Costco Shareholders Reject Anti-DEI Proposal From Conservative Think Tank
HuffPost
The think tank has made a similar proposal to Apple, and like some American companies that already scaled back or retreated from their diversity policies.
NEW YORK (AP) — Costco shareholders rejected a proposal urging the wholesale club operator to evaluate any risks posed by its diversity, equity and inclusion practices.
According to preliminary results shared by Costco executives at its annual meeting Thursday, more than 98% of shares voted against the proposal.
The National Center for Public Policy Research, a conservative think tank based in Washington, had submitted the proposal, arguing that Costco’s DEI initiatives hold “litigation, reputational and financial risks to the company, and therefore financial risks to shareholders.”
The think tank has made a similar proposal to Apple, and like some American companies that already scaled back or retreated from their diversity policies, cited a U.S. Supreme Court decision in July 2023 that outlawed affirmative action in college admissions.
But Costco’s board of directors voted unanimously to ask shareholders to reject the motion. The board said it believes “our commitment to an enterprise rooted in respect and inclusion is appropriate and necessary. The report requested by this proposal would not provide meaningful additional information.”
