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Pro-DEI Shareholder Proposals and Support Down for 2024

The number of pro-Diversity, Equity, and Inclusion proposals submitted by shareholders decreased overall in the 2024 proxy season compared to the 2023 proxy season, according to data provided by Proxy Analytics. Average support for DEI proposals decreased or remained flat as compared to average support for these proposals in the 2023 proxy season. A summary of the results as of June 10, 2024 follows.

# SubmittedAvg. % For# SubmittedAvg. % For
Racial Equity/Civil Rights Audits6 (5 voted)13%29 (16 voted)22%
Report on Effectiveness of DEI Efforts13 (12 voted)25%34 (6 voted)27%
Gender/Racial Ethnic Pay16 (all voted)29%16 (10 voted)34%
Report on Risks Associated with
Omitting Viewpoint/Ideology from Written EEO Policy
6 (all voted)1.6%11.9%
Board Diversity126%6 (4 voted)19%

This article is part of a larger look at diversity shareholder proposals called “The Future of DEI Shareholder Proposals” that was authored by Fenwick’s Wendy Grasso, Merritt Steele, and David A. Bell and published by the Harvard Law School Forum on Corporate Governance.

While diversity was once generally considered a positive factor, the topic of DEI has recently become more politically polarized. Companies have also become increasingly aware of the legal risks and potential reputational risks associated with race-based programs. Some companies have even pulled back on their DEI initiatives (at least publicly) as a result of the recent backlash.


corporate, corporate governance, esg & sustainability