More than 30 Walmart investors, representing $266 billion in assets under management or advisement, have asked the retail giant to explain the reasoning behind its decision to roll back DEI initiatives and the resulting implications for the company.In a letter sent to CEO Doug McMillon on January 15, shareholders said, Walmart has sent a clear signal to all underrepresented and marginalized groups that Walmart will not fight to protect their rights.The investors, including faith-based groups such as Sisters of the Humility of Mary and United Church Funds, want to engage in a respectful dialogue with members of Walmarts senior leadership and board of directors to discuss the new policy shift, the group disclosed in the letter.Shareholders claim that for the past three decades they have directly communicated with the company about the risks of racism, discrimination, and inequality. Though Walmart did not provide a financial or business reasoning for the policy change, the shareholders said they provided research and data about the business and financial benefits in regard to advancing DEI.The shareholder letter was reported earlier by Bloomberg.A sense of belongingWalmart confirmed the rollbacks in November 2024. In a statement about the move at the time, it said, Weve been on a journey and know we arent perfect, but every decision comes from a place of wanting to foster a sense of belonging, to open doors to opportunities for all our associates, customers, and suppliers and to be a Walmart for everyone.However, the investors accused the companythe worlds biggest retailerof being disingenuous in saying it is committed to creating a sense of belonging only to cut the programs that advance inclusion.In the letter, the investors voiced their concern to see the company give into bullying and pressure from anti-DEI groups. The concern was formed after Walmart ignored requests from a significant number of its own shareholders to address the risks of racial inequality, the letter states.Walmart did not respond to Fast Companys request for comment.The policy changes were made amid a shifting political landscape as well as pressure from Robby Starbuck, a conservative political commentator who has threatened consumer boycotts of prominent consumer brands that dont retreat from their diversity programs.The shareholders concluded their statement by urging Walmart to keep programs and policies that promote growth, while asking that it does not fall victim to political pressure that causes it to ignore its values.