by Stefan Padfield at RealClear Markets
The defenders of corporate diversity, equity, and inclusion (DEI) programs cannot stop twisting the truth. Their arguments are so flimsy that they rely on sleight of hand, misrepresentation, and wishful thinking to keep the DEI project alive.
First, consider shareholder votes. DEI advocates love to point to low vote counts on anti-DEI shareholder proposals as evidence that investors are overwhelmingly supportive of DEI. But this is misleading. They conveniently ignore the fact that pro-DEI proposals often receive similarly low levels of support. If a 5 percent vote in favor of a “diversity initiative” is heralded as a mandate, then logically a 5 percent vote against DEI should be treated as equally meaningful. And even when recent pro-DEI proposals have done relatively well, they have not sniffed majority support. Selective reporting betrays not just bias but dishonesty.
Worse still, these vote counts are distorted by institutional conflicts of interest. Large asset managers and proxy advisory firms—who have their own reputational and financial incentives tied to progressive causes—routinely nudge or outright pressure companies toward DEI compliance. This undermines the legitimacy of pro-DEI shareholder votes. Investors are not necessarily demanding these programs; they are often being steered toward them by intermediaries who benefit from signaling their ideological purity.
Second, the “business case for diversity” is another myth DEI proponents…
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