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Corporate giants retreat from board diversity mandates, Bloomberg reports
Corporate giants retreat from board diversity mandates, Bloomberg reports
Luke Juricic
Fri, February 20, 2026 at 8:30 AM GMT+9 1 min read
In this article:
AXP
-1.04%
Investing.com – The corporate landscape continues to shift as major American firms move to dismantle formal diversity requirements for their governing boards. According to a Bloomberg report, American Express Company (NYSE:AXP), Deere & Company (NYSE:DE), and Johnson & Johnson (NYSE:JNJ) have officially abandoned specific diversity criteria previously used to select new directors.
This pivot follows intensifying pressure from conservative shareholder activists who argue that such mandates prioritize identity over merit. The National Legal and Policy Center (NLPC) recently disclosed documents to Bloomberg confirming these policy reversals at both American Express and Deere.
The NLPC, a nonprofit focused on corporate integrity, has been a primary driver of these governance changes through targeted shareholder proposals. “They already see the DEI wave has gone in the opposite direction,” said Paul Chesser, director of the NLPC’s Corporate Integrity Project.
American Express reportedly entered into a formal agreement with the activist group in October to modify its board selection language. Meanwhile, Deere amended its bylaws shortly after the NLPC filed a proposal seeking the removal of diversity-based benchmarks.
The retreat from these policies reflects a broader trend within the financial and industrial sectors to mitigate legal and political risks. Goldman Sachs Group Inc. is also reportedly weighing similar changes to its board governance rules as the regulatory environment evolves.
This strategic withdrawal gained momentum following executive orders aimed at eliminating what the current administration describes as “illegal DEI.” As legal challenges to these directives fail in federal courts, more corporations are expected to quiet their social advocacy in favor of traditional governance.
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