Home Depot has become an unlikely focal point in the intersection of immigration enforcement, data privacy, and corporate governance, as a group of shareholders calls on the retailer to clarify how surveillance data connected to its stores is shared and used by law enforcement. The push reflects a broader reassessment by investors of how companies are exposed to political and regulatory risk under President Donald Trump’s renewed immigration crackdown.

Investor Pressure Builds Around Surveillance Practices

The shareholder initiative is being led by Zevin Asset Management, which holds more than $7 million in Home Depot stock and has gathered 17 co-filers for a proposal expected to come before the company’s annual meeting in May. The resolution asks Home Depot to evaluate and disclose the risks associated with sharing data through third-party surveillance vendors, including potential privacy and civil rights implications.

At the center of the concern is Home Depot’s use of automated license-plate readers provided by Flock Safety. While Home Depot says it does not directly grant federal agencies access to its surveillance systems, reports that local law enforcement data has been shared with Immigration and Customs Enforcement have unsettled investors worried about indirect exposure to immigration enforcement actions.

Immigration Policy Meets Corporate Risk

Home Depot stores have increasingly drawn attention after U.S. Homeland Security adviser Stephen Miller publicly encouraged immigration agents to target locations where migrant day laborers gather, including home improvement retailers. Since then, parking lots outside Home Depot stores have seen heightened enforcement activity, triggering protests and public criticism.

For investors, the issue goes beyond politics. The shareholder proposal argues that data-sharing practices could expose Home Depot to financial and legal risk, particularly as U.S. states move toward stricter privacy laws and public scrutiny around surveillance intensifies. Reputational damage, they warn, could translate into consumer backlash, employee disruption, or regulatory attention.

Company Response and Legal Boundaries

Home Depot has sought to draw clear lines around its role. The company says it cannot legally interfere with federal enforcement agencies and does not receive advance notice of raids near its stores. It maintains that access to license-plate reader data is not provided directly to federal authorities and that any sharing with ICE occurs through local police departments acting independently.

The retailer also notes that it collects demographic data through third-party service providers for purposes such as fraud prevention and asset protection, disclosures that are outlined in its public privacy policies. Employees are instructed to report enforcement activity, and affected workers are offered the option to leave work with pay when incidents occur.

A Broader Trend in Shareholder Activism

The Home Depot proposal mirrors similar efforts at other large corporations, including Amazon and Walmart, where investors have sought transparency around how immigration policy affects operations and supply chains. These initiatives highlight a growing willingness among shareholders to challenge management on social and political risk, even when resolutions are nonbinding.

Regulatory changes at the U.S. Securities and Exchange Commission could limit the number of such proposals appearing on ballots in 2026, raising the stakes for this year’s vote. If approved, the measure would signal that investors see immigration enforcement and data privacy not as abstract social issues, but as material business concerns.

What Comes Next

As immigration policy remains a central pillar of the Trump administration’s agenda, companies like Home Depot may find themselves navigating an increasingly complex landscape where law enforcement, technology, and public trust intersect. For investors, the key question is whether clearer disclosure and stronger governance can mitigate risk — or whether the reputational fallout from association with surveillance practices will continue to grow.