At Inspire Investing, we believe every employee deserves to be treated with fairness and dignity, regardless of race, sex, religion, or viewpoint. For years, we’ve led proactive shareholder engagement with companies in the financial sector and beyond, challenging discriminatory Diversity, Equity, and Inclusion (DEI) initiatives and promoting viewpoint diversity.
We’re excited to highlight three major success stories from the 2024-2025 engagement season: Zions Bancorporation, East West Bank, and Webster Bank. In each case, Inspire filed a shareholder resolution and, after constructive dialogue, voluntarily withdrew the proposals in response to meaningful progress. These victories signal a growing shift in corporate America toward fairness and away from ideologically driven policies.
DEI initiatives surged in the wake of 2020, but they have increasingly come under scrutiny for introducing new forms of discrimination, particularly in hiring, employee training, and internal affinity groups known as Employee Resource Groups (ERGs). While DEI programs claim to promote inclusion, many instead marginalize employees based on faith, viewpoint, or traditional values.
Inspire has taken the lead in pushing back on these harmful trends. We:
- Filed shareholder resolutions targeting problematic DEI and ERG practices
- Sent letters to Fortune 1000 companies, urging executives to roll back discriminatory policies and respect religious and viewpoint diversity
- Coordinated with state financial officers and treasurers to bring unified pressure
- Partnered with organizations such as Alliance Defending Freedom (ADF) to help amplify the legal and ethical concerns surrounding discriminatory DEI practices
- Met directly with company leadership to offer practical, faith-aligned reforms.
These efforts are yielding fruit. Companies like Meta, Walmart, and Tractor Supply, all of which Inspire has engaged, have begun rolling back their DEI commitments. They are joined by a broader wave of major firms including Amazon, Alphabet, John Deere, Harley-Davidson, and Bank ofAmerica.
Meanwhile, ERGs, which can provide valuable community and professional development opportunities, have often been used to advance one-sided social agendas while excluding faith-based groups. Inspire’s position is simple: if companies offer ERGs, they should be inclusive of all employees, including people of faith. Alternatively, companies should consider removing ERGs altogether to avoid favoritism and division.
Zions Bancorporation
Zions engaged in a thoughtful dialogue with Inspire after we filed a shareholder resolution on ERGs. The company responded by:
- Removing all references to DEI and ERGs from their public-facing materials
- Confirming that DEI principles are not used in their hiring policies
- Confirming that the company does not engage in mandatory diversity training
- Clarifying that the company does not provide gender transitioning benefits to minors
- Removing the term “Latinx” from their careers page, a move widely supported by Hispanic communities and civil rights organizations, and one that we specifically requested.
Because of these substantial improvements, Inspire withdrew our resolution and commended Zions for their clear commitment to fairness, merit, and respectful language.
East West Bank
Inspire filed a resolution at East West Bank on DEI and engaged in a constructive meeting with leadership. The bank responded by:
- Removing all DEI-specific language from its public-facing materials, including its Corporate Responsibility Report
- Confirming that DEI is not a factor in hiring decisions.
We were encouraged by their responsiveness and transparency, and we withdrew our proposal as a result. East West Bank’s willingness to revise its public positioning shows that respectful dialogue can lead to real progress.
Webster Bank
Inspire filed a shareholder resolution with Webster Bank on ERGs during the 2025 proxy season. Following a direct and productive meeting with company leadership, Webster took steps that affirmed their commitment to viewpoint diversity. We subsequently withdrew the proposal in recognition of that positive engagement.
Webster also reaffirmed their leadership by once again completing the Viewpoint Diversity Score (VDS) Survey, maintaining their position as the highest-ranking bank on the VDS Business Index. Their openness to feedback and measurable steps toward fairness sets a high bar for others in the sector.
We are grateful to Zions Bancorporation, East West Bank, and Webster Bank for taking our concerns seriously, engaging respectfully, and making meaningful changes that promote fairness for all employees. These engagements reflect a growing recognition that corporate DEI policies and affinity groups must respect all viewpoints, including those shaped by faith and traditional values.
