Nike shareholders rejected a proposal demanding greater transparency surrounding the company’s charitable relationships and diversity, equity and inclusion commitments, even as the athletic giant prepares to lose its place in a major stock index.
Proposal 5 received less than 1% of votes cast during Nike’s Sept. 8 annual meeting, according to Fox News. The resolution, supported by faith-based Inspire Investing, asked Nike to report the legal, financial, competitive and reputational risks associated with its charitable support.
Inspire specifically questioned Nike’s perfect score on the Human Rights Campaign’s 2026 Corporate Equality Index and whether its employee health plan covers gender-transition procedures for minor dependents.
Nike’s board opposed the proposal, arguing that its existing reviews and disclosures adequately protect shareholders.
Meanwhile, Nike is set to be removed from the S&P 100 before trading begins Sept. 21, ending its nearly 18-year run in the blue-chip index. Its market value has plunged by more than $200 billion since its November 2021 peak.
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Years of Customer Backlash
Nike has repeatedly entered contentious cultural battles, costing the company support among conservative consumers. Its controversies include a campaign featuring former NFL quarterback Colin Kaepernick, the cancellation of a sneaker featuring the Betsy Ross flag, a sports bra promotion involving transgender influencer Dylan Mulvaney and a proposed study involving transgender youth athletes.
Tim Schwarzenberger, portfolio manager and director of corporate engagement at faith-based Inspire Investing, acknowledged that activism is not solely responsible for Nike’s struggles. However, he said alienating customers has made its recovery more difficult.
“The company does not need to take sides,” Schwarzenberger said to Outkick. “It does not need to go right or left. It needs to stay in the middle, focus on its business and acknowledge its mistakes.”
He also reminded conservative and Christian investors that they are not powerless in corporate America.
“For far too long, we have delegated that voice to others who are doing things completely contrary to our values,” Schwarzenberger said.
Millions of Americans indirectly own corporate shares through retirement accounts, giving fund managers enormous voting power.
“You have a tremendous voice and a responsibility,” Schwarzenberger said. “If we show up and start pressuring these companies to get back to business, I think we can see even more success than we have seen so far.”
James Lasher, a seasoned writer and editor at Charisma Media, combines faith and storytelling with a journalism background from Otterbein University and ministry experience in Guatemala and at the LA Dream Center. A Marine Corps and Air Force veteran, he is the author of The Revelation of Jesus: A Common Man’s Commentary and a contributor to Charisma magazine. For interviews and media inquiries, please contact [email protected].
