WASHINGTON—The Heritage Foundation today announced a constructive outcome stemming from its shareholder engagement with Dell Technologies, conducted through Heritage’s Free Enterprise Initiative, a program focused on promoting merit-based corporate policies, fiduciary responsibility, and long-term value creation in corporate America.

Heritage filed a shareholder proposal at Dell Technologies in January 2026 seeking enhanced transparency around the company’s diversity, equity, and inclusion (DEI) initiatives. Following productive dialogue with Dell, the company addressed key concerns raised through the engagement process.

Specifically, Dell confirmed to Heritage that DEI metrics are not used in determining executive compensation outcomes at Dell Technologies. Dell represents that it does not employ race- or sex-based quotas, maintains employee resource groups (ERGs) open to all employees, and emphasizes merit-based hiring, promotion, and evaluation practices. Elements of this information are also expected to be reflected in Dell’s forthcoming public disclosures. As a result, Heritage has withdrawn its shareholder proposal.

Work remains to be done to get Dell back to neutral, given its “High Risk” rating on the 1792 Exchange’s Corporate Bias Ratings and its 10% score on Alliance Defending Freedom’s Viewpoint Diversity Score Index. However, the Heritage Foundation’s Free Enterprise Initiative believes that long-term, good-faith shareholder engagement that promotes shareholder value for the benefit of all includes giving credit to corporations when they head in the right direction.

Allen Mendenhall, senior advisor to the Free Enterprise Initiative, stated:

“This engagement with Dell demonstrates how genuine shareholder advocacy can lead to transparency and meaningful progress. Prioritizing free enterprise and wealth creation for investors requires companies to affirm merit-based practices, eschew divisive workforce initiatives, and focus on their fiduciary responsibility, and Dell should be recognized.”

Heritage’s Free Enterprise Initiative has engaged 26 public companies through shareholder proposals this season, urging companies to avoid ideological litmus tests and politicized management practices, and instead choose policies that support innovation, competitiveness, and equal opportunity. The Heritage Foundation continues to engage with companies within its investment portfolio to promote corporate policies grounded in free-enterprise principles, accountability to shareholders, and long-term value creation.