That is a really interesting question.

I understand why CEOs, boards etc. engage in virtue signaling: once you are rich enough, status becomes more important than extra money, and this is a cheap way how to buy status and get invited to the right parties, where you may even be allowed to recite your own land acknowledgment from a podium.

But investors mostly don't care about status, and quite a lot of investors likely come from countries where DEI was never popular to begin with (Saudi Arabia etc.) I would expect them to push against it.