Costco shareholders overwhelmingly reject anti-DEI measure

• Anti-DEI shareholder proposals have surged over the past few years.

State of play: The anti-DEI proposal was filed by the National Center for Public Policy Research, a conservative think tank.

• Costco grabbed headlines over the holidays when its board of directors put out a robust defense of its DEI efforts in response to the anti-DEI proposal.
• The board had voted unanimously to ask shareholders to reject the motion.

Zoom out: Trump issued a sweeping executive order Tuesday revoking decades of diversity and affirmative action practices in federal government.

What they're saying: "The fact that 98% of investors voted against the proposal shows that almost all investors are not buying what the anti-ESG and anti-DEI organizations are selling," Jonas Kron, Trillium Asset Management's chief advocacy officer, said in a statement to Axios.

• "It's also a strong indication that all the media reports of the death of DEI and ESG are way overblown," Kron said. "The investing community clearly understands the importance and value of these ESG and DEI approaches and are ready to express that through their votes."

Editor's note: This story has been updated with additional information.

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