03:53 PM EST, 01/15/2025 (MT Newswires) -- Walmart's ( WMT ) shareholders, representing $266 billion in funds, have urged the company to explain its decision to scale back Diversity, Equity, and Inclusion, or DEI initiatives, calling the move "disheartening" and inconsistent with its stated values.

In a Tuesday letter to Chief Executive Doug McMillon, Walmart ( WMT ) shareholders, including Amalgamated Bank and Mercy Investment Services, criticized the company's retreat from DEI commitments, and emphasized the importance of DEI initiatives for fostering inclusivity, addressing systemic inequities, and driving business benefits, citing three decades of dialogue with Walmart ( WMT ).

"Moreover, Walmart ( WMT ) has sent a clear signal to all underrepresented and marginalized groups that Walmart ( WMT ) will not fight to protect their rights," the letter said, adding that the shareholders are "concerned" the company is yielding to anti-DEI pressure while neglecting shareholder calls to address racial inequity risks, despite many companies continuing to support DEI initiatives.

The shareholders, organized by the Interfaith Center on Corporate Responsibility, have requested a meeting with Walmart's ( WMT ) senior leadership and board to discuss the policy changes. They argue that abandoning DEI initiatives risks alienating underrepresented groups that comprise over half of Walmart's ( WMT ) workforce and could harm the company's reputation and long-term growth.

Walmart ( WMT ) did not immediately respond to a request for comment from MT Newswires.

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