Some Walmart shareholders say the retailer hasn't offered a good business case for canceling its diversity, equity and inclusion programs.

A group of more than 30 shareholders representing $266 billion in funds has asked Walmart Inc. to explain its business case for retreating on diversity, equity and inclusion initiatives, describing the decision as “disheartening.

Attorneys general from 13 states have signed a letter raising concerns about Walmart's decision to roll back its diversity, equity and inclusion policies. The company, which is the world's largest retailer,