In a striking rebuke to conservative political pressure, shareholders at several of America’s largest corporations have voted by massive margins to maintain diversity, equity, and inclusion (DEI) programs, despite a coordinated campaign to dismantle them.

At Costco, Apple, and John Deere, shareholders rejected anti-DEI proposals by margins exceeding 95%, revealing a dramatic disconnect between corporate boardrooms and the political messaging coming from the Trump administration and conservative activists.

The National Center for Public Policy Research, a conservative think tank that has led many of these anti-DEI efforts, has faced repeated defeats as corporate America’s shareholders signal they see value in workplace diversity initiatives.

At Costco’s January 2025 shareholder meeting, more than 98% of shares voted against a proposal that would have forced the company to evaluate supposed “risks” of its DEI practices. The proposal was soundly rejected despite the think tank’s claim that DEI conceals “a radical Marxist agenda.”

Costco’s board had unanimously recommended rejecting the proposal, with Board Chair Tony E. James clarifying at the meeting that the company’s commitment to inclusion “does not and has never included quotas or systematic preferences, nor does it mean compromising merit.”

A similar scene played out at Apple’s February shareholder meeting, where 97% of votes cast opposed an anti-DEI resolution. The proposal, again from the National Center for Public Policy Research, had claimed “forced diversity is bad for business.”

Apple CEO Tim Cook responded by reaffirming the company’s commitment to “create a culture of belonging” while acknowledging the company might need to make adjustments “as the legal landscape changes.”

At John Deere, multiple anti-DEI proposals met the same fate in February, with one resolution garnering support from just 1.3% of votes cast by investors. This came despite the company having already scaled back some of its DEI initiatives in 2024 following pressure from right-wing activists.

The pattern of rejection comes as several major corporations, including Meta, Ford, McDonald’s, and Walmart, have publicly scaled back or eliminated their DEI programs following pressure from conservative groups and in anticipation of the Trump administration awarding contracts exclusively to those that have done so.

President Trump recently signed an executive order aimed at terminating DEI programs within federal agencies and has directed the Justice Department to investigate private companies with diversity-focused hiring and training practices.

However, the shareholder votes suggest a significant disconnect between these corporate decisions and what their investors actually want.

“I think people generally have confidence in Costco’s management, and there’s an attitude of ‘Why rock the boat? It’s sailing very nicely,'” explained Neil Saunders, managing director of consulting firm GlobalData’s retail division, regarding Costco’s vote.

The conservative campaign against DEI initiatives gained momentum following the Supreme Court’s 2023 decision banning affirmative action in college admissions. Conservative groups have attempted to extend this ruling to corporate settings, filing lawsuits targeting initiatives such as employee resource groups and hiring practices that prioritize historically marginalized groups.

In its presentations to shareholders, the National Center for Public Policy Research has consistently framed DEI as discriminatory against white employees, particularly white men. At Apple’s meeting, the think tank’s representative declared, “The vibe shift is clear: DEI is out and merit is in.”

Yet shareholders appear unconvinced by these arguments. Corporate boards have defended DEI programs as sound business practices that improve innovation, customer satisfaction, and overall company performance.

Companies like Costco have explicitly stated that their diversity initiatives have fostered “creativity and innovation in the merchandise and services that we offer” and led to greater customer satisfaction among members.

The conservative campaign against DEI often mischaracterizes what these programs actually entail. While critics suggest DEI means hiring less qualified candidates based on identity characteristics, most corporate programs focus on expanding candidate pools through outreach to historically underrepresented groups and creating inclusive workplaces that retain diverse talent.

Apple, for instance, has acknowledged its workforce remains predominantly white and Asian (nearly three-fourths) and male (nearly two-thirds), particularly in high-paid engineering positions – suggesting its DEI efforts are far from achieving the kind of radical transformation critics claim.

The overwhelming margins by which these anti-DEI proposals have been rejected – often by 97% or more – indicate that shareholders across political lines see business value in workforce diversity, regardless of the political climate.

This shareholder support comes at a time when more than 30 Walmart shareholders, including Amalgamated Bank and Oxfam America, have formally asked the retailer’s CEO to explain the business impact of curbing the company’s DEI policies, a move they described as “disheartening.”

As the Trump administration and conservative activists continue their campaign against corporate diversity initiatives, these shareholder votes reveal a significant divide between political rhetoric and business reality. For now, at least, corporate America’s investors appear to be sending a clear message: DEI is not just a social good, but good business.