In the context of continued scrutiny of corporate diversity, equity, and inclusion (DEI) programs and disclosures, public companies are continuing to reassess how they discuss workforce diversity, inclusion, and related initiatives in SEC filings. Recent research conducted by Orrick released in the Harvard Law Scholl Forum on Corporate Governance suggests that the disclosure trends observed in 2025 have accelerated significantly.
The most notable development is the sharp decline in DEI-related disclosure in annual reports. According to Orrick's analysis, 97% of S&P 500 companies included some form of diversity-related disclosure in their Form 10-Ks in 2024. By the first four months of 2026, that figure had fallen to 55%. References to "DEI" or similar terminology experienced an even steeper decline, dropping from 90% of S&P 500 companies in 2024 to just 8% in early 2026.
The data also shows substantial reductions in disclosures concerning topics that have historically been associated with DEI initiatives, including diverse candidate slates, diversity-related hiring goals, and employee resource groups. At the same time, some disclosure categories have remained relatively stable. Orrick found that pay-equity-related disclosures are generally on par with 2024, suggesting that companies continue to view pay equity as a distinct workforce topic that remains appropriate for public disclosure.
Importantly, the data do not suggest that companies have abandoned discussion of workforce culture, inclusion, or diversity entirely; rather, many companies appear to be reframing these disclosures. Among S&P 500 companies that continue to include diversity-related content in their Form 10-Ks, 75% use the term "inclusion," 53% use "culture," and 40% continue to use the word "diversity." The report notes that companies increasingly pair concepts such as inclusion and culture when describing workforce initiatives.
These findings build on trends identified in prior benchmarking analyses. Last year, Orrick reported that nearly 60% of S&P 500 companies had significantly revised or removed DEI-related disclosure from their Form 10-Ks, while companies that retained such disclosure increasingly adopted alternative terminology such as "inclusion," "belonging," "culture," and related formulations.
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This post first appeared in the weekly Society Alert!