Levi Strauss, Goldman Sachs shareholders reject anti-DEI proposal
CALIFORNIA and NEW YORK, UNITED STATES — Shareholders at apparel company Levi Strauss and global investment banking Goldman Sachs have voted to uphold their companies’ diversity, equity, and inclusion (DEI) strategies.
At Levi Strauss’ annual general meeting, more than 99% of shareholders voted against a proposal to eliminate the company’s DEI programs.
The result mirrors similar shareholder votes at companies like Costco and Apple, where investors have also rejected efforts to challenge DEI initiatives. At Costco’s meeting earlier this year, over 98% of shareholders dismissed a proposal to reassess the risks of maintaining DEI policies.
In January, U.S. President Donald Trump issued an executive order targeting DEI practices in government and corporate America.
Goldman Sachs defends DEI in pay structure
At Goldman Sachs, shareholders shot down a separate proposal seeking to strip DEI-linked goals from the bank’s executive compensation plans. The initiative, backed by a conservative think tank, garnered less than 2% support.
The board called the proposal “premised on a fundamental mischaracterization” of its pay framework, stating in its proxy that executive compensation is not based on meeting diversity hiring quotas. “Compensation for our senior management is based on many considerations, but meeting numerical hiring or promotion goals is not one of them,” the firm clarified.
Investor sentiment favors DEI
The shareholder rebukes come as some major corporations, including Walmart, Target, and Amazon, have scaled back DEI programs.
Meanwhile, a new survey by MyPerfectResume reveals that 84% of employees believe companies should expand their DEI initiatives, as scaling back these efforts could have serious consequences for businesses such as higher turnover and lower workplace morale.
