'We do not believe the request would provide additional value to shareholders'
Disney's board has shot down a proposal asking the entertainment giant to pull out of the Human Rights Campaign Foundation's (HRC) Corporate Equality Index.
The board "unanimously" recommended voting against the proposal, which was brought forward by the National Centre for Public Policy Research.
"We do not believe the request would provide additional value to shareholders," the board said in response to the request.
The HRC's Corporate Equality Index (CEI) is the national benchmarking tool on corporate policies, practices, and benefits pertinent to lesbian, gay, bisexual, transgender, and queer employees.
Disney has received a perfect score on the CEI since 2007, which means that the company has satisfied all of the criteria for that year and is recognised as one of the "Best Places to Work for LGBTQ+ Equality."
But the National Centre for Public Policy Research, a conservative think tank in the United States, said this perfect score from Disney meant that it "espouses and funds" the "divisive positions" from HRC.
Among these positions are sowing gender confusion in children, encouraging irreversible surgical procedures on confused teens, effectively eliminating girls' and women's sports and bathrooms, as well as rolling back longstanding religious liberties, according to the centre.
"When corporations take extreme positions, they destroy shareholder value by alienating large portions of their customers and investors," the think tank said.
The centre stated that its proposal to withdraw from the CEI gives Disney the opportunity to move back to a neutral position.
"Withdrawal from the CEI constitutes a corporate best practice because destroying shareholder value by engaging in the sort of divisiveness the CEI mandates conflicts with applicable fiduciary duties," the think tank said in its proposal.
The rejection of Disney investors on the proposed plan to withdraw cited the importance of transparency to its stakeholders.
"As a global company, our stakeholders care about a range of interests with respect to the Company's policies, practices, and performance," its board said in its response.
"Our Global Public Policy team, together with Human Resources, Investor Relations, and other teams with subject matter responsibilities, regularly assesses how to provide effective transparency, including through participation in third-party and collaborative initiatives, and voluntary surveys."
It added that the board and its committees oversee the company's workforce equity matters, environmental, social, and governance (ESG) reporting, as well as human rights policies.
"Given the company's existing practices to assess participation in transparency efforts and the board's oversight of ESG reporting, workforce equity matters, and human rights policies, we do not believe this proposal would provide additional value to shareholders," the board said.
Eric Bloem, Vice President of Corporate Citizenship at the HRC Foundation, welcomed the response of Disney's board to the proposal.
"This vote gives us a clear statement of values from Disney's shareholders," Bloem said in a statement. "They know what we know - that despite all the noise, commitments to inclusion pay figurative dividends and help their literal bottom line."
Data from the HRC last year revealed that 80% of LGBTQ+ consumers would consider boycotting companies that roll back inclusion initiatives, with more than half stating they would encourage others to do the same.
According to Bloem, 93% of LGBTQ+ employees also believe that scoring 100 on the CEI indicates support for the community.
"Those are current and future employees and customers. Disney shareholders recognise this."
Disney joins companies, such as Apple and Costco, that have resisted pressure from the National Centre for Public Policy Research to scrap their diversity and inclusion policies.
However, there are also a number of organisations that made changes to their diversity and inclusion policies, including withdrawing from the HRC's CEI. They are:
Despite a number of withdrawals from the CEI last year, the HRC Foundation said 1,449 businesses still participated in the 2025 CEI, including 72 first-time participants.
According to the foundation, 765 companies earned a score of 100, a 28% increase from a year ago.
"At times, progress meets backlash, but companies continue to dedicate the time and resources to reinforcing workplace inclusion," said HRC president Kelley Robinson in a statement.
"As a result, they are more competitive and more creative while attracting and retaining top talent and widening their consumer base. Our door is open for companies looking to learn more about supporting every single employee so they can bring their best to work."
