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    Home » Civil rights groups call on major corporations to stick with DEI programs

    Civil rights groups call on major corporations to stick with DEI programs

    By SHOOTFriday, September 20, 2024No Comments376 Views
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    Jim Farley, Ford president and CEO, speaks during a presentation on Sept. 28, 2021, in Memphis, Tenn. (AP Photo/Mark Humphrey, File)

    By Cathy Bussewitz, Business Writer

    NEW YORK (AP) --

    A broad group of civil rights organizations called on the CEOs and board members of major companies Thursday to maintain their commitments to diversity, equity and inclusion initiatives that have come under attack online and in lawsuits.

    An open letter signed by 19 organizations and directed at the leaders of Fortune 1000 companies said companies that abandon their DEI programs are shirking their fiduciary responsibility to employees, consumers and shareholders.

    The civil rights groups included the NAACP, the National Organization for Women, the League of United Latin American Citizens, Asian Americans Advancing Justice and the Human Rights Campaign Foundation.

    “Diversity, equity and inclusion programs, policies, and practices make business-sense and they’re broadly popular among the public, consumers, and employees,” their statement read. “But a small, well-funded, and extreme group of right-wing activists is attempting to pressure companies into abandoning their DEI programs.”

    Companies such as Ford, Lowes, John Deere, Molson Coors and Harley-Davidson recently announced they would pull back on their diversity, equity and inclusion policies after facing pressure from conservative activists who were emboldened by recent victories in the courtroom.

    Many major corporations have been examining their diversity programs in the wake of a Supreme Court decision last year that declared race-based affirmative action programs in college admissions unconstitutional. Dozens of cases have been filed making similar arguments about employers. Critics of DEI programs say the initiatives provide benefits to people of one race or sexual orientation while excluding others.

    In their letter, the civil rights organizations, which also included UnidosUS, the Urban League, Advocates for Trans Equality, the National Women’s Law Center and the American Association of People with Disabilities, said divesting from DEI would alienate a wide range of consumers.

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    Tags:diversityFortune 1000 companiesinclusionNAACPNational Organization for Women



    Online forum Reddit will join the influential and closely tracked S&P 500 index

    Friday, August 14, 2026
    Reddit Inc. logos are displayed on the New York Stock Exchange trading floor, prior to the company's IPO, Thursday, March. 21, 2024. (AP Photo/Yuki Iwamura, File)

    Reddit will join the S&P 500 next week, giving the wide-ranging online forum a boost in prestige and investments.

    Joining the S&P 500 is considered an achievement for a company because the index is a widely followed measure of the broader U.S. stock market's health. A company is selected for the index based on several criteria that demonstrate stability, including market size and consistent profitability.

    Reddit's stock surged nearly 14% around midday Friday.

    Aside from status, inclusion means more investments. The index tracks 500 of the biggest U.S. stocks, and trillions of dollars in investments benchmark themselves against it. Those investments include mutual funds and exchange-traded funds. Essentially, those funds will have to buy the stock once it becomes part of the index that the fund is tracking or mimicking.

    Investors are depending more than ever on funds that simply mimic indexes such as the S&P 500. It's a lower-cost way to invest, allowing savers to keep more of their investments. Partly because of that, such index funds have usually proven to be better performers than funds that try to pick and choose individual stocks.

    Reddit will join the benchmark index as of Tuesday. A stock must trade publicly for at least 12 months to join the S&P 500. The operator of the index, S&P Dow Jones Indices, stuck to that guideline recently when it declined to fast-track SpaceX into the index after the space exploration company's massive initial public offering in June.

    Reddit's inclusion comes weeks after it posted strong financial results for the second quarter. That included its highest-ever quarterly revenue. The company has been posting profits almost every quarter since it went public in... Read More

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