Costco’s Anti-DE&I Shareholder Proposal

Is the company’s response really that dissimilar from other target companies?

https://www.cnn.com/2024/12/27/business/costco-dei

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The short answer: as you’ll find below, not really—but, they do dedicate notable DEF 14A real estate addressing the proponent’s “policy bias [in abolishing diversity initiatives]” and seriousness in wanting to address actual legal and financial risks to the company.

Nonetheless, each of the following companies below received this identical anti-DE&I shareholder proposal in 2024 from National Center for Public Policy Research—and each board unanimously recommended shareholders vote AGAINST the proposal (which, as readers know, is the typical board approach to shareholder-sponsored proposals).

First, the Costco COST 0.00%↑ response to NCPPR (emphasis added to underscore their direct critique of proponent):

Second, Boeing BA 0.00%↑ :

Third, Citigroup Inc. C 0.00%↑ :

Fourth, Cigna Corporation CI 0.00%↑ :

Fifth, Coca-Cola KO 0.00%↑ :

Sixth, MGM Resorts International MGM 0.00%↑ :

Seventh, PepsiCo, Inc. PEP 0.00%↑ :

And finally, The Progressive Corporation PGR 0.00%↑:

Each of the responses highlights companies that not only seek to uphold their diversity, equity, and inclusion initiatives but also emphasize the business and risk management benefits (with some even going a step further by evidencing industry accolades from indices and NGOs). Draw your own conclusions as to why—but it clearly challenges the narrative that ‘all’ companies are reneging on their DE&I initiatives and that a very select few are fighting to maintain them.

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