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04 August 2025 | Press Release
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 study by The Conference Board.
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.
S&P 500 companies are dialing back the use of four terms in their major filings.
There’s less transparency: many companies are now limiting disclosure on pay equity and goals.
Most companies are adjusting their DEI messaging, structure, or terminology.
Disclosure data on women in the workforce loses steam.
Race/ethnicity and gender disclosure at the board level have all declined.
“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.
While many firms scaled back DEI language and commitments, more of them disclosed formal board committee oversight of DEI.
Disclosure of DEI metrics in executive compensation dropped sharply in 2025.
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