Costco shareholders overwhelmingly reject anti-DEI proposal

Finally, some good fucking news

And the hot dog is still the same price.

Remember, the Senate is DEI for white suburbia.

Even Costco's shareholders are based. Love it.

Rare corporate W

DEI is also just called "teambuilding". All successful companies do it in some form

A corporation not being absolute trash. Let's hope they deal fairly with their unionized employees.

98%?? I love costco

What fucking risks you fucks? Hiring people with the wrong skin colors?

The news cycles since Trump won the election is fucking terrible. Every corporation is mask off and drop anything that might benefit the populace so that they go back to being cowboys and treat employees like shit.

I want to personally say fuck you to everyone that voted for Trump. I hope that you and all the members of your close circle that voted for Trump die a painful death, after being economically fucked out of any little wealth you have.

The world is better off without you cunts.

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.

Today my CEO at a large corpo org stood in front of a packed room of minority employees and assured us that the company would continue DEI policies regardless of the government and essentially said "fuck Trump" in the most politically correct way possible. It feels good that my workplace is such a safe space. I think we're about to find out what companies actually give a shit versus those using optics to prey on the LGBTQ community, disabled people, and racial minorities.

I don’t understand the hate on DEI initiates. DEI is just make sure you hire a diverse work group. So if these dei employees are bad, that’s 100% on the company for hiring them. Nobody made them hire that specific person and 99/100 times employees are bad because no one trains them.

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

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

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

...called DEI programs "illegal, immoral and detrimental to shareholder value,"

Wrong, wrong, and only if they implemented DEI as a blind performance metric... Which is also wrong. You get half a point out of three, or 16.6%.
And with a grade that low, I'm completely justified in giving that person...
A Super F!

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.

Once again, Costco surprises me with basic human decency that is largely missing in the corporate world. I know it's not a high bar, not as if they're on the forefront of progressivism, or anything. But it's well beyond the average in the profit-driven and labor grinding society, and that sort of corporate action, among their other positives as an employer, should be recognized and supported. Good on you, Costco.

The backlash against DEI is at the individual level imo. How people feel is the reality, see the economy (which is also an attribute of using the wrong metrics to measure performance as it relates to the consumer but that is a different topic).

Let’s see if I can explain it: So let’s say you’re an average white guy, and you know your company has a DEI program. You feel like you work very hard, or at least as hard as everyone else in your workplace, but you see that your minority coworkers get promotions or that the new hire for a better paid position than yours is a minority you start to feel as though you’re getting passed over because of your identity. This could be because it is a diverse workplace and so the best people for the promotion may just happen to be of other races or women. It could also be actual racism which I’m sure happens but it’s probably very very rare. But that doesn’t matter, what matters is that you see people who are different from you getting promoted, and you don’t particularly feel they are better than you.

Then you maybe look a little bit into what the theory behind DEI is and you learn that it’s proponents argue that there is systemic favoritism towards white straight males which is why if you have two equally capable candidates but one is white and the other is a minority, you should choose the minority. As a straight white male you won’t feel (and frankly should not, I’m sorry) that you are responsible for your advantage in society, so what you’ll feel is that now you’re the disadvantage one and that DEI is just racism against white straight males. It isn’t but that doesn’t change how the individual feels.

My personal opinion is that DEI is more of a bandaid than a solution and some of the backlash is warranted. The real solution is for people to have equal opportunity at the lowest level, meaning education. There’s no reason for some schools to be better than others, and less for that difference to arise from the value of the houses in the schools district. Of course Trump and co will not fix it either because they campaigned on destroying the education system because they seemingly want a slave caste or something. But if everyone had equal access to good schools and colleges, I don’t think DEI as it is implemented in most orgs would be needed.

Edit: this was supposed to be a reply to @danc4498@lemmy.world

I commented this earlier but quite a few corps that tend to beat the market in returns have not abandoned DEI initiatives. These are corporations that will not bat an eye to plunge thousands into poverty or worse to save .007 cents on manufacturing costs. This tells you that they believe that DEI has some tangible value on their performance whether it’s through marketing opportunity or because their workforce is actually better.

But I think abandoning DEI for many companies is the right choice, as bad DEI is magnitudes worse than no DEI.

Shareholders or board? I think they're one in the same since they're mostly held by institutional investment. I'm so curious what their thought processes are.