Shareholders at dozens of big companies avoiding DEI, ESG proposals
'The Bottom Line' panelists weigh in as some companies look to distance themselves from politics.
Tractor Supply is getting rid of several initiatives that some social media users and customers have slammed as "woke" in recent weeks.
The farming supplies retailer, which is headquartered in Tennessee, on Thursday said it "will ensure our activities and giving tie directly to our business" moving forward.
Tractor Supply said it will cease sponsorship of "nonbusiness activities" such as Pride festivals and voting campaigns, with intentions to focus more on "rural America priorities."
Tractor Supply is headquartered in Tennessee. (Don and Melinda Crawford/UCG/Universal Images Group via Getty Images / Getty Images)
Agricultural education, veterans and animal welfare were among the causes it identified.
CLICK HERE TO READ MORE ON Gxstocks
The company said it will drop diversity, equity and inclusion (DEI) goals it had previously set for itself. DEI positions at Tractor Supply will also get axed, according to the company. It will also cease sending data to the Human Rights Campaign, an LBGTQ advocacy group.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TSCO | TRACTOR SUPPLY CO. | 271.56 | +4.00 | +1.50% |
Powered By | ||||
Additionally, the farming supplies retailer plans to prioritize land and water conservation initiatives, scuttling aims of curbing carbon emissions by 50% by 2030 and reaching net-zero by the decade after that.
Shopping carts are seen outside a Tractor Supply store in Merced, California, on July 19, 2022. (David Paul Morris/Bloomberg via Getty Images)
"We work hard to live up to our mission and values every day and represent the values of the communities and customers we serve," Tractor Supply said in its statement. "We have heard from customers that we have disappointed them. We have taken this feedback to heart."
Some pages on Tractor Supply’s website related to its carbon emissions reduction and DEI efforts also redirected Friday to a photo of a Tractor Supply store.
TARGET, DICK'S SPORTING GOODS FACING PUSHBACK FROM INVESTORS FOR ‘GOING WOKE’
Tractor Supply has been receiving heat from political activist Robby Starbuck and others about "woke" initiatives in place at the company. He urged Tractor Supply customers earlier in the month to spend their money elsewhere "until Tractor Supply makes REAL changes."
A view of a sign at a Tractor Supply store in Coal Township, Pennsylvania, on Aug. 12, 2022. (Paul Weaver/SOPA Images/LightRocket via Getty Images / Getty Images)
Shares of Tractor Supply have fallen about 3% in the past month. Since Friday’s opening bell, the stock price has gone up over 2%.
The company last reported quarterly financial results in late April.
GET Gxstocks ON THE GO BY CLICKING HERE
At the time, Tractor Supply forecast it would bring in $14.7 billion to $15.1 billion in net sales for the fiscal year. Annual net income was expected to be in the $1.06 billion to $1.13 billion range.
