DEI under threat: Corporate world must hold the line

As the dark clouds of bigotry and ignorance emanating from the White House cast their lengthening shadows across the corporate world, we all have a duty to support those trying to hold the line and preserve Diversity, Equality and Inclusion (DEI) initiatives.

The last few weeks have seen major businesses retreat from previously proudly proclaimed DEI policies, clearly following the lead from President Trump and his emboldened “anti-woke” stormtroopers. The sackings of top black and female military commanders can surely leave no-one in any doubt about the true motivations for these savage actions.

To see some of the world’s largest and most powerful businesses fall in behind this is shocking but not surprising.

The collapse of the many initiatives around the COP 26-inspired Glasgow Financial Alliance for Net Zero (GFANZ) showed how easily intimidated major firms are when political sabres are rattled in their direction. The rapid withdrawal of insurers, banks and asset managers from GFANZ’s initiatives showed a shocking degree of corporate cowardice. They meekly caved in in the face the threats of legal action over competition law. These were crudely contrived and entirely specious. We all know the real motivation of the Republican attorneys-general was climate change denial.

Some of the same suspects  – Goldman Sachs, Blackrock, Wells Fargo, Citibank and Morgan Stanley among others  – have been quick to abandon or water-down their DEI policies at Trump’s behest. They have been joined by two of the big four global consultancies – Deloitte and KPMG. Other financial, consulting, service and manufacturing giants will no doubt follow.

But there is hope.

Deloitte UK has distanced itself from this spineless retreat, as has McDonald’s UK operation. Others are hopefully quietly doing the same. I do not doubt the huge challenges the UK and European executives of these global businesses face in trying to hold the line against what must be uncomfortable pressure from their US counterparts and bosses. 

That is why we must do everything we can to support them and help them hold the line on DEI. Some may say why? There are many answers to that question: fairness and justice leap out. But businesses benefit from having a more diverse, representative workforce. Supporting DEI is a win-win for everybody.