In the lead up to International Women’s Day and in light of the wide scale abandonment of DEI initiatives, it’s worth taking the time to remember why they were introduced in the first place.

As someone who worked in asset management for over eight years and had a side hustle as the APAC DEI Champion (developing regional initiatives and KPIs), I was often met with the question ‘what is the business case’. I am therefore perfectly positioned to provide a counter response to Steve Padfield’s recent statement to Apple.

Diversity, Equality and Inclusion are good for business. The stats don’t lie:

In asset management, a diverse team will outperform a non-diverse team. “Our analysis continues to make the case for greater diversity, with investment teams in the top quartile of gender diversity outperforming those in the bottom quartile by 45bps per annum.” This is from Chris Redmond, Global Head of Manager Research at WTW.

All businesses are essentially selling goods or services in some way and it makes sense to reflect the customer base you are trying to appeal to – from the boardroom to the call center.

“The vibe shift is clear: DEI is out and merit is in,” Padfield said. I would challenge, was merit ever out?

It is up for debate how forced diversity in the asset management has needed to be, especially considering the commercial competitive advantage. Certainly in Asia, women are very visible within financial services at all levels. At my previous company, 55% of the fund managers were female and 6 out of 10 were on the regional leadership team. I can vouch they were hired and promoted based on merit and not because of DEI targets.

There are obviously concerns that the Trump impact could quell the momentum IWD has built globally. A momentum which forcibly calls out unconscious bias from a gender perspective.

IWD has been around for over 100 years and whilst it can divide opinion, many would also agree (both male and female) that is serves as a pertinent reminder of persistent inequality.

Trump has described DEI programs as “dangerous, demeaning, and immoral,” asserting that they are inherently discriminatory and has vowed to “create a society that is blind to color and based on merit”.

So where does that leave us when the world’s biggest economy is telling us to give up on DEI?

For many companies and even certain industries, DEI is inherently intertwined with its culture. These are companies built upon openness and transparency. They may or may not have inherent targets, but these companies recognize that diversity and merit go hand in hand. In the war for talent, young people care about fairness and equality which = DEI.

As some companies turn their backs on DEI activity for fear of penalization by the Trump administration, in the spirit of IWD 2025, let’s celebrate those companies who have publicly declared their continued commitment:

• JP Morgan: At the World Economic Forum in Davos, Dimon defiantly declared, ‘Bring them on,’ when asked about the challenges he faces from conservative activist shareholders and the growing opposition to DEI initiatives, as reported by CNBC.
• Last week, Apple’s board shareholders voted against proposals that called for the elimination of DEI programs.
• McKinsey & Company is continuing to champion and prioritize DEI

Sarah Anderson is a director based in Singapore