Amid heightened political and regulatory scrutiny, many large US public companies are limiting or reframing public disclosures around their diversity initiatives: 53% of the S&P 100 adjusted their DEI messaging in major filings in 2025, according to a studyby The Conference Board.
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At America's biggest firms, use of the “DEI” acronym dropped by 68% compared to 2024 filings. Additionally, 21% reduced or removed DEI-related metrics and targets.
“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. Looking ahead, leaders must balance legal defensibility and stakeholder expectations with long-term business priorities,” said Andrew Jones, coauthor of the report and Principal Researcher at The Conference Board.
The research also shows that disclosure on workforce and board diversity is declining across the S&P 500. From 2024 to 2025, the share disclosing data on women in management fell by 16%. Disclosure on gender and racial diversity of board directors fell by 28% and 31%, respectively.
The report, produced with ESGAUGE, features public disclosure data from S&P 100, S&P 500, and Russell 3000 companies as of July 14, 2025. It includes only those companies that publicly reported in both 2024 and 2025.
1-Language and Messaging
S&P 500 companies are dialing back the use of four terms in their major filings.
— “DEI”declined by 68% from 2024 to 2025in major filings
— “Racial”declined by 58%
— “Gender”declined by 35%
— “Diversity” declined by 33%
There's less transparency: many companies are now limiting disclosure on pay equity and goals.
— Pay equity disclosures narrowed: 30% of S&P 100 companies limited the scope of their pay equity disclosures, compared to 2024
— Fewer DEI goals disclosed: 21% reduced or removed DEI-related metrics and targets
— A third are no longer using the word “equity”: 33% stopped using the term “equity” altogether
Most companies are adjusting their DEI messaging, structure, or terminology.
— Major DEI changes: 53% of S&P 100 companies are adjusting how they communicate or organize DEI efforts in their 2025 annual report filings (Form 10-K), compared to 2024
2-Workforce Demographic Disclosures
Disclosure data on women in the workforce loses steam.
— Drop in management-level disclosures: The share of S&P 500 firms disclosing data on women in management dropped by 16%
— Broader workforce transparency also fell: Companies reporting the overall share of women in their workforce dropped by 14%
3-Board Diversity Disclosure
Race/ethnicity and gender disclosure at the board level have all declined.
— Gender diversity disclosures drop: The share of S&P 500 companies disclosing the gender of individual board directors declined by 22%
— Aggregate data on the gender of board directors also fell by 31%
— Firms with no disclosure on board gender diversity jumped from 1% in 2024 to 29% in 2025
— Race/ethnicity disclosures plummeted: The share disclosing the race or ethnicity of individual board directors declined by 20%
— Aggregate data on the race/ethnicity of board directors fell by 28%
— Disclosure of a race/ethnicity board diversity matrix fell by 27%
— Firms with no disclosure on board race/ethnic diversity jumped from 3% in 2024 to 34% in 2025
“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. At the same time, demographic diversity is not the only dimension that matters-companies should approach and disclose board diversity in a broad sense, including functional background, expertise, and international experience,” said Ariane Marchis-Mouren, coauthor of the report and Senior Governance Researcher at The Conference Board.
4-Board Committee Oversight
While many firms scaled back DEI language and commitments, more of them disclosed formal board committee oversight of DEI.
— Oversight disclosures increased: The share of S&P 500 firms that have updated their board or committee charters and identified board-level DEI oversight rose from 72% in 2024 to 79% in 2025
— This suggests that while external messaging becomes more cautious, governance is being strengthened to manage DEI-related risks and enhance legal defensibility
5-Executive Pay
Disclosure of DEI metrics in executive compensation dropped sharply in 2025.
— Disclosure cut nearly in half: The share of S&P 500 companies reporting the use of DEI metrics in executive pay fell from 68% in 2024 to 35% in 2025
About The Conference BoardThe Conference Board is the member-driven think tank that delivers Trusted Insights for What's Ahead™. Founded in 1916, we are a non-partisan, not-for-profit entity holding 501 (c) (3) tax-exempt status in the United States. www.ConferenceBoard.org
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SOURCE The Conference Board
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