Goldman Sachs shareholders overwhelmingly rejected two anti-DEI proposals directing the company to consider eliminating its diversity, equity and inclusion-based compensation incentives for executives and to review legal and reputational risks stemming from the firm’s DEI policies, with each proposal receiving only 2% shareholder support at Goldman Sachs’ annual meeting on Wednesday.

The vote follows a series of moves by U.S. companies and investors to pull back on their DEI programs and policies, which began following a Supreme Court ruling that struck down Harvard’s use of race-based affirmative action criteria in college admissions, and led to increased scrutiny over the legality of key aspects of corporate DEI policies.

The National Center for Public Policy Research (NCPPR), who filed one of the resolutions, noted that even Goldman Sachs itself has eliminated a section of its annual filing related to “diversity and inclusion,” with a statement from the firm’s CEO David Solomon that the company “made certain adjustments to reflect developments in the law in the U.S.”

Shareholders have rejected several anti-DEI proposals over the past several months despite the shifting legal landscape however, including other NCPPR proposals at companies including Apple and Deere.

In its proposal, the NCPPR requested that Goldman Sachs’ board “oversee an independent racial discrimination audit” into legal and reputational risks from the firm’s “race-based initiatives,” citing practices mentioned on Goldman’s website including the allocation of mentorship resources on the basis of race, the establishment of race-based “inclusion networks,” commitments to direct investment and philanthropic capital on the basis of race and sex, race-based executive representation targets, and diversity-based rules regarding companies it would take public.

In its proxy statement, Goldman’s board recommended rejecting the proposals, noting that the company has already made changes to satisfy evolving legal requirements, and expressing support for the company’s diversity approach.

In the proxy statement, the board said:

“We believe that diversity, including diversity of thought, experience and perspectives, is important to our commercial success. We are committed to operating programs and initiatives and maintaining policies that promote diversity in compliance with the law. To be clear – there is no place at Goldman Sachs for discrimination of any kind, against any person on the basis of a protected characteristic.”

The board’s recommendation to reject the compensation-focused proposal stated that the proposal mischaracterizes the company’s policies, which it said do not include “meeting numerical or promotional goals.”