(Reuters) - Home improvement retailer Lowe's (NYSE:LOW) has scrapped some of its diversity, equity and inclusion (DEI) programs, becoming the latest U.S. firm to modify such policies meant to boost racial and ethnic representation.
Lowe's will no longer participate in surveys for Human Rights Campaign, an advocacy group supporting transgender rights, and is also combining its various business resource groups that represent diverse employees into one umbrella organization, an internal memo obtained by Reuters on Monday showed.
The company will not be sponsoring or participating in community events such as parades, festivals, or fairs and might also make additional changes to the policies over time, according to the memo, which was confirmed by a company spokesperson.
Over the past few years, U.S. companies including JPMorgan Chase (NYSE:JPM) have faced a larger conservative backlash against diversity initiatives which multiplied after widespread protests following the police killings of George Floyd and other Black Americans in 2020.
The protests spotlighted racial and gender disparities in corporate leadership.
Some companies have received public shareholder letters since 2021 claiming their DEI programs constitute illegal discrimination and a breach of directors' duties to investors.
Groups opposed to diversity policies have also been energized by the U.S. Supreme Court ruling in June 2023 that struck down affirmative action in university admission decisions.
Lowe's began reviewing its diversity and inclusion programs around the same time, the memo showed.