The Evolving Landscape of DEI Shareholder Proposals
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Shareholder Voting

A TCB Benchmarking Release

The Evolving Landscape of DEI Shareholder Proposals

14 April 2025 / Report

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Shareholder engagement in diversity, equity & inclusion (DEI) is evolving in response to broader shifts in corporate governance, investor priorities, and political and legal scrutiny. This report examines recent trends in DEI-related shareholder proposals and early insights from the 2025 proxy season, including declining investor support for DEI initiatives, the rise—but limited success—of “anti-DEI” filings, and the implications for corporations.

Shareholder engagement in diversity, equity & inclusion (DEI) is evolving in response to broader shifts in corporate governance, investor priorities, and political and legal scrutiny. This report examines recent trends in DEI-related shareholder proposals and early insights from the 2025 proxy season, including declining investor support for DEI initiatives, the rise—but limited success—of “anti-DEI” filings, and the implications for corporations.

Authors

Andrew Jones, PhD

Andrew Jones, PhD Andrew Jones, PhD

Principal Researcher, ESG Center
The Conference Board

Read Bio

Ariane Marchis-Mouren

Ariane Marchis-Mouren Ariane Marchis-Mouren

Senior Researcher, Corporate Governance
The Conference Board

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