Disney investors reject anti-DEI proposal after company sheds some diversity programs

Disney (DIS) stockholders stood by the company’s participation in a controversial rating system that evaluates how it treats LGBTQ employees, consumers, and investors — doing so even as the company backs away from some diversity programs.

Disney became the fourth such case this year where investors pushed back against anti-DEI proposals at prominent companies. Other anti-DEI proposals were voted down at Apple (AAPL), Costco (COST), and John Deere (DE).

Investors on Thursday rejected a proposal from the conservative group Free Enterprise Project that would have required Disney to reconsider its participation in the Corporate Equality Index (CEI).

The index, published each year by the Human Rights Campaign Foundation, has become a popular tool over the past two decades for companies to assess their inclusion of people who identify as LGBTQ.

The system, which grew from 319 corporate participants in 2002 to 1,449 in 2025, evaluates companies on a scale of 0% to 100%, taking into account their workforce LGBTQ protections, benefits, culture and social responsibility, and behavior toward the community.

Disney has received a perfect score on the CEI since 2007.

The vote rejecting a reexamination of Disney's CEI participation comes after Disney backed away from other diversity policies as political heat around the issue intensifies across corporate America.

The company last month joined a growing list of businesses that have removed or altered diversity, equity, and inclusion (DEI) initiatives after President Trump issued two executive orders aimed at undoing federal DEI programs within the US government.

According to the company's latest 10-K filing for the full year ending Sept. 30, 2024, it did away with two DEI programs previously listed under its Diversity, Equity, and Inclusion section of its report.

From DEI to DOI

The nation's largest bank, JPMorgan Chase (JPM), announced a similar move on Friday.

In a memo to staff, JPMorgan COO Jennifer Piepszak said the lender was changing the word "equity" to "opportunity" in an organization previously known as "diversity, equity & inclusion."

Piepszak also said the company would reduce diversity-oriented training and integrate initiatives that the former group handled into its human resources and corporate responsibility departments.

"We remain committed to our core principles, which includes our belief in the power of a diverse workforce that strengthens our business and attracts and retains the best talent," she said in the memo.