Walmart’s largest shareholders are urging the company not to “give into bullying” from anti-diversity groups. A coalition of 266 billion-dollar investors, including Amalgamated Bank and Dominican Sisters of Grand Rapids, sent a letter to CEO Doug McMillon expressing concern over Walmart’s decision to backtrack on its diversity, equity, and inclusion (DEI) initiatives.
In November, Walmart joined other companies in abandoning their DEI programs after facing pressure from conservative activists. The company dropped its commitment to an equity racial center and no longer considers race or gender when treating suppliers. The investors argue that this move is financially hazardous and contradicting the business case for diversity and inclusion.
The Interfaith Center on Corporate Responsibility, which organized the investors’ coalition, has provided data illustrating the benefits of a diverse workforce. They requested a meeting with Walmart leaders to discuss the company’s decision. Despite their concerns, Walmart has not offered a financial or business justification for the change in policy.
Other companies have also stopped their DEI efforts, including Meta, Ford, and McDonald’s, but some major corporations continue to support these policies. Apple, Costco, and Target are among those maintaining their DEI programs, citing economic benefits such as driving innovation, expanding markets, and fueling growth.
Source: https://www.cbsnews.com/news/walmart-dei-costco-diversity