Oklahoma is poised to become the first Republican state to try to use its influence as an investor to
Using an increasingly popular tactic among conservative investors who are going after everything from Wall Street banks to
Russ is calling for "political neutrality" in the companies' policies and partnerships, including challenging "radical" political giving and donations to organizations such as Human Rights Campaign, which advocates for LGBTQ rights. He's also seeking equal treatment for
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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.
The conservative assault against DEI (diversity, equity and inclusion) has gathered renewed strength in recent weeks as President Donald Trump sets about keeping his campaign promise to dismantle DEI in the federal government and American companies.
More than 30 companies are facing shareholder resolutions on DEI issues this year thanks to proposals from groups including the National Center for Public Policy Research, Alliance Defending Freedom and the Heritage Foundation. The proposals are non-binding, but resolutions that receive at least 30% support can often inspire changes in corporate behavior.
"The fiduciary obligation of a publicly traded company is to maximize their earnings for their shareholders," Oklahoma's Russ said in an interview. When boards "double down on things like DEI, and that ends up in the boardroom, they muddy the waters on real fiduciary obligations," he said.
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The Oklahoma fund owns less than 1% of each of the stocks, with its holding totaling about $31 million across the six companies, a spokesperson for the state said. A shareholder needs to own at least $2,000 of shares in a company for three years to be able to bring a resolution, according to Securities and Exchange Commission guidelines.
A spokesperson for Amazon declined to comment. The company already halted some of its diversity and inclusion programs as part of a review of hundreds of initiatives.
Representatives for Google parent Alphabet, Netflix, Lululemon, Yum! and GoDaddy didn't respond to requests seeking comment.
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The rise in anti-DEI shareholder resolutions doesn't mean that they will get any closer to passing, said Michael Passoff, founder and CEO of Proxy Impact, which works with investors supporting environmental, social and governance issues, including DEI.
He said the proposals often fail because they lack a financial argument. "Many of the resolutions that are filed by these groups are more about their values or viewpoints than the financial materiality of what they're asking," Passoff said.
