Investors urge Walmart not to "give into bullying" on diversity

Dozens of shareholders representing $266 billion in assets are calling on Walmart to spell out the business reasons for backpedaling on the retailer's diversity, equity and inclusion (DEI) initiatives.

Investors including Amalgamated Bank and Dominican Sisters of Grand Rapids said Tuesday in a letter to Walmart CEO Doug McMillon that they are "concerned to see our company give into bullying and pressure from anti-DEI groups."

The world's largest retailer in November joined a growing list of corporations ditching their DEI programs after coming under attack by conservative activists. The sweeping changes included a decision by Walmart not to renew a five-year commitment for an equity racial center set up in 2020 after the police killing of George Floyd. Walmart also said it would no long consider race or gender in its treatment of suppliers.