Walmart faces backlash over changing DEI policy as shareholders and Dem officials urge them to reconsider.


Walmart's decision build back its diversity, equity and inclusion The DEI programs have been widely celebrated by conservatives, but some shareholders and Democratic officials are pushing back.

The retail giant joined a growing list of companies expanding their DEI initiatives in November, following similar moves by big names like Harley-Davidson, John Deere and Tractor Supply. McDonald's, Amazon, Meta and American Airlines have also since announced changes to their DEI policies as more companies follow suit.

While some investors hailed Walmart's move as a step in the right direction, others are urging the retailer to reconsider its DEI waiver. In a letter to Walmart CEO Doug McMillon, addressed to more than 30 groups Walmart Inc. Shareholders representing more than $266 billion in combined assets asked the company to explain the business impact of abandoning its DEI initiatives, calling the reversal “disheartening,” Bloomberg first reported informed.

IS DEI DYING? HERE'S A LIST OF COMPANIES WHO HAVE RETURNED THE 'WAKE UP' POLICY

Walmart store with new logo

Walmart unveiled its first logo design in nearly two decades on Monday. (Walmart Inc.)

“It's disappointing to see the company retreat from its stated values ​​and business opportunities associated with a diverse and inclusive workforce.” the signatories wrote. Additionally, Walmart has not offered a financial or business case for this change in policy, but the company has identified the advancement of “belonging, diversity, equity and inclusion” as one of its four priority ESG issues that “offer the greatest potential for Walmart to create a shared social network.” . value.”

FORD BACKS FROM 'WAKE UP' POLICY, JOINS LIST OF US'S LOST COMPANIES

The shareholders, which include Amalgamated Bank, Investor Advocates for Social Justice and Compassionate Investment, accused the retail giant of being “bullied and pressured by anti-DEI groups” while ignoring demands from many people to address risks related to racial inequality. its shareholders in the last two proxy seasons.”

Investors have requested a meeting with Walmart's senior management, urging them to review a commitment to “DEI strategies and programs that help reduce bias and systemic barriers, create inclusive workplaces and develop the best talent.”

Walmart cart

An employee stacks shopping carts at Walmart on July 22, 2020 in Burbank, California. – In the country's most populous state, a record 12,807 new coronavirus infections were registered in the last 24 hours. (ROBYN BECK/AFP via Getty Images) / Getty Images)

A group of 13 Democratic state attorneys general separately expressed similar views A letter was sent to Macmillan a day later. The signatories, which include the attorneys general of New York, New Jersey, Maryland, Nevada, Rhode Island, Hawaii, Vermont, California, Minnesota, Maine and Connecticut, asked the retailer to explain how to protect civil rights in the workplace and were punished. Walmart's decision to withdraw its DEI policies.

“Threats to boycott, sue, or otherwise negatively impact Walmart's bottom line may have helped sway your decision to walk away from your DEI commitments. But we are concerned that Walmart did not consider the other side—the customers and employees who would be alienated by this move,” they wrote.

“These changes are bad for business and bad for Walmart's customer base, including those in our states,” the letter continued. “Particularly in light of your previous statements regarding the critical values ​​of diversity and inclusion, we urge you to reconsider your announced changes.”

Reached for comment, Walmart told Fox Business: “We are the same company with the same values, the same commitment to creating a sense of belonging for all of our partners, customers and members. We are focused on creating a Walmart for everyone, and we continue to reinforce that commitment through our actions.” we will”.

CEO of Walmart USA and President John Furner similarly defended the move during an appearance on “CBS Mornings” in November after the nation's largest retailer confirmed it would make a series of changes, including removing sex and transgender products from third-party merchants that are inappropriate for children from its online marketplace.

He also said Walmart would stop funding the Center for Racial Equity, a nonprofit Walmart launched as a five-year initiative in 2020, and would drop the terms “LatinX” and “DEI” entirely in official communications.

Walmart store

A Walmart store is seen on May 6, 2024 in Florida City, USA. (Photo by Jakub Porzycki/NurPhoto via Getty Images) (Jakub Porzycki/NurPhoto via Getty Images/Getty Images)

“Like many companies in the U.S., we're on a journey.” Furner said from being reversed. “We're going to continue to be on the journey. And what we're trying to do is make sure every customer, every associate feels welcome in the store and feels like they belong.”

GET THE FOX BUSINESS BY CLICKING HERE

Walmart will also no longer participate in the Human Rights Campaign's Corporate Equality Index, which rates US businesses' policies for LGBTQ employees.

Fox Business' Kristine Parks contributed to this report.



Source link

اترك تعليقاً

لن يتم نشر عنوان بريدك الإلكتروني. الحقول الإلزامية مشار إليها بـ *

DMCA.com Protection Status