More than half of America’s largest public companies have quietly adjusted how they discuss diversity initiatives in official filings this year, as political and regulatory pressure mounts around workplace equity programs.
Fifty-three per cent of S&P 100 companies changed their diversity, equity and inclusion messaging in major filings in 2025, according to a study by The Conference Board released Monday. Use of the “DEI” acronym dropped 68 per cent compared to 2024 filings.
The research shows companies are pulling back from public commitments while maintaining internal programs. Twenty-one per cent reduced or removed DEI-related metrics and targets from their disclosures.
“This shift in public disclosure doesn’t signal companies are abandoning DEI. Rather, they’re selectively reframing commitments, reducing public exposure, and embedding oversight more quietly yet firmly into governance and human capital management,” said Andrew Jones, co-author of the report and principal researcher at The Conference Board.
Language changes across major companies
The study examined public disclosure data from S&P 100, S&P 500 and Russell 3000 companies as of July 14, tracking only firms that reported in both 2024 and 2025.
Beyond the drop in “DEI” usage, companies also reduced other diversity-related terms in major filings. References to “racial” issues declined 58 per cent, “gender” dropped 35 per cent and “diversity” fell 33 per cent.
Thirty per cent of S&P 100 companies limited the scope of their pay equity disclosures compared to 2024. One-third stopped using the term “equity” altogether.
Workforce data becomes less transparent
Companies are also sharing less information about their employee demographics. The share of S&P 500 firms disclosing data on women in management dropped 16 per cent from 2024 to 2025.
Companies reporting the overall share of women in their workforce fell 14 per cent during the same period.
Board diversity disclosure drops sharply
The retreat from transparency is most pronounced in board diversity reporting. Among S&P 500 companies, disclosure of individual board directors’ gender declined 22 per cent, while aggregate gender data fell 31 per cent.
The number of firms providing no disclosure on board gender diversity jumped from one per cent in 2024 to 29 per cent in 2025.
Race and ethnicity disclosures dropped even more dramatically. The share disclosing individual directors’ race or ethnicity declined 20 per cent, while aggregate racial data fell 28 per cent. Companies with no racial or ethnic diversity disclosure rose from three per cent to 34 per cent.
“The decline in board diversity disclosures reflects a recalibration as companies navigate heightened scrutiny. While greater caution is understandable, a full retreat from transparency risks alienating key stakeholders, including institutional investors,” said Ariane Marchis-Mouren, co-author of the report and senior governance researcher at The Conference Board.
Internal oversight increases despite public pullback
While companies scaled back public messaging, more are establishing formal board oversight of diversity issues. The share of S&P 500 firms with updated board or committee charters identifying DEI oversight rose from 72 per cent in 2024 to 79 per cent in 2025.
However, companies sharply reduced disclosure of diversity metrics in executive compensation. The share reporting DEI metrics in executive pay fell from 68 per cent in 2024 to 35 per cent in 2025.
The Conference Board is a non-partisan research organization founded in 1916.
