Kevin O’Leary, Chairman of O’Leary Ventures, joins ‘The Big Money Show’ to give his opinion on Walmart’s decision to scale back the DEI initiative and President-elect Donald Trump’s pledge to increase tariffs on Mexico, China and Canada .
Walmart’s decision Dial back its diversity, equality and inclusion “DEI” programs have been widely celebrated by conservatives, but some shareholders and Democratic officials are pushing back.
The retail giant joined the growing list of companies slashing DEI initiatives in November, following similar moves by big names including Harley-Davidson, John Deere and Tractor Supply. McDonald’s, Amazon, Meta, and American Airlines have also announced changes to their DEI policies as more companies follow suit.
While some investors hailed Walmart’s move as a step in the right direction, others are urging the retailer to reconsider abandoning DEI. In a letter addressed to Walmart CEO Doug McMillon, a group of more than 30 Walmart Inc. Shareholders, who represent more than $266 billion in combined assets, asked the company to explain the business impact of abandoning the DEI initiative, with Bloomberg calling the reversal “disappointing.” informed,
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Walmart unveiled its first logo redesign in nearly two decades on Monday. (Walmart Inc)
“It is disappointing to see the company step back from its stated values and the business opportunities associated with a diverse and inclusive workforce,” The signers wrote. “Additionally, Walmart has not offered a financial or business case for this change in policy, but the company has identified advancing ‘belonging, diversity, equity and inclusion’ as one of four priority ESG issues. “which provide the greatest potential for Walmart to create value.”
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Shareholders, which include Amalgamated Bank, Investor Advocates for Social Justice and Compassion Investing, accused the retail giant of “caving in to the bullying and pressure of anti-DEI groups” while failing to address the risks associated with racial inequality in large numbers. Requests ignored. Its shareholders in the last two proxy seasons.”
The investors requested a meeting with Walmart’s senior leadership, urging them to “consider a commitment to DEI strategies and programs that help reduce bias and systemic barriers, create inclusive workplaces, and pursue the best talent.” Let’s help.”
An employee collects shopping carts at Walmart in Burbank, California on July 22, 2020. – The country’s most populous state reported a record 12,807 new coronavirus infections in the last 24 hours. (Robin Beck/AFP via Getty Images/Getty Images)
Separately, a group of 13 Democratic state attorneys general expressed similar sentiments. letter sent to macmillan One day later. The signers, which include the attorneys general of New York, New Jersey, Maryland, Nevada, Rhode Island, Hawaii, Vermont, California, Minnesota, Maine and Connecticut, called on the retailer to explain how it protects civil rights in the workplace. Will do and he will be punished. Walmart’s decision to roll back DEI policies.
“Threats to boycott, sue, or otherwise negatively impact Walmart’s bottom line may have contributed to your decision to walk away from your commitments to DEI. But we are concerned that Walmart failed to consider the other side. “There are customers and employees who will be alienated by this departure,” he wrote.
The letter further states, “These changes are bad for business and bad for Walmart’s customer base, including our states.” “Particularly considering your prior statements on the important values of diversity and inclusion, we urge you to reconsider your announced changes.”
When contacted for comment, Walmart told Fox Business, “We are one company with the same values with the same commitment to creating a sense of belonging for all of our associates, customers and members. Walmart Focusing on making.” And we will continue to reinforce this commitment through our actions.”
Walmart US CEO and President John Ferner The move was similarly defended during an appearance on “CBS Mornings” in November, when the nation’s largest retailer confirmed it would be making several changes, including eliminating inappropriate marketing to children from its online marketplace. This also includes removing sexual and transgender products from third-party merchants.
It also said Walmart would stop funding the Center for Racial Equity, a nonprofit that Walmart launched as a five-year initiative in 2020, and would stop using “LatinX” and “DEI” in official communications. ” will remove the words completely.
A Walmart store is seen in downtown Florida, United States, on May 6, 2024. (Photo by Jakub Porzycki/Nurfoto via Getty Images) (Jakub Porzycki/Nurfoto via Getty Images/Getty Images)
“Like many companies across America, we are on a journey,” Furner said Of vicissitudes. “We’re going to continue to be on the journey. And what we’re trying to do is make sure that every customer, every associate feels welcome here in the store and they feel like they belong.”
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Walmart will also no longer participate in the Human Rights Campaign Corporate Equality Index, a report that rates U.S. businesses on their policies for LGBTQ employees.
Fox Business’s Christine Parks contributed to this report.