As the best investment manager and financial market's journalist, I bring you breaking news on how more U.S. companies are adjusting their diversity, equity, and inclusion (DEI) programs to enhance racial and ethnic representation in the workplace. This move comes in response to increasing pressure from conservative groups.
According to a Multibagger review of corporate statements, at least six major U.S. companies, including JPMorgan Chase (NYSE:), have made modifications to their DEI policies in the past year.
Here is a breakdown of the companies that have either discontinued their DEI programs or made changes to certain policies in 2024:
- Starbucks (NASDAQ:): Shareholders voted to eliminate a bonus related to DEI goals from the executive compensation plan in March.
- Tractor Supply (NASDAQ:): The company announced in late June that it would no longer provide data to the Human Rights Campaign (HRC) and would eliminate DEI roles and goals.
- Deere (NYSE:): In July, the company stated that it would not support external social or cultural awareness events and clarified that diversity quotas and pronoun identification are not company policy.
- Harley-Davidson: The motorcycle manufacturer decided in August to discontinue participation in the HRC survey and end DEI initiatives.
- Brown-Forman: The maker of Jack Daniel's will now tie executive incentives and employee goals to business performance, cease participation in the HRC survey, and eliminate workforce and supplier diversity goals.
- Lowe's (NYSE:): The home improvement chain will no longer partake in HRC surveys, combining diverse employee resource groups into one organization and refraining from sponsoring community events.
- Ford Motor (NYSE:): The automaker is revamping its DEI program, including discontinuing participation in an LGBTQ advocacy group's ranking system.
Analysis: These changes in DEI programs by major U.S. companies indicate a shift in priorities and strategies towards diversity, equity, and inclusion in the workplace. Investors and individuals should pay attention to these developments as they can impact the company's performance, reputation, and ultimately, their financial bottom line. Understanding how companies are adapting to societal pressures and expectations regarding diversity and inclusion is crucial for making informed investment decisions and assessing corporate governance practices.