- 98% of shareholders voted against two anti-DEI proposals aimed at dismantling diversity, equity, and inclusion initiatives at Goldman Sachs.
- The decision aligns with broader corporate resistance to anti-DEI efforts, following similar shareholder rejections at companies like Apple, Costco, John Deere, and Disney.
- Goldman Sachs reaffirmed its commitment to diversity while addressing evolving legal requirements in the wake of increased scrutiny over corporate DEI policies.
Goldman Sachs shareholders decisively rejected two anti-DEI proposals at the firm’s annual meeting, with each receiving only 2% support. The proposals, submitted by the National Center for Public Policy Research (NCPPR), sought to eliminate DEI-based executive compensation incentives and review potential legal and reputational risks associated with the bank’s diversity initiatives.
The Goldman Sachs board had urged shareholders to oppose the proposals, emphasizing the strategic importance of diversity.
“We believe that diversity, including diversity of thought, experience and perspectives, is important to our commercial success,” the board stated in its proxy recommendation.
“To be clear – there is no place at Goldman Sachs for discrimination of any kind, against any person on the basis of a protected characteristic.”
The NCPPR, which has previously pushed similar measures at companies such as Apple, Costco, John Deere, and The Walt Disney Company, cited Goldman’s “Inclusion Networks” as examples of what it labeled “unethical and illegal racial discrimination.” The proposals also called for an independent racial discrimination audit, referencing the firm’s mentorship programs, race-based executive representation targets, and diversity-focused investment initiatives.
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During the Q&A session, the presenter of NCPPR’s proposal questioned CEO David Solomon on Goldman’s support for LGBTQ+ initiatives, specifically asking about the company’s commitment to “transgenderism.” Solomon responded firmly:
“We run an inclusive organization, and we’re going to continue to run an inclusive organization.”
The vote comes amid heightened scrutiny of corporate DEI policies following the U.S. Supreme Court’s decision to overturn race-based affirmative action in college admissions. Despite this shifting legal landscape, shareholders across several major corporations have consistently rejected anti-DEI proposals in recent months.
Goldman Sachs acknowledged adjustments made in response to evolving U.S. legal requirements. CEO David Solomon noted that the company had removed a section related to “diversity and inclusion” from its annual filing, stating the firm “made certain adjustments to reflect developments in the law in the U.S.”
While anti-DEI movements have gained traction in certain circles, Goldman Sachs’ shareholder vote underscores continued executive and investor confidence in the long-term value of diversity initiatives for driving commercial success and shareholder value.
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