Walmart, PayPal Shareholders Nix DEI Overhauls

Stockholders at Walmart and PayPal have voted down proposals that would have overhauled how those companies approach diversity, equity, and inclusion (DEI)—an issue that has roiled the corporate world amid shifting political and cultural pressures, Brooke DiPalma and Alexis Keenan reported for Yahoo Finance.

PayPal investors overwhelmingly voted down a proposal that would have required the company to analyze the risks associated with its charitable contributions. I Image: PayPal

Walmart investors rejected shareholder proposals related to the company’s DEI initiatives, while PayPal investors overwhelmingly voted down a proposal that would have required the company to analyze the risks associated with its charitable contributions.

An anti-DEI measure at Walmart, proposed by the National Center for Public Policy Research's Free Enterprise Project (FEP), asked the board to explain why it delayed amending its DEI policies until after public pressure from DEI opponent Robby Starbuck.

FEP also expressed concern that Walmart had merely “repackaged” rather than eliminated its DEI initiatives.

At PayPal, FEP sought disclosures on the impact of the company's charitable giving, citing concerns that its affiliations with organizations such as the Human Rights Campaign increase the risk of discriminating against individuals based on speech or religious beliefs.

Walmart has faced some backlash for altering its DEI policies, including criticism from its own investors. Earlier this year, more than 30 shareholders representing $266 billion in assets sent a letter to CEO Doug McMillon calling the retailer’s DEI policy changes “very disheartening.”