative think tank National Center for Public Policy Research (NCPPR), received less than 1% of shareholder votes at each company’s recent annual meeting.

These votes are part of a broader trend across corporate America. In recent months, similar anti-DEI proposals have failed at major firms including Apple, Amazon, Deere, and Goldman Sachs. The string of rejections signals continued support from shareholders for inclusive workplace policies, despite growing political and legal challenges to DEI programs.

Background on the Proposals

The proposals emerged in the wake of a U.S. Supreme Court ruling that invalidated Harvard University’s use of race-conscious admissions. This decision has sparked renewed scrutiny of how companies approach affirmative action and other DEI-related practices, with critics arguing that such programs may open businesses to legal risks.

At Walmart, the NCPPR resolution focused on recent changes the company made to its DEI efforts. The group claimed these shifts, including ending plans to expand its Racial Equity Center and scaling back on supplier diversity, only came after activist Robby Starbuck threatened a public campaign. The proposal asked Walmart’s board to explain why these steps were taken only in response to external pressure.

In a supporting statement, the NCPPR accused the retail giant of “repackaging” its DEI initiatives rather than truly eliminating them, calling such efforts potentially “value-destroying.”

At the same time, Walmart’s board urged shareholders to vote against the resolution. “One of our core values is respect for the individual. We work to create a culture where our customers feel welcome and our associates feel like they belong and their contributions are valued,” the board stated. 

Read More: IBU's New DEI Working Group to Make Biathlon More Inclusive

Netflix’s Rebuttal

The Netflix proposal similarly claimed the company continues to engage in race-conscious initiatives, citing its support for the Black Economic Development Fund, deposits in Black-owned banks, and investments in diverse supplier networks and training programs.

NCPPR argued that these actions put Netflix at legal and reputational risk, considering the Supreme Court ruling. The group called on the company to assess how its practices may relate to anti-discrimination laws.

Netflix’s board rejected the proposal, stating, “The proposal is unnecessary as Netflix already has a well-established compliance program and relevant policies and practices.” The company emphasized that it does not discriminate in hiring or promotions and is committed to fair practices under the law.

Broader Implications

The clear shareholder rejection, less than 1% support in both cases, highlights widespread investor confidence in the value of DEI. While some organizations are revisiting the language or structure of their programs, these votes suggest that outright elimination is not what shareholders want.

Instead, many businesses appear to be rebalancing their strategies, staying legally compliant while continuing to promote inclusive workplaces. As legal and political landscapes shift, companies are likely to remain under pressure from both sides of the DEI debate.

Also Read: The ESG Crossfire: Shareholder Proposals Stir Controversy This May

For now, the message from shareholders at Walmart and Netflix is clear: Diversity, Equity, and Inclusion are still viewed as crucial components of long-term business success.

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Source: OneStop ESG