While these victories are encouraging, our work is far from done. Many companies still cling to outdated or discriminatory DEI frameworks. Inspire will continue to advocate for policies that reflect equal treatment, merit-based opportunity, and respect for religious and ideological diversity.
These wins demonstrate what’s possible when faith-based investors speak up. The tide is turning, and with each successful engagement, we move closer to a corporate culture rooted not in ideology but in fairness, freedom, and integrity.
We invite like-minded investors, institutions, and individuals to stand with us. Join the growing movement to challenge discriminatory practices and promote a better way forward. Visit www.inspireinvesting.com to connect, stay informed, and make your voice count. Together, we can ensure that all employees, including people of faith, are treated with the dignity and respect they deserve.
Disclaimers
Inspire’s engagement with public companies is part of its Biblically Responsible Investing (BRI) philosophy and aims to promote biblical values through corporate dialogue. Engagement outcomes are not guaranteed and may not directly impact investment returns. Shareholder advocacy is based on Inspire’s internal values and may not reflect those of every investor.
Inspire Investing integrates biblical principles into its investment philosophy through a Biblically Responsible Investing (BRI) approach. This value-based methodology reflects Inspire’s interpretation of Scripture and may not align with the views or beliefs of all investors. Inspire does not claim divine endorsement of any investment outcome or specific company behavior.
Advisory services are offered through Inspire Investing,LLC, a Registered Investment Adviser with the SEC. All expressions of opinion are subject to change without notice and are provided for informational purposes only. Nothing in this article should be construed as an offer, solicitation, recommendation, or endorsement of any particular security, strategy, or investment product. Investing involves risk, including the potential loss of principal. Please consult your financial advisor before making any investment decision.
Approval code: 86a9qaqt0
Tim Schwarzenberger, CFA is a Portfolio Manager with Inspire Investing and has over 20 years of industry experience. He previously served as Managing Director at Christian Brothers Investment Services (CBIS), where he was an integral member of the Investment Team responsible for implementing the firm’s strategy development, portfolio construction, and Catholic investing initiatives.
At Inspire Investing, we believe every employee deserves to be treated with fairness and dignity, regardless of race, sex, religion, or viewpoint. For years, we’ve led proactive shareholder engagement with companies in the financial sector and beyond, challenging discriminatory Diversity, Equity, and Inclusion (DEI) initiatives and promoting viewpoint diversity.
We’re excited to highlight three major success stories from the 2024-2025 engagement season: Zions Bancorporation, East West Bank, and Webster Bank. In each case, Inspire filed a shareholder resolution and, after constructive dialogue, voluntarily withdrew the proposals in response to meaningful progress. These victories signal a growing shift in corporate America toward fairness and away from ideologically driven policies.
DEI initiatives surged in the wake of 2020, but they have increasingly come under scrutiny for introducing new forms of discrimination, particularly in hiring, employee training, and internal affinity groups known as Employee Resource Groups (ERGs). While DEI programs claim to promote inclusion, many instead marginalize employees based on faith, viewpoint, or traditional values.
Inspire has taken the lead in pushing back on these harmful trends. We:
- Filed shareholder resolutions targeting problematic DEI and ERG practices
- Sent letters to Fortune 1000 companies, urging executives to roll back discriminatory policies and respect religious and viewpoint diversity
- Coordinated with state financial officers and treasurers to bring unified pressure
- Partnered with organizations such as Alliance Defending Freedom (ADF) to help amplify the legal and ethical concerns surrounding discriminatory DEI practices
- Met directly with company leadership to offer practical, faith-aligned reforms.
These efforts are yielding fruit. Companies like Meta, Walmart, and Tractor Supply, all of which Inspire has engaged, have begun rolling back their DEI commitments. They are joined by a broader wave of major firms including Amazon, Alphabet, John Deere, Harley-Davidson, and Bank ofAmerica.
