Shareholders are asking the retail giant to explain recent policy changes amid concerns about the company caving to pressure from anti-diversity activists. More than 30 Walmart investors, representing $266 billion in assets under management or advisement,

Walmart’s (WMT) in hot water. More than 30 shareholders, representing $266 billion in assets, are demanding answers over the company’s rollback of its diversity, equity, and inclusion (DEI) efforts.

Meta confirms Axios report that the company is is axing its diversity, equity and inclusion efforts, including for hiring and training.

A group of more than 30 shareholders representing $266 billion in funds has asked Walmart Inc. to explain its business case for retreating on diversity, equity and inclusion initiatives, describing the decision as “disheartening.