In recent years I created the LGBTQ100 ESG Index that emerged on the NYSE as a symbol of progress and inclusion — a financial benchmark that sought not only to track high-performing U.S. companies but also to spotlight those with a genuine commitment to LGBTQ equality.
Created by LGBTQ Loyalty Holdings in 2019, the index recognized organizations that implemented inclusive workplace policies, fostered community engagement, and demonstrated strong brand loyalty among LGBTQ consumers.
It wasn’t just about finance — it was about values. For many, seeing the ETF listed under the ticker “LGBT” on the NASDAQ was more than a market development; it was a sign of recognition, representation, and respect. It told LGBTQ professionals, allies, and advocates that their voices mattered in spaces where they had often been overlooked.
Yet, as tides have shifted in the political and economic landscape, so too has support for such initiatives. The LGBTQ100 ESG Index launch has faced mounting pressure and waning enthusiasm. Broader backlash against DEI (Diversity, Equity, and Inclusion) strategies has left efforts like this more vulnerable. Questions about the financial value of inclusion, coupled with increasing political scrutiny, have made many corporations hesitant to stand as boldly as they once did.
It’s disheartening — not because progress has stopped, but because it now seems less certain.
As we reflect on the current climate, it's important to remember what initiatives like the LGBTQ100 ESG Index represented: that inclusivity and prosperity can — and should — go hand in hand.
The decline in support for DEI initiatives among corporations and the public can be attributed to several key factors:
- Political and Legal Challenges: President Donald Trump's reelection ushered in a series of executive orders aimed at dismantling DEI programs within the federal government and scrutinizing such initiatives in the private sector.
- Conservative Activism and Public Backlash: Conservative activists have actively campaigned against DEI initiatives, arguing that they promote reverse discrimination and undermine merit-based systems.
- Economic Considerations and Cost-Cutting Measures: Economic pressures have led companies to reevaluate their budgets, with some viewing DEI programs as expendable during financial downturns.
- Perceived Effectiveness and Internal Resistance: Critiques regarding the efficacy of DEI training have emerged, with studies suggesting that such programs may have limited long-term impact and, in some cases, could activate bias or provoke backlash. Additionally, some employees report feelings of exclusion or resentment towards mandatory diversity training, further complicating the successful implementation of these initiatives.
- Shifts in Public Opinion: Public sentiment towards DEI efforts has become more polarized. While a significant portion of Americans still view these initiatives positively, there has been a slight increase in negative perceptions among U.S. workers, indicating growing skepticism about the role and impact of DEI programs in the workplace.
Bobby Blair is a LGBTQ media pioneer and leader known for his philanthropic work on behalf of the LGBTQ+ community. A Florida native, he lives in Fort Lauderdale with his longtime partner, Brian Neal. Blair was inducted into the GLBT Hall of Fame in 2015.
Follow The Bobby Blair Show on Facebook.
