What the Decline in DEI Disclosures Means for Workers

Christopher Stockwell
Aug 6
3 min read

A growing number of U.S. companies are stepping back from publicly disclosing diversity, equity, and inclusion (DEI) data. According to new findings from The Conference Board and ESGAUGE, the number of S&P 500 companies reporting how many women are on their boards dropped from 91% in 2024 to just 60% in 2025. Disclosure of racial and ethnic diversity on boards also fell, from 72% to 45% (Axios, 2025). In addition, the term “DEI” appeared 68% less frequently in major filings among S&P 100 companies compared to the prior year (The Conference Board, 2025).

Why it matters

Workplace equity depends on access to information. When companies stop publishing demographic and pay equity data, it becomes more difficult to evaluate whether people are being treated fairly—and harder for employees and advocates to push for accountability and change. Patterns of inequity are often revealed through data. Without it, identifying systemic issues inside an organization becomes much more difficult.

What’s behind the pullback?

This trend reflects growing legal and political pressure on corporate DEI initiatives. In 2023, the U.S. Supreme Court struck down affirmative action in college admissions. A year later, a federal court overturned the SEC’s Nasdaq board diversity rule, which required companies to disclose board diversity and either meet minimal targets or explain why not.

By 2025, the political climate shifted again. A new presidential administration launched a series of executive orders rolling back federal support for DEI in both education and the workplace. As a result, 53% of S&P 100 companies adjusted how they presented DEI efforts in their public filings (The Conference Board, 2025).

Rather than eliminating DEI work entirely, many companies reframed it—softening language, reducing the use of terms like “equity” (used 33% less), and removing or limiting stated goals (21% cut back on DEI targets).

Photo by Tirachard Kumtanom: https://www.pexels.com/photo/two-women-holding-pen-601170/

Governance is up, even as transparency falls

Interestingly, while companies are saying less publicly, some are strengthening oversight internally. The number of S&P 500 companies assigning DEI oversight to a board committee increased from 72% in 2024 to 79% in 2025. This move appears aimed at managing risk while avoiding political backlash (The Conference Board, 2025).

Other notable shifts include:

30% of S&P 100 companies narrowed pay equity disclosures
21% removed or reduced DEI-related metrics and goals
22% decline in disclosure of gender for individual board directors
28% decline in aggregate race/ethnicity data on boards

What it means for employees

If you’re trying to assess a company’s values, these changes make it harder to see whether equity and inclusion are truly part of the culture. You may no longer have visibility into who holds leadership roles, whether pay is being monitored, or whether your employer tracks diversity across departments.

And if you're experiencing bias, retaliation, or unfair treatment, it may be more difficult to determine whether you're facing an isolated incident—or part of a broader pattern.