Meanwhile, ERGs, which can provide valuable community and professional development opportunities, have often been used to advance one-sided social agendas while excluding faith-based groups. Inspire’s position is simple: if companies offer ERGs, they should be inclusive of all employees, including people of faith. Alternatively, companies should consider removing ERGs altogether to avoid favoritism and division.
Zions Bancorporation
Zions engaged in a thoughtful dialogue with Inspire after we filed a shareholder resolution on ERGs. The company responded by:
- Removing all references to DEI and ERGs from their public-facing materials
- Confirming that DEI principles are not used in their hiring policies
- Confirming that the company does not engage in mandatory diversity training
- Clarifying that the company does not provide gender transitioning benefits to minors
- Removing the term “Latinx” from their careers page, a move widely supported by Hispanic communities and civil rights organizations, and one that we specifically requested.
Because of these substantial improvements, Inspire withdrew our resolution and commended Zions for their clear commitment to fairness, merit, and respectful language.
East West Bank
Inspire filed a resolution at East West Bank on DEI and engaged in a constructive meeting with leadership. The bank responded by:
- Removing all DEI-specific language from its public-facing materials, including its Corporate Responsibility Report
- Confirming that DEI is not a factor in hiring decisions.
We were encouraged by their responsiveness and transparency, and we withdrew our proposal as a result. East West Bank’s willingness to revise its public positioning shows that respectful dialogue can lead to real progress.
Webster Bank
Inspire filed a shareholder resolution with Webster Bank on ERGs during the 2025 proxy season. Following a direct and productive meeting with company leadership, Webster took steps that affirmed their commitment to viewpoint diversity. We subsequently withdrew the proposal in recognition of that positive engagement.
Webster also reaffirmed their leadership by once again completing the Viewpoint Diversity Score (VDS) Survey, maintaining their position as the highest-ranking bank on the VDS Business Index. Their openness to feedback and measurable steps toward fairness sets a high bar for others in the sector.
We are grateful to Zions Bancorporation, East West Bank, and Webster Bank for taking our concerns seriously, engaging respectfully, and making meaningful changes that promote fairness for all employees. These engagements reflect a growing recognition that corporate DEI policies and affinity groups must respect all viewpoints, including those shaped by faith and traditional values.
While these victories are encouraging, our work is far from done. Many companies still cling to outdated or discriminatory DEI frameworks. Inspire will continue to advocate for policies that reflect equal treatment, merit-based opportunity, and respect for religious and ideological diversity.
These wins demonstrate what’s possible when faith-based investors speak up. The tide is turning, and with each successful engagement, we move closer to a corporate culture rooted not in ideology but in fairness, freedom, and integrity.
We invite like-minded investors, institutions, and individuals to stand with us. Join the growing movement to challenge discriminatory practices and promote a better way forward. Visit www.inspireinvesting.com to connect, stay informed, and make your voice count. Together, we can ensure that all employees, including people of faith, are treated with the dignity and respect they deserve.
Disclaimers
Inspire’s engagement with public companies is part of its Biblically Responsible Investing (BRI) philosophy and aims to promote biblical values through corporate dialogue. Engagement outcomes are not guaranteed and may not directly impact investment returns. Shareholder advocacy is based on Inspire’s internal values and may not reflect those of every investor.
Inspire Investing integrates biblical principles into its investment philosophy through a Biblically Responsible Investing (BRI) approach. This value-based methodology reflects Inspire’s interpretation of Scripture and may not align with the views or beliefs of all investors. Inspire does not claim divine endorsement of any investment outcome or specific company behavior.
Advisory services are offered through Inspire Investing,LLC, a Registered Investment Adviser with the SEC. All expressions of opinion are subject to change without notice and are provided for informational purposes only. Nothing in this article should be construed as an offer, solicitation, recommendation, or endorsement of any particular security, strategy, or investment product. Investing involves risk, including the potential loss of principal. Please consult your financial advisor before making any investment decision.
Approval code: 86a9qaqt0
