Amex, Deere, J&J Abandon Board Diversity Rule, Activist Says

Core Viewpoint - Major companies like American Express, Deere & Co., and Johnson & Johnson are retracting diversity criteria for selecting new board directors, influenced by conservative shareholder activism [1][4]. Group 1: Company Actions - American Express has removed language from its board member selection criteria that referenced "gender, race, ethnicity, age, sexual orientation and nationality" as part of an agreement with the National Legal and Policy Center (NLPC) [6]. - Deere & Co. has amended its bylaws to eliminate references to "race, ethnicity, gender, and other types of diversity" in the selection of new directors, following a shareholder proposal [7]. - Johnson & Johnson has already made similar changes to its board selection criteria, which were confirmed during discussions with the NLPC [9]. Group 2: Industry Trends - The trend of rolling back diversity commitments has been ongoing for several years, driven by conservative backlash and legal pressures against DEI initiatives [4]. - Goldman Sachs is contemplating similar changes to its board nomination criteria, potentially removing considerations of race, gender identity, and sexual orientation [8]. - A report indicated that while 58% of S&P 500 boards had policies similar to the NFL's Rooney Rule in 2025, the percentage of companies reporting their board's share of underrepresented minorities dropped from 99% in 2024 to 78% in 2025 [10].