Dropbox

Industries Cloud & Data Storage
Subsidiaries https://www.sec.gov/Archives/edgar/data/1467623/000119312518055809/d451946dex211.htm Carol Acquisition Corp, CloudOn, Inc., Orcinus Holdings, LLC, Dropbox Holding, LLC
Activism

Companies who scored 100% on the 2023-2024 Corporate Equality Index.

Companies who scored 100% on the 2025 Corporate Equality Index.

The biggest 3000 companies in the U.S. in the year of 2025.

Companies that offer so-called transgender healthcare for their employees and covered dependents.

Civic Alliance Pledge

Rating Overview

Risk Rating: High

Dropbox is High Risk.

Dropbox is High Risk. The company yields to political activism in shaping corporate governance, potentially alienating consumers, dividing employees, and harming shareholders. Dropbox implements race and identity-based policies that replace merit, excellence, and integrity with preferential treatment and outcomes. The company embraces corporate initiatives that redirect its central focus from business goals to partisan policies and divisive issues. This approach fails to safeguard free exercise, free speech, and free enterprise.

Rating Criteria

Corporate Weaponization Risk Levels
Criteria Risk Level
Cancellations Medium Risk
Discriminatory Philanthropy High Risk
Employment Protection High Risk

Corporate Weaponization ⓘ

Corporate Governance and Public Policy Risk Levels
Criteria Risk Level
Advocacy Bias High Risk
Funding High Risk
Political Actions High Risk

Corporate Governance and Public Policy ⓘ

Rating Criteria Detail

Criteria Risk Level Rationale

Corporate Weaponization


Criteria:

Has canceled customers, suppliers, or vendors due to their political views or religious beliefs OR corporately boycotts, divests, or sanctions regions, people groups, or industries.

Risk Level:

Medium

Rationale:

Dropbox received a score of 100 on the 2025 Corporate Equality Index (CEI) from the Human Rights Campaign (HRC), a political stakeholder group. The company recruits employees based on sexual identity issues. The company discriminates against vendors that do not promote divisive sex and gender policies, indicating it prioritizes sexual issues over merit (1)(2). The company promotes divisive sex and gender policies. Its Supplier Code of Conduct requires international vendors to include sexual orientation and gender identity in their nondiscrimination policy (3). However, Dropbox has not canceled customers, suppliers, or vendors based on political views or religious beliefs (4).

Criteria:

Charitable giving (including employee matching programs) policies or practices discriminate against charitable organizations based on views or religious beliefs.

Risk Level:

High

Rationale:

Dropbox’s HRC 2025 CEI rating indicates the company will not donate to non-religious charities unless they embrace controversial sexual identity policies (1)(2). The company likely uses Benevity as its charitable giving platform. Benevity vets charities according to the Southern Poverty Law Center’s Hate List, which includes mainstream libertarian, conservative, family, and religious advocacy organizations (3)(4)(5). Dropbox Foundation is part of the Rockefeller Philanthropy Advisors whose philanthropic work includes a nondiscrimination policy, including on the basis of sexual orientation and gender identity, thereby excluding some religious charities (6)(7)(8).

Criteria:

Employment policies fail to protect against viewpoint or other discrimination and/or are ideological in nature.

Risk Level:

High

Rationale:

Dropbox’s HRC 2025 CEI rating indicates the company forces employees to attend multiple, controversial trainings on gender identity, sexual orientation, transgender issues, and divisive racial ideology. The company provides gender transition guidelines for its employees and a specific benefits guide with a comprehensive explanation of transgender services funded by the company (1)(2). The company appears to prioritize diversity over merit in its hiring. From its Senior Director of Prooduct Design’s Twitter and news article on the tweet: “I care deeply about building teams that represent the communities we work in and the people we serve, ‘I care deeply about building teams that represent the communities we work in and the people we serve,’ Friedl said in atweet explaining details about a new job opening. ‘I also deeply care about equity in hiring. Therefore, I choose to prioritize folks in our BIPOC and URM communities’” (3). Dropbox does not provide viewpoint protections for its employees (4).

