I've just looked at Disney's 10-K (annual report) risk factors, and they've made an interesting amendment to their risk factor around the risk of "misalignment with public and consumer tastes" in their most recent filing last month. Generally, risk factors will remain identical year on year unless there's a reason to change them, so tiny tweaks can reveal quite a bit.
In Nov 2023, it read:
"Further, consumers’ perceptions of our position on matters of public interest, including our efforts to achieve certain of our environmental and social goals, often differ widely and present risks to our reputation and brands."
And in Nov 2024 (after the open letter and all the negative press), the same line has been changed to:
"Further, preferences of some consumers are affected by their perceptions of our position on matters of public interest, including regarding environmental and social issues."
So they've obviously acknowledged internally that they were pushing their own social agenda in 2023 as opposed to merely responding to market trends. I know most companies have been hoodwinked into doing this, but honestly, it does sound a bit mad when a board is writing in its official documentation to its shareholders "sooo...we might lose you money, but don't worry, it's for a good cause".
The removal might suggest they've changed their policy on actively campaigning for social change, but it might equally be a way of framing the same agenda by telling shareholders "no, we're not pushing our own agenda- we're campaigning for trans acceptance as a response to market forces, actually".
Either way, the removal signals that the board has realised they shouldn't be seen to be pushing their own agenda to the detriment of its share price, and that where the two aren't aligned, it shouldn't be happening.
It's the same as the Stonewall index giving companies (including banks, law firms, etc) extra points for actively pushing the diversity agenda onto their clients and customers to make the world more "accepting" (lol). And it's what the UK Bar Standards Board is currently trying to do to force barristers to actively advance their specific DEI agenda.
And I think the reason companies are surprised is because for the past 10-12 years now, almost everyone in the corporate world in the UK/US et al has been brainwashed by the mantra that "while there's obviously a strong business imperative for promoting diversity, it's also just the right thing to do" (usually accompanied by a little shrug and puppy dog eyes...but, curiously, no mention of hormones and surgery).