With near-unanimous opposition, investors signal continued support for diversity and inclusion—even as political and legal headwinds grow stronger.

A 2% vote sends a loud message

At Goldman Sachs’ annual meeting this week, shareholders overwhelmingly rejected two proposals that aimed to dismantle the firm’s DEI policies. Each resolution—one targeting DEI-related executive incentives and another demanding a racial discrimination audit—garnered just 2% of shareholder support.

The result wasn’t close. But the backdrop was complex.

These proposals reflect a growing wave of pushback against corporate diversity policies in the U.S., following the Supreme Court’s 2023 decision against affirmative action in college admissions. The National Center for Public Policy Research (NCPPR), a conservative think tank behind several such proposals, has been on a campaign to pressure companies to reexamine or reverse DEI initiatives.

Shareholder backlash doesn’t match public pressure

Despite the legal and political noise, institutional investors and shareholders appear unmoved. Similar anti-DEI proposals from NCPPR have failed at Apple, Deere, and other major U.S. corporations in recent months.

At Goldman Sachs, the company has already made adjustments to align with legal developments, including removing a dedicated section on DEI from its annual financial filing. CEO David Solomon described the change as a response to “developments in the law in the U.S.” But the firm stopped far short of dismantling any existing programs.

READ MORE: US Supreme Court Allows Trump Administration to Freeze $65M in DEI Education Grants

What the proposals demanded—and why they failed

NCPPR’s first resolution called for Goldman Sachs’ board to commission an “independent racial discrimination audit,” claiming the firm’s DEI efforts were discriminatory. It cited Goldman’s mentorship programs, inclusion networks, investment goals, and IPO diversity standards as examples of race-based decision-making.

A second proposal went after executive compensation, calling for a reevaluation of any financial incentives linked to diversity and inclusion. The argument: such incentives could expose the firm to legal or reputational risk.

In its response, Goldman’s board issued a firm recommendation to vote against both measures. The board reiterated its belief that diversity—including “diversity of thought, experience and perspectives”—is critical to long-term success.

A strategic defense of inclusion

Goldman Sachs emphasized that none of its policies involve numerical quotas or promotional targets based on race or gender. The firm stated clearly: “There is no place at Goldman Sachs for discrimination of any kind, against any person on the basis of a protected characteristic.”

That language—carefully worded yet resolute—reflects how corporate America is beginning to reframe DEI. No longer simply a moral issue, it’s now defended as a legal, commercial, and strategic imperative.

While the political climate has shifted, the message from Goldman Sachs investors is clear: DEI is here to stay.

Even in a changing legal landscape, shareholder support for equity, inclusion, and transparency remains rock solid.

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