Disney investors reject anti-DEI proposal, maintaining support

Disney shareholders have rejected a proposal that aimed to review the company's participation in a rating system for LGBTQ employee treatment. This proposal came from the conservative group Free Enterprise Project. Despite Disney pulling back on some diversity programs recently, investors supported its involvement in the Corporate Equality Index (CEI). The CEI, published by the Human Rights Campaign Foundation, assesses how companies treat LGBTQ employees and has expanded from 319 participants in 2002 to 1,449 in 2025. Disney has received a perfect score on this index since 2007. This vote happens amid a shift in corporate America regarding diversity, equity, and inclusion (DEI) initiatives. Last month, Disney joined other companies in changing its DEI programs after directives from the Trump administration aimed at rolling back federal DEI policies. In its recent annual filing, Disney reported the removal of two DEI programs. During this shareholder meeting season, the topic of DEI has been hotly debated. Companies like Apple, Costco, and John Deere have also faced similar anti-DEI proposals, all of which were rejected by investors. Experts believe that the rise of these proposals this year might indicate growing opposition to DEI efforts in corporate policies. Elizabeth Bieber, a legal expert on shareholder activism, noted that there has been a lack of support for both pro- and anti-DEI measures among S&P 500 companies. So far, neither side has gained significant backing, and she does not expect many proposals to receive majority support this year.