According to a recent Fenwick analysis of Proxy Analytics data, the 2026 proxy season has seen a shift in the mix of diversity, equity, and inclusion (DEI) shareholder proposals, with anti-DEI proposals now accounting for the majority of DEI-related submissions, while pro-DEI proposals have declined significantly in both volume and shareholder support compared to prior years.
Fenwick reports that only 10 pro-DEI proposals had been submitted through May 31, 2026, compared to approximately 47 during the full 2025 proxy season. At the same time, 43 anti-DEI proposals were submitted, largely focused on requesting reports on potential discrimination based on social viewpoints. Despite the increase in submissions, anti-DEI proposals have continued to receive nominal shareholder support, averaging approximately 1%, while the five pro-DEI proposals that went to a vote averaged approximately 13% support, with results varying significantly by proposal category.
Fenwick suggests that DEI-related shareholder proposals may be approaching a point of diminishing returns, with pro-DEI proponents increasingly stepping back from the shareholder proposal process and anti-DEI proponents continuing to submit proposals at a high volume despite consistently receiving low shareholder support.
This post first appeared in the weekly Society Alert!