this post was submitted on 24 Jan 2025
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Summary

Costco shareholders voted overwhelmingly (98%) against a proposal by a conservative think tank, the National Center for Public Policy Research, to assess risks linked to the company's diversity, equity, and inclusion (DEI) programs.

Costco’s board supported DEI initiatives, dismissing the proposal as partisan and unnecessary.

This rejection contrasts with trends in other companies scaling back DEI efforts.

The vote comes amid new federal rules from Trump targeting DEI initiatives in federal agencies, potentially impacting private vendors working with the government.

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[–] grue@lemmy.world 99 points 1 day ago* (last edited 1 day ago) (4 children)

FYI: for normal corporations (i.e. not ones with individual majority stockholders like Musk) shareholder votes are almost always dominated by votes from the big mutual funds, and the managers of those funds always vote for whatever the board recommends as a matter of policy. The actual mom & pop investors who own the shares through those mutual funds in their 401(k)s etc. are entirely disenfranchised.

In other words, the actual owners of Costco had mostly fuck-all to do with this. We're just lucky that Costco's board of directors isn't terrible, for once.

[–] catloaf@lemm.ee 32 points 1 day ago

Not always. I get proxy vote requests pretty often.

You also have the option to choose opinionated funds that only invest in things like green energy.

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[–] werefreeatlast@lemmy.world 20 points 1 day ago

Only 2% of Coscosians are racist....Coscosians are Costco Shareholders.

[–] theywilleatthestars@lemmy.world 0 points 14 hours ago

Rare corporate W

[–] ptz@dubvee.org 35 points 1 day ago

Shareholders, if you keep that up, maybe I'll grudgingly, once in a while, "think of the shareholders".

[–] rbos@lemmy.ca 13 points 1 day ago (2 children)

I wonder if Costco stock is a good buy right now. Currently $937 up from $300 in 2020. A P/E of 55, with 0.5% annual dividends paid quarterly.

With the new risk of being targeted by MAGAs for a boycott, I could see that being a problem. I don't think Costco's survival as a corporation depends on its stock. They do stock buybacks, which is going to be artificially inflating the price a bit.

If it drops significantly, I could see it being worth the pickup. Maybe I'll sell some long put options.

[–] GiddyGap@lemm.ee 14 points 1 day ago (1 children)

US stocks are incredibly expensive right now based on their earnings. If Trump messes up just slightly on the economy, the market will take a huge hit. To prop up the market and thereby his own ego, he's going to try to force Powell to lower interest rates even if it's not supported by the numbers.

He may or may not be successful. Good luck.

[–] grue@lemmy.world 7 points 1 day ago* (last edited 1 day ago)

To prop up the market and thereby his own ego, he’s going to try to force Powell to lower interest rates even if it’s not supported by the numbers.

Ah, just like in 2019, which is why they were already at damn near 0% and had nowhere to go when the pandemic started.

(Just in case people need a reminder of where all that "covid" inflation really came from.)

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[–] danc4498@lemmy.world 24 points 1 day ago (2 children)

The whole dei firing thing doesn’t make any sense. It’s not like unqualified people were hired.

[–] dhork@lemmy.world 39 points 1 day ago (2 children)

Actually, that's exactly what they think.

The anti-DEI crowd thinks exclusively in zero-sum outcomes. There is exactly one Best Candidate for a position, who happens to look like them. If a different candidate is hired, then the whole process is obviously unfair, because they didn't hire the one ~~white~~ right candidate.

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