More than 200 S&P 500 companies scrubbed 'diversity' and 'equity' from annual reports in 2025

Key Points

• It seems likely that more than 200 S&P 500 companies removed the words "diversity" and "equity" from their annual reports in 2025, based on multiple reports from reputable sources.

• This trend reflects a broader pullback from corporate DEI (Diversity, Equity, and Inclusion) initiatives, which is a controversial topic with various political and legal pressures influencing corporate decisions.

Background

The S&P 500 is a stock market index that includes 500 of the largest publicly traded companies in the United States. Annual reports, such as 10-K filings, are documents companies submit to the Securities and Exchange Commission (SEC) to provide financial performance and other disclosures. In recent years, many companies have included mentions of diversity, equity, and inclusion (DEI) as part of their corporate social responsibility efforts.

Findings

Research suggests that in 2025, a significant number of these companies reduced or removed DEI-related language from their reports. Specifically, reports from Freshfields and Yahoo Finance indicate that over 200 S&P 500 companies scrubbed terms like "diversity" and "equity" from their annual reports. Additionally, nearly 60% fewer companies used the full phrase "diversity, equity, and inclusion" compared to 2024, according to Freshfields.

Context and Implications

This shift appears to be driven by external factors, including political pressure and legal challenges. For instance, executive orders targeting DEI programs and the Supreme Court's 2023 decision to strike down affirmative action have contributed to this trend. Companies may be adjusting their language to mitigate legal risks or align with changing political climates, though this remains a debated topic with implications for corporate governance and social responsibility.

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Comprehensive Analysis

This section provides a detailed examination of the trend observed in 2025, where more than 200 S&P 500 companies reportedly removed the words "diversity" and "equity" from their annual reports. The analysis is grounded in multiple sources, including reports from Freshfields, Yahoo Finance, The Washington Post, and the Financial Times, and aims to offer a thorough understanding of the phenomenon, its drivers, and its broader implications.

Data Overview

The evidence leans toward a significant reduction in DEI-related language in corporate filings for 2025. According to a report by Freshfields, a law firm specializing in corporate governance, over 200 S&P 500 companies removed or replaced terms such as "diversity" and "equity" in their annual reports. This is further supported by Yahoo Finance, which noted that over 200 companies dropped these terms, aligning with Freshfields' findings. Additionally, Freshfields reported a 60% decrease in the use of the full phrase "diversity, equity, and inclusion" compared to 2024, indicating a systemic shift in corporate disclosure practices.

The Washington Post provided historical context, showing a decline in DEI mentions in 10-K filings from a peak of 12.5 mentions per typical S&P 500 company in 2022 to four mentions in 2024, suggesting a continuing downward trend into 2025. While the Washington Post did not provide specific 2025 numbers, its analysis supports the broader narrative of diminishing DEI emphasis.

Table: Key Statistics on DEI Language in S&P 500 Annual Reports

Year	Average DEI Mentions per Company	Percentage Change from Previous Year	Notes
2020	9	-	Baseline for comparison
2022	12.5	+38.9%	Peak in DEI mentions
2024	4	-68% from 2022	Significant decline, per The Washington Post
2025	Not specified	~60% fewer using "DEI" phrase (Freshfields)	Over 200 companies removed "diversity" and "equity" (Freshfields, Yahoo Finance)

Drivers of the Trend

The reduction in DEI language appears to be influenced by several external factors, particularly political and legal pressures. The Freshfields report highlights the impact of executive orders in 2025 targeting DEI initiatives, which prompted many large institutional investors to update their proxy voting guidelines. For example, BNY Mellon removed specific board diversity criteria, while Legal & General retained existing policies, reflecting a divergence in investor approaches.

Legal challenges also play a significant role. The Supreme Court's 2023 decision to strike down affirmative action, as noted in The Washington Post, has created a legal environment where companies may perceive risks in emphasizing DEI. This is further evidenced by the Financial Times, which reported a rapid pullback from corporate DEI values, citing hundreds of US companies removing DEI references from annual reports.

Corporate Responses and Broader Implications

The trend extends beyond language changes to include reductions in DEI commitments. Freshfields noted a dramatic decrease in S&P 500 companies with Rooney Rule-type commitments, dropping from 58% in 2024 to 25% in 2025, reversing a prior upward trend. This suggests a broader retreat from diversity-focused policies, potentially affecting corporate governance and workplace diversity initiatives.

The implications of this shift are multifaceted. On one hand, companies may be responding to shareholder and political pressures to focus on financial performance over social initiatives. On the other hand, this could signal a rollback of efforts to promote inclusivity, raising concerns among stakeholders about equity and representation. The controversy is evident in reports like Forbes, which listed companies such as Walmart, Lowe's, and Meta scaling back DEI programs, often cited as following political leadership, such as actions attributed to former President Trump.

Methodological Considerations

The data primarily comes from analyses of 10-K filings and annual reports, which are publicly available and subject to SEC regulations. Freshfields and Yahoo Finance provide specific numbers for 2025, while The Washington Post offers historical context up to 2024. The Financial Times article, although not fully accessible, corroborates the trend of hundreds of companies removing DEI references, aligning with other sources. Given the consistency across multiple reputable outlets, the evidence supports the claim, though the exact number may vary slightly depending on the source's methodology.

Conclusion

In summary, it seems likely that more than 200 S&P 500 companies removed "diversity" and "equity" from their annual reports in 2025, reflecting a broader and controversial pullback from DEI initiatives. This trend is driven by political pressure, legal challenges, and shifting corporate priorities, with significant implications for corporate governance and social responsibility. The data, sourced from Freshfields, Yahoo Finance, The Washington Post, and others, provides a robust foundation for this analysis, ensuring a comprehensive understanding of the phenomenon as of July 6, 2025.

Supporting URLs:

• Freshfields Report: https://www.freshfields.com/globalassets/noindex/documents/trends-and-updates-from-the-2025-proxy-season-june-2025.pdf

• Yahoo Finance: https://finance.yahoo.com/video/over-half-p-500-companies-220314970.html

• The Washington Post: https://www.washingtonpost.com/business/interactive/2025/dei-companies-sec-filings/

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