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United Kingdom
Levi Strauss and Goldman Sachs shareholders have overwhelmingly voted to maintain the companies’ diversity, equity and inclusion (DEI) strategies, despite growing political pressure to dismantle such initiatives across the private sector.
At its annual general meeting Levi Strauss disclosed that more than 99% of shareholders voted against a proposal that would have scrapped the company’s DEI programmes. The motion comes amid renewed national debate following an executive order from Donald Trump in January, which aimed to curtail DEI practices in both government and private industry.
The apparel company’s shareholders joined others, including those at Costco and Apple, in rejecting proposals that challenge the role of DEI in corporate governance. At Costco’s annual meeting in January, over 98% of shareholders voted against a proposal to assess the risks of maintaining DEI initiatives.
The investor response stands in contrast to a broader pattern of retrenchment on DEI by some high-profile corporations. Over the past year, companies including Walmart, Target, and Amazon have scaled back internal DEI policies, raising questions for HR leaders about the direction of inclusion efforts in the current political climate.
Goldman Sachs defends DEI-linked pay structure
At Goldman Sachs, less than 2% of shareholders supported a proposal to remove DEI-related goals from executive compensation plans. The initiative, brought by a conservative think tank, was rejected following strong opposition from the board, which called the proposal “premised on a fundamental mischaracterization” of its compensation structure.
In its proxy statement, Goldman Sachs stated that while it supports diversity objectives, executive pay is not based on meeting numerical hiring or promotion targets.
“Compensation for our senior management is based on many considerations, but meeting numerical hiring or promotion goals is not one of them,” the board clarified.
Support for DEI remains high among shareholders
While political opposition to DEI continues to mount at the national level, shareholder sentiment at major US firms has shown strong support for retaining inclusive workforce policies. At Levi Strauss, the rejection of the anti-DEI proposal coincided with the company reporting quarterly profits ahead of analyst estimates and reaffirming its annual guidance.
The repeated dismissal of similar proposals at companies such as Apple, Costco and Goldman Sachs reveals a sustained commitment among corporate boards and investors to preserve DEI initiatives, even amid shifting political and media narratives.
