I work for a company which is extremely progressive in their HR policies. What we did was break out HR from diversity initiatives so there is no conflict of interest. Yes, there does exist a conflict of interest, but it is not as extensive as I would have concluded and our code of conduct, which is practiced by everyone from the CEO down prevents many issues which a woke HR department might gravitate towards.
Funny thing for me is as I complete my MBA, which my company happily pays for, is centered around the HR function and my role within the company is such that I get to use that experience in my papers.
“Diversity initiatives” are just another way a company avoids getting sued; they pay the “race/gender tax” by putting enough preferred people on the payroll (regardless of skills/merit), and that keeps the lawyers - and government - at bay.