Welcome to Extreme Investor Network, where we provide you with unique insights and analysis on the latest business news. Today, we’re diving into the recent decision by Molson Coors to reverse their diversity, equity, and inclusion policies, joining a growing list of companies making similar moves.
In an internal memo obtained by CNBC, Molson Coors announced that they will be eliminating supplier diversity quotas, citing complexities and external factors that influence these quotas. However, the company remains committed to ensuring that their suppliers reflect their diverse consumer base.
One interesting change is the rebranding of Employee Resource Groups to Business Resource Groups, highlighting a shift in focus towards key business objectives. Additionally, Molson Coors will no longer participate in voluntary third-party company rankings, including the Human Rights Campaign’s Corporate Equality Index, where they previously scored a perfect 100 points.
Despite criticism from conservative activist Robby Starbuck, who viewed these changes as preemptive responses to recent scrutiny, Molson Coors clarified that this decision has been in process since March. The company’s move comes on the heels of other retailers scaling back their DEI efforts, with Tractor Supply, Harley-Davidson, Lowe’s, and Ford all making similar adjustments.
This shift in corporate DEI practices follows a renewed interest in diversity initiatives after the events of 2020, but concerns have arisen following the Supreme Court’s decision to overturn affirmative action in colleges. While this decision does not directly impact corporate initiatives, companies are wary of anti-DEI sentiments seeping into corporate America.
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