Quick Hit:

Disney has quietly removed two diversity, equity, and inclusion (DEI) programs from its SEC filings as investors push back on the company’s woke initiatives. The move comes as President Trump orders an end to DEI policies in federal agencies and companies contracting with the government.

Key Details:

• Disney dropped its “Reimagine Tomorrow” initiative and “The Disney Look” appearance guidelines from its 2024 SEC 10-K report.

• The decision follows backlash over the company’s handling of Florida’s Parental Rights in Education law and pressure from conservative investors.

• President Trump has vowed to investigate corporate DEI policies, leading major firms like Meta and John Deere to roll back similar initiatives.

Diving Deeper:

Disney’s quiet retreat from its once highly promoted DEI policies is the latest sign that corporate America is feeling the heat from investors and the Trump administration’s crackdown on woke initiatives. The entertainment giant notably omitted its “Reimagine Tomorrow” program from its 2024 SEC 10-K filing, despite the initiative’s past prominence in Disney’s corporate commitments. The program, which pledged to ensure that 50% of recurring Disney characters came from “underrepresented groups,” was widely criticized in 2022 when a leaked Zoom call revealed executives openly pushing a progressive agenda.

In addition, Disney removed references to its “The Disney Look” appearance guidelines, which had been rebranded in 2023 to promote “authentic expressions of belonging” among employees. The company has not publicly commented on these omissions, but Stefan Padfield of the Free Enterprise Project noted that Disney may either be quietly scaling back its DEI investments or attempting to conceal them in anticipation of legal challenges.

This shift comes as President Trump has moved aggressively against DEI policies in both the public and private sectors. His administration recently announced investigations into nine major corporations over their DEI practices, pressuring companies to reconsider such policies. Similar scrutiny has led major firms like Meta and John Deere to pare back their DEI commitments, while others, including Apple and Costco, have resisted the trend.

The legal front is also heating up. Target was hit with a shareholder lawsuit last week, accusing the retail giant of misleading investors about the risks associated with its DEI initiatives. The suit argues that the company’s aggressive promotion of social justice policies alienated customers, triggering consumer boycotts and a significant drop in its stock price.

With investor activism rising and Trump’s administration making DEI a central battleground, corporations that once championed woke policies may be forced to make a choice: continue their ideological push at the risk of financial and legal consequences, or quietly course-correct in an effort to avoid scrutiny. Disney’s latest moves suggest that, for now, it is opting for the latter.