Disney shareholders widely reject anti-DEI proposal

A shareholder proposal seeking for Disney to reconsider participating in the Human Rights Campaign’s (HRC) corporate equality index went up for a vote on Thursday at the entertainment giant’s annual meeting – and stockholders widely voted against it. 

Disney has long been a participant in the corporate equality index that the HRC describes as a “national benchmarking tool on corporate polices, practices, and benefits pertinent to lesbian, gay, bisexual, transgender, and queer employees,” most recently earning a top rating of 100 for this year’s index. 

Only 1% of shareholders voted to support the proposal for Disney to stop taking part in the HRC’s corporate equality index, according to a preliminary tally announced Thursday. 

HRC’s corporate equality index survey involved over 1,400 companies this year, the HRC website indicated.

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The entertainment giant’s board had advised in Securities and Exchange Commission (SEC) filings for its stockholders to “vote against this proposal” leading up to the shareholder meeting.

Among the reasons the Disney board provided for its stance were its belief that it would not “provide additional value to shareholders” and that the company “provides transparency on a wide range of matters important to shareholders including through participating in external surveys.”

The National Center for Public Policy Research had put forward the proposed measure for Disney to back away from the HRC index.

It argued that Disney’s involvement in such divisive political issues has alienated segments of the audience, and damaged the company’s stock price. It urged investors to support the proposal, which it says provides an opportunity for Disney “to move back to neutral.” 

The HRC has seen some big-name companies step back from its corporate equality index in recent months, including Ford, Harley-Davidson and Lowe’s. 

Disney shareholders also cast their votes on several other items at the annual meeting. 

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Every single one of the entertainment giant’s directors won re-election to its board. Its board consists of James Gorman, Mary Barra, Amy Chang, Jeremy Darroch, Carolyn Everson, Michael Froman, Bob Iger, Maria Elena Lagomasino, Calvin McDonald and Derica Rice. 

Shareholders rejected a proposal to publish a report disclosing how its retirement plan investments protect the plan’s beneficiaries from investments in high-carbon companies.

Investors voted against a proposal that called on Disney to issue a report evaluating how it evaluates the risks related to discriminating against ad buyers or sellers based on their political or religious views.

Disney’s investors also rejected a proposal that called on the company to adopt politically neutral ad policies.

Shareholders of record as of Jan. 21 were eligible to cast votes at the annual meeting, according to Disney’s proxy statement.

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The annual meeting was held roughly a month-and-a-half after Disney released its financial results for the first quarter. 

The entertainment giant generated $24.96 billion in revenues during fiscal 2025’s first quarter. Its net income, meanwhile, came in at $2.55 billion. 

Reuters contributed to this report.