As many American companies beat a hasty retreat from the diversity, equity and inclusion programs they once embraced, the bulk retailer Costco Wholesale Corp. has become one of DEI’s few remaining public proponents.

Costco is pushing back on a shareholder proposal that urges the wholesale club operator to conduct an evaluation of any business risks posed by its diversity, equity and inclusion practices. Investors were expected to vote on the recommendation during the company’s annual meeting Thursday.