McDonald’s, Amazon, Meta and American Airlines have also since announced a change to their DEI policies as more companies follow suit.
The shareholders, which include Amalgamated Bank, Investor Advocates for Social Justice and Mercy Investment, accused the retail giant of giving “into bullying and pressure from anti-DEI groups” while ignoring requests “for addressing risks associated with racial inequity from a significant number of its shareholders in the past two proxy seasons.”
Walmart’s decision to dial back its diversity, equity and inclusion “DEI” programs was widely celebrated by conservatives, but some shareholders and Democratic officials are pushing back.
In a letter addressed to Walmart CEO Doug McMillon, a group of more than 30 Walmart Inc. shareholders, who represent more than $266 billion in combined assets, asked the company to explain the business impact of abandoning DEI initiatives, calling the reversal “disheartening,” Bloomberg first reported.
Fox Business’ Kristine Parks contributed to this report.
“Like many companies all across the U.S., we’ve been on a journey,” Furner said of the reversal.
“Especially considering your prior statements on the critical values of diversity and inclusion, we urge you to reconsider your announced changes.”
“We’ll continue to be on a journey. And what we’re trying to do is to ensure every customer, every associate feels welcomed here in the shop and to feel like they belong.”
It also said Walmart will stop funding the Center for Racial Equity, a nonprofit that Walmart launched in 2020 as a five-year initiative, and would ditch the terms “LatinX” and “DEI” altogether in official communications.
When reached for comment, Walmart told Fox Business, “We’re the same company with the same values with the same commitment to creating a sense of belonging for all of our associates, customers and members. We are focused on creating a Walmart for everyone and will continue to reinforce this commitment through our actions.”
Walmart will also no longer participate in the Human Rights Campaign Corporate Equality Index, a report which rates U.S. businesses on their policies for LGBTQ employees.
