Oklahoma launches effort to oppose corporate DEI (2025)

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February 11, 2025

Oklahoma Treasurer Todd Russ (R) announced plans to oppose corporate diversity, equity, and inclusion (DEI) programs through shareholder proposals using its $2 billion Tobacco Settlement Endowment Trust.

DEI is typically associated with the social component of ESG. Treasurer Russ has argued corporations should be politically neutral and avoid using corporate money for DEI and ESG goals.

According to Bloomberg:

“

Oklahoma is poised to become the first Republican state to try to use its influence as an investor to end DEI in corporate America, targeting companies including Amazon.com Inc. and Alphabet Inc. in shareholder proxy proposals. Using an increasingly popular tactic among conservative investors who are going after everything from Wall Street banks to health-care giants, Oklahoma Treasurer Todd Russ is planning to confront six companies that the state invests in through its $2 billion Tobacco Settlement Endowment Trust. The other companies are Netflix Inc., Lululemon Athletica Inc., GoDaddy Inc. and Yum! ... Although anti-DEI shareholder proposals have historically received only about 2% investor support, the move is designed to raise visibility and combat the power of progressive funds from California and New York, which for years have pushed businesses on everything from disclosing their greenhouse gas emissions to undergoing racial-equity audits.

”

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