Corporate Governance and Public Policy


Criteria:

Uses corporate reputation to support causes, organizations, or policies hostile to freedom of expression.

Risk Level:

High

Rationale:

Dropbox’s HRC 2025 CEI rating indicates the company agrees to allow a controversial stakeholder group focused on sexual identity issues to dictate marketing or advertising strategy. By doing so, the company risks dividing employees, alienating customers and harming shareholders (1)(2). The company opposed various state and local legislation intended to protect parental rights, girls’ sports, bathroom facilities, and gendered spaces (3)(4). Dropbox opposed legislation in Iowa intended to protect parental rights, girls’ sports, bathroom facilities, and gendered spaces (5). The company opposed the Florida Parental Rights in Education Act, which would prohibit teaching gender identity and sexual orientation to kids in K-3rd grade (6). Dropbox signed an amicus brief in opposition to the 2016 North Carolina bathroom bill HB2, which required people to use the bathroom of their biological sex (7). The company’s Co-Founder & CEO, Drew Houston, denounced various states’ legislative efforts to protect election integrity and security (8). Dropbox signed an open letter endorsing the Equality Act, a contentious proposal to amend the 1964 Civil Rights Act by adding sexual orientation and so-called gender identity as protected categories. The legislation would, among other implications, grant biological men access to women-only spaces such as sports teams and public restrooms, and compel healthcare providers to deliver sex-denying healthcare (9). The company supports DEI within its business practices. From its Diversity and Inclusion Toolkit: “At Dropbox, we’ve made the investment in DEI
inititives, programs, and projects run by a team
of DEI experts” (10). In 2016, the company signed a public letter opposing a proposed religious freedom law in Missouri (11). Dropbox scored a 95 out of 100 on the 2023-2024 Corporate Equality Index (CEI) from the Human Rights Campaign (HRC), a political stakeholder group (12)(13).

Criteria:

Uses corporate funds to advance ideological causes, organizations, or policies hostile to freedom of expression.

Risk Level:

High

Rationale:

Dropbox provides a benefits package for employees that covers transgender medical procedures for covered employees and dependents, including children (1). The company’s HRC 2025 CEI rating indicates the company provides a benefits package for employees that covers transgender medical procedures for covered employees and dependents, including children. This includes paid short-term leave, puberty blockers, cross-sex hormones, chest surgeries, genital surgeries, medical visits and lab monitoring, travel and lodging. Additionally, the company has pledged philanthropic support of at least one organization or event that promotes sex and gender ideology. By allowing a political stakeholder group to dictate operations, the company increases health care costs and risks dividing employees, alienating customers and harming shareholders (2)(3). Dropbox donated $500,000 to the Black Lives Matter movement and related causes (4)(5). The company is a member of the MCCA, indicating its focus on recruiting, retaining, and promoting employees based on race (6)(7). Dropbox is a Legacy Member of Out Leadership, a global network of LGBT+ business leaders from major companies that seeks to advance LGBTQ+ representation in corporate leadership and integrate LGBTQ+ priorities into workplace strategies. The first LGBTQ+ B-Corporation, Out Leadership accomplishes this through convening leadership summits, directing talent initiatives, and providing advisory solutions that emphasize the positive impact of LGBT+ inclusion for business (8)(9)(10)(11). Otherwise, there are no publicly known cases of the company using corporate funds to advance ideological causes, organizations, or policies (12).

Criteria:

Uses corporate political actions and/or financial contributions for ideological, non-business purposes.

Risk Level:

High

Rationale:

Dropbox’s HRC 2025 CEI rating indicates the company publicly advocated for controversial sex and gender ideology through local, state or federal legislation or initiatives. By allowing a political stakeholder group to dictate operations, the company risks dividing employees, alienating customers and harming shareholders (1)(2). The company has not used its PAC donations or lobbying for ideological purposes (3)(4)(5).