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14 April 2025 | Press Release
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Copy LinkCorporate DEI initiatives are facing growing scrutiny from policymakers, regulators, and other stakeholders. This heightened criticism is bearing out in the 2025 proxy season, with a significant rise in shareholder proposals seeking to counter, limit, or rollback DEI efforts.
By early April, 13 anti-DEI proposals have already been filed at US public companies. That’s nearly as many proposals as were filed in all of 2024. Additionally, these anti-DEI proposals account for a bigger share of all DEI-related proposals: In 2024, anti-DEI proposals represented 23% of all DEI proposals. So far in 2025, the anti-DEI share has jumped to 40%.
“Anti-DEI shareholder proposals have been steadily rising over the past few years, despite receiving minimal support. Usually, the main goal of these proposals isn’t to get them passed, but for proponents to exert influence, amplify opposition, and generate media attention,” said Andrew Jones, Principal Researcher at The Conference Board Governance & Sustainability Center and coauthor of the report.
These insights come from a new report by The Conference Board, produced in collaboration with ESGAUGE, Russell Reynolds Associates, and The Rutgers Center for Corporate Governance. Findings are based on shareholder proposals submitted at Russell 3000 companies, with data as recent as April 1, 2025.
Additional insights include:
Anti-DEI Proposals
Proposals against DEI initiatives surged in recent years—and will likely reach record levels in 2025.
Pro-DEI Proposals
Shareholder proposals promoting or advancing DEI initiatives peaked in 2021.
Anti-DEI Proposals
Despite growing public attention around anti-DEI proposals, they continue to receive minimal support.
Pro-DEI Proposals
Support for proposals in favor of corporate DEI initiatives has dropped in recent years.
Anti-DEI Proposals
The most common themes include legal and financial risks and DEI metrics in executive pay.
Pro-DEI Proposals
The most common themes include enhanced reporting, board diversity policies & pay gap disclosure.
Commentary:
“Just a few years ago, companies and proponents were more willing to engage on DEI proposals. Today, reaching agreements poses a bigger challenge—particularly as some proponents’ requests have become more prescriptive or disruptive,” said Ariane Marchis-Mouren, Senior Researcher at The Conference Board and coauthor of the report.
“Shareholder support for DEI proposals has been dropping over the past few years. This is partly because boards are generally more diverse and disclosures have improved, but also due to the perception of greater risk associated with diversity commitments. As a result, both negotiated withdrawals and majority approvals are becoming rarer,” said Richard Fields, head of the Board Effectiveness Practice at Russell Reynolds Associates.
“Institutional investors have largely resisted anti-DEI proposals, viewing them as inconsistent with established corporate governance principles and the interests of shareholders. Most companies have echoed this stance, recommending votes against these measures. Notably, the proposals tend to come from a small set of ideologically driven activists rather than broad investor coalitions—limiting their legitimacy and broader appeal,” said Matteo Gatti, Professor of Law at Rutgers Law School.
“This proxy season presents especially big challenges for companies as they face multiple DEI-related proposals from opposing perspectives, underscoring the complexity of balancing investor expectations, regulatory scrutiny, and corporate commitments,” said Umesh Chandra Tiwari, Executive Director of ESGAUGE.
