Orrick reported on the decline in DEI-related disclosure in SEC filings based on filings since January 2025.
Key takeaways include:
Nearly 60% of S&P 500 companies significantly revised or removed DEI-related disclosure previously made in their Form 10-Ks. References to DEI or specific DEI-related topics fell significantly year over year, as depicted here:
For those S&P 500 companies that retained DEI-related disclosure about their programs or initiatives, “inclusion” was the most prevalent term, used by more than 75% of companies, as shown here:
Common disclosure phrases included: “Belonging and Culture”; “Equal Opportunity and Inclusive”; “Building a Diverse and Inclusive Workplace”; “Inclusion for All”; “Corporate Culture and Engagement”; “Inclusion, Diversity and Equal Employment”; and “Workplace Culture.”
More than 9% of the S&P 500 that had not removed DEI-related content from their most recent Form 10-Ks removed the content from their subsequent proxy statements. Among Fortune 100 companies, nearly one-third (30%) removed DEI-related executive compensation metrics year-over-year (29% made such disclosure) and nearly 30% removed their discussion about diversity-related programs or initiatives (just 21% included such disclosure).