Liberal shareholders beg Walmart CEO to reconsider DEI policy reversal

Walmart is facing backlash over its reversal of DEI practices that appear to have fallen out of favor in recent months.

A letter from shareholders begs the company to reconsider the move as conservatives celebrate the mass rollback of policies believed to be discriminatory in nature. The message was sent to Walmart CEO Doug McMillon and represents the feelings of over 30 shareholders who have a combined $266 billion in assets. They ask McMillon to explain why he would agree to the DEI rollback, and call it “disheartening.”

“Seeing the company retreat from its stated values and the business opportunities associated with a diverse and inclusive workforce is very disheartening,” the letter reads. “Additionally, Walmart has not offered a financial or business case for this change in policy, but the company identified advancing ‘belonging, diversity, equity and inclusion’ as one of four priority ESG issues that ‘offer the greatest potential for Walmart to create shared value.”

“As Walmart shareholders, we are also concerned to see our company give into bullying and pressure from anti-DEI groups but ignore requests for addressing risks associated with racial inequity from a significant number of its shareholders in the past two proxy seasons. Despite this anti-DEI pushback, companies largely remain committed to DEI strategies and programs that help reduce bias and systemic barriers, create inclusive workplaces, and advance the best talent,” it continues.

They trashed Walmart’s statement on the decision to cut back DEI initiatives within the company, describing it as “disingenuous.”

“In a statement accompanying the announcement, Walmart said, ‘We’ve been on a journey and know we aren’t perfect, but every decision comes from a place of wanting to foster a sense of belonging, to open doors to opportunities for all our associates, customers and suppliers and to be a Walmart for everyone.’ It is disingenuous of the company to claim that it is committed tp fostering a ‘sense of belonging’ and then to cut the very programs designed to develop and promote this sense of belonging and inclusion,” they added.

The shareholders made it clear that their priorities lie with Democrat talking points in the next paragraph:

Moreover, Walmart has sent a clear signal to all underrepresented and marginalized groups that Walmart will not fight to protect their rights. In a time when there are threats to the rights of the LGBTQ+ community, threats of mass deportation of migrants, in addition to potential policies that may disproportionately harm people and workers of color who make up over half of Walmart’s workforce, and low-income communities, it is imperative for Walmart to remain committed to its stated values of fostering a sense of belonging for everyone.

The investors are requesting a meeting with McMillon to discuss their concerns.

In a separate letter to McMillon, Democratic state attorneys general applied their own pressure, accusing the company of being afraid of boycotts and not considering “the other side.”

“Threats to boycott, sue, or otherwise negatively impact Walmart’s bottom line may well have contributed to your decision to walk away from your commitments to DEI. But we are concerned that Walmart failed to consider the other side — the customers and employees that will be alienated by this departure,” they said.

“These changes are bad for business, and for Walmart’s customer base, including those in our states. Especially considering your prior statements on the critical values of diversity and inclusion, we urge you to reconsider your announced changes.”

The signatories include attorneys general from New York, New Jersey, Maryland, Nevada, Rhode Island, Hawaii, Vermont, California, Minnesota, Maine and Connecticut.

Walmart issued a reassuring statement to Fox Business, saying “We’re the same company with the same values with the same commitment to creating a sense of belonging for all of our associates, customers and members. We are focused on creating a Walmart for everyone and will continue to reinforce this commitment through our actions.”

Sierra Marlee

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