Over 200 S&P 500 companies removed diversity and equity language from annual reports in 2025
More than 200 S&P 500 companies removed words like “diversity” and “equity” from annual reports in 2025, with nearly 60% fewer mentioning “diversity, equity, and inclusion.” Freshfields data reveals a corporate retreat from DEI, coinciding with increased scrutiny in Washington, D.C. Big firms like Alphabet, Meta, and Amazon have shifted policies.
President Trump’s executive order on his first day in office ended federal DEI programs and called for combating illegal private sector DEI actions. Some major companies like McDonald’s, JPMorgan, and Tractor Supply have announced reversals on their diversity policies to avoid political or social associations.
Bank of America and BlackRock are among the companies that have altered their annual reports, dropping references to “diversity” and replacing them with terms like “opportunity” and “connectivity and inclusivity.” JPMorgan Chase has rebranded its diversity programs to “opportunity” initiatives.
Shareholder support for DEI changes in 2025 has been minimal, with no majority approval for any DEI-focused proposals. Freshfields found that support for DEI proposals for S&P 500 firms ranged from 0.1% to 43.9%, while anti-DEI proposals have increased in recent years.
According to CEO of As You Sow, Andrew Behar, shareholders’ rejection of anti-DEI measures at major companies like Apple and Disney has been seen as a triumph. Softer language in corporate filings may help companies navigate Trump’s executive orders, but SEC guidance changes have made it easier to exclude social issue-related proposals.
Uncertainty looms for federal contractors after a US Supreme Court ruling limited nationwide injunctions related to DEI programs. Companies are navigating changing regulations and shareholder attitudes towards DEI initiatives, with a complex landscape of legal and corporate challenges.
Read more at Yahoo Finance: More than 200 S&P 500 companies scrubbed ‘diversity’ and ‘equity’ from annual reports in 2025