Disney removes two DEI programs from annual filing as more companies scale back diversity commitments

Yahoo Finance
02-11

Disney (DIS) has joined a growing list of companies that have removed or altered their diversity, equity, and inclusion (DEI) initiatives after the Trump administration filed executive orders to dismantle federal DEI programs within the US government.

According to the company's latest 10-K filing for the full year ending Sept. 30, 2024, Disney has removed two DEI programs previously listed under the Diversity, Equity, and Inclusion section of its report.

One includes the company's "Reimagine Tomorrow" initiative. 

According to the 2023 filing, the program was described by Disney as its "digital destination for amplifying underrepresented voices and features some of Disney’s DE&I commitments and actions." Notably, the website is still active.

"The Disney Look" appearance guidances were also dropped. 

The 2023 filing said the guidelines were "updated to cultivate a more inclusive environment that encourages and celebrates authentic expressions of belonging among employees."

Disney did not immediately respond to Yahoo Finance's request for comment. It's unclear if the moves mean the company has outright eliminated those specific DEI investments.

The development comes as President Trump has doubled down on eliminating DEI programs at the federal level, with high-profile companies taking similar action in recent weeks.

“My administration has taken action to abolish all discriminatory diversity, equity, and inclusion nonsense,” Trump said last month during a virtual address to the World Economic Forum in Davos, Switzerland.

As Yahoo Finance's Alexis Keenan has highlighted, a slew of corporate giants have backed away from diversity initiatives, including Target (TGT), Meta (META), Walmart (WMT), McDonald's (MCD), Lowe’s (LOW), Ford (F), Tractor Supply (TSCO), and John Deere (DE).

Others, like Costco (COST) and Apple (AAPL), have held firm, with the latter encouraging its investors to vote down a shareholder proposal that would eliminate the tech giant's DEI programs, according to a proxy filing from the company. The vote will take place later this month.

But for Disney, the DEI pivot is particularly notable given the company's years-long battle over the company's special tax district.

The district, previously known as the Reedy Creek Improvement District (RCID), allowed Disney to operate as a self-governing entity since its inception. Florida's Republican Governor Ron DeSantis seized control of the district in 2023 following Disney's opposition to the state's so-called Don't Say Gay law. The law forbids instruction on sexual orientation and gender identity from kindergarten through third grade.

The back-and-forth legal battle finally ended in June of last year, with a $17 billion development plan set for Orlando's Walt Disney World Resort. But the controversy shed a bright light on the backlash that can ensue when corporations take a stand on political issues.

A screen shows the logo and a ticker symbol for The Walt Disney Company on the floor of the New York Stock Exchange (NYSE) in New York, U.S., December 14, 2017. REUTERS/Brendan McDermid/File Photo
Reuters / Reuters

At the the company's 2023 annual shareholder meeting, Disney CEO Bob Iger weighed in on what's been described as a "woke" agenda from Disney, saying he's "sensitive" to that perception and the primary mission of Disney is to entertain: "[Our stories] should not be agenda-driven."

When asked why Disney feels the need to take on any type of political position, Iger said he has certain responsibilities to the business and its 75,000-plus employees.

"As the CEO of the company, my job is to strive to do what I think is best for our business and that includes to invest in what's best for our cast members or our employees and what would enable both to flourish," he said at the time.

"I don't think we should or can weigh in on every issue," he continued. 

"I also understand there will be gray areas. ... The standard is when we take a position on [private or public] matters, there's a true reason why [and] in almost all cases it has to be because it directly effects our business or our people."

Alexandra Canal is a Senior Reporter at Yahoo Finance. Follow her on X @allie_canal, LinkedIn, and email her at alexandra.canal@yahoofinance.com.

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