Caterpillar’s DEI Metamorphosis Evolves After National Center Proposal

Was 2024 the year DEI fell apart? The major companies, universities that ditched the policy this year

Caterpillar makes policy changes in yet another corporate DEI rollback

Uber and Citi Cut ‘Anti-Racist’ From Corporate Vocabulary – More than a dozen US companies changed DEI-related language Following DEI Backlash

As You Sow Misleads Readers about Anti-DEI Proposals

Earlier this summer, as the 2025-2026 proxy season came to a close, leading progressive shareholder group As You Sow intentionally misled readers about the success of anti-DEI proposals. As You Sow suggested that voting results on anti-DEI shareholder proposals at 43 companies this season, including Disney, Costco, Visa, and Apple, proved that 99% of investors are opposed to anti-DEI measures.  As You Sow claimed that the universal failure of these proposals sends an “unmistakable message” to corporate boards that DEI is a “financial asset” that directors need to prioritize for the needs of the company, labelling anti-DEI efforts as a “political threat.” A 0-43 record for anti-DEI proposals does appear striking at first. However, no ESG proposals won majority support in the 2025-2026 proxy season, which includes pro-DEI proposals at 0-10 with an average support around 13%.  According to Broadridge’s 2025 ProxyPulse report, voting by retail investors “declined to 28% of their shares owned in 2025,” which is the lowest level of participation in 9 years. Low retail investor participation is the historical norm, as proxy votes are disproportionately cast by large institutions on their behalf, not by individual investors. As You Sow knows this. Furthermore, for As You Sow to suggest that “[d]iversity is not a liability to be managed, it is a dividend to be captured” when companies like IBM and Nike have recently faced intense scrutiny for their DEI practices is absurd.  To learn more about the Myth of Shareholder Democracy, consider reading Stefan Padfield’s piece titled: Proxy Voting and the Myth About Shareholder Democracy. 

DEI by Another Name

In response to legal, political, consumer, or shareholder pressures, companies are increasingly replacing “DEI” terminology with broader terms such as “Inclusion,” “Culture,” or “Belonging,” while providing little explanation as to whether the changes are substantive or primarily cosmetic.  For example, CVS Health renamed its public-facing DEI page to ”Inclusion & Belonging” without issuing a public statement explaining the change. The company also stopped referencing a diversity pay metric for leadership in their annual 10-K filing. Similarly, Home Depot quietly removed its DEI webpage and replaced it with a ”Living Our Values“ section. While these changes alter the public branding, they do not necessarily clarify whether the companies’ underlying policies or priorities have materially changed.  From a shareholder perspective, this lack of transparency can create uncertainty about a company’s strategic direction and how it intends to approach politically and socially contentious issues going forward. It is in companies’ best fiduciary interest to clearly communicate whether they are maintaining, modifying, or discontinuing DEI-related initiatives rather than simply changing terminology. Providing that clarity allows shareholders and other stakeholders to better understand the company’s priorities and evaluate whether its policies remain focused on advancing its core business objectives and long-term fiduciary responsibilities.  Home Depot’s Previous DEI Page vs Its “Rebranded” Page

How Companies Have Responded to the SPLC

Growing scrutiny of the Southern Poverty Law Center has sparked a broader conversation about how its “hate group” list is being used to blacklist mainstream Christian and conservative nonprofits from corporate charitable giving programs, most notably through Benevity, one of the largest employee-match platforms, used by hundreds of the Fortune 500. Below, we track how companies are responding to the public call to distance themselves from the SPLC and to stop using its designations to discriminate in corporate giving. 7 Publicly removed the SPLC filter 5 Confirmed no politicized filters 5 Distanced themselves from the SPLC 2 Dodged or downplayed the filter 7 Publicly removed the SPLC filter Salesforce Bowyer Research (Substack) Mastercard Bowyer Research (Substack) Texas Instruments Bowyer Research (Substack) AT&T Bowyer Research (Substack) NVIDIA Daily Signal Microsoft Daily Signal DoorDash Daily Signal 5 Confirmed they do not use politicized hate-group filters for charitable eligibility Meta Bowyer Research (Substack) Morgan Stanley Bowyer Research (Substack) Citi Citi Foundation statement McDonald’s American Express 5 Publicly distanced themselves from the SPLC Reported together in a single account of tech companies stepping back from the SPLC. Source: Daily Signal → Alphabet Mastercard Meta PayPal Salesforce 2 Dodged or downplayed the SPLC filter Starbucks …