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birdkit: do not modify this file -->\n<!-- birdkit: html header automatically hoisted to the head -->\n\n\t\t<div\n\t\t\tid=\"g-2025-02-26-dei-analysis\"\n\t\t\tclass=\"birdkit-body g-2025-02-26-dei-analysis g-dark-mode-incompatible\"\n\t\t\tdata-preview-slug=\"2025-02-26-dei-analysis\"\n\t\t\tdata-birdkit-hydrate=\"97b66e8d2ce25027\"\n\t\t>\t\n\t\t\t\n\t<!--[--><!--[--><!----><!----><!--[--><!--[--><!----><div class=\"g-header-container g-theme-news g-align-center g-style-default svelte-88tj25 g-transparent-masthead\" style=\"--g-header-text-wrap:balance\"><header class=\"g-header svelte-88tj25\"><!--[!--><!--]--> <!--[!--><!--]--> <div class=\"g-heading-wrapper svelte-88tj25\"><h1 class=\"g-heading svelte-1gde4oi\"><!---->How Corporate America Is Retreating From D.E.I.<!----><\/h1><!----><\/div> <!--[!--><!--]--> <!--[!--><!--]--> <!--[--><div class=\"g-byline-wrapper svelte-88tj25\"><p class=\"g-byline svelte-10de1fz\"><!--[--><span class=\"g-byline-prefix\">By<\/span><!--]--> <!--[!--><!--[--><!--[--><!--[!--><!--]--><span itemprop=\"name\" class=\"svelte-10de1fz \"><!--[!--><!--[--><a href=\"https:\/\/www.nytimes.com\/by\/emma-goldberg\"><!----><!---->Emma Goldberg<!----><\/a><!--]--><!--]--><!--[-->,\u00a0<!--]--><\/span><!--[!--><!--]--><span itemprop=\"name\" class=\"svelte-10de1fz \"><!--[!--><!--[--><a href=\"https:\/\/www.nytimes.com\/by\/aaron-krolik\"><!----><!---->Aaron Krolik<!----><\/a><!--]--><!--]--><!--[!--><!--]--><\/span><!--[--> and <!--]--><span itemprop=\"name\" class=\"svelte-10de1fz g-last-byline\"><!--[!--><!--[--><a href=\"https:\/\/www.nytimes.com\/by\/lily-boyce\"><!----><!---->Lily Boyce<!----><\/a><!--]--><!--]--><!--[!--><!--]--><\/span><!--]--><!--]--><!--]--> <!--[!--><!--]--><\/p><!----> <span class=\"g-timestamp-wrapper\"><time class=\"g-interactive-timestamp svelte-1xfuih8 \" datetime=\"2025-03-12T22:16:17-04:00\"><!--[!--><!--[!--><!--[-->March 12, 2025<!--]--><!--]--><!--]--><\/time><!----><\/span><\/div><!--]--> 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el.getBoundingClientRect();\n\t\t\treturn bounds.top < window.innerHeight && bounds.bottom > 0;\n\t\t}\n\n\t\tfunction selectChildren(selector, parent) {\n\t\t\treturn parent ? Array.prototype.slice.call(parent.querySelectorAll(selector)) : [];\n\t\t}\n\n\t\t\/\/ based on underscore.js\n\t\tfunction throttle(func, wait) {\n\t\t\tvar timeout = null,\n\t\t\t\tprevious = 0;\n\t\t\tfunction run() {\n\t\t\t\tprevious = Date.now();\n\t\t\t\ttimeout = null;\n\t\t\t\tfunc();\n\t\t\t}\n\t\t\treturn function () {\n\t\t\t\tvar remaining = wait - (Date.now() - previous);\n\t\t\t\tif (remaining <= 0 || remaining > wait) {\n\t\t\t\t\tclearTimeout(timeout);\n\t\t\t\t\trun();\n\t\t\t\t} else if (!timeout) {\n\t\t\t\t\ttimeout = setTimeout(run, remaining);\n\t\t\t\t}\n\t\t\t};\n\t\t}\n\t})('g-placeholder-topper-alt-box', {\n\t\tnamespace: 'g-',\n\t\tsetup: window.setupInteractive || window.getComponent\n\t});\n<\/script>\n<!-- End ai2html - 2025-03-11 14:17 -->\n<!----> <!--[!--><!--]--><\/div><!--]--><!----><\/div><!----><!--]--><!----><!----><\/div><\/div><!----> <!--[!--><!--]--><!----><\/figure><!----><!----><!--]--><!--[--><!----><!--[--><!--[!--><!----><p class=\"g-text  svelte-aulr67\"><!--[--><!---->Household-name companies, like Walmart and Meta, have scaled back diversity, equity and inclusion goals in recent months. These brands are part of a widespread retreat happening across corporate America, according to a New York Times analysis of annual financial filings. It has been as noticeable among tech giants as among drug makers, concert promoters and nearly every sector of the U.S. economy.<!----><!--]--><!----><\/p><!----><!--]--><!--]--><!----><!--]--><!--[--><!----><!--[--><!--[!--><!----><p class=\"g-text  svelte-aulr67\"><!--[--><!---->So far this year the number of companies in the S&P 500 that used the language \u201cdiversity, equity and inclusion\u201d in these filings has fallen by nearly 60 percent from 2024.<!----><!--]--><!----><\/p><!----><!--]--><!--]--><!----><!--]--><!--[--><!----><!----><figure class=\"g-wrapper  svelte-141yli7 g-needs-margin-block\" style=\"\" aria-label=\"graphic\"><!--[--><div class=\"g-block g-block-margin svelte-1jrfrvl g-margin-inline\" style=\"\"><div class=\"g-block-width g-max-width-body svelte-1jrfrvl\"><!----><div class=\"g-wrapper_hed g-text-align-left svelte-1so50ue\"><!--[--><h3 class=\"g-heading svelte-1so50ue \"><!---->The Companies That Mentioned \u2018Diversity, Equity and Inclusion\u2019 Each Year<!----><\/h3><!--]--> <!--[!--><!--]--><\/div><!----><\/div><\/div><!--]--> <!--[!--><!--]--> <div class=\"g-block g-block-margin svelte-1jrfrvl g-margin-inline\" style=\"\"><div class=\"g-block-width g-max-width-body svelte-1jrfrvl\"><!----><!--[!--><!--]--> <!----><!--[!--><!----><div class=\"g-media \" aria-hidden=\"true\"><!--[!--><!--]--> <!--[--><div><!--[!--><!--]--> <!----><!-- Generated by ai2html v0.121.1 - 2025-03-12 16:49 -->\n<!-- ai file: dei-timeline.ai -->\n<style media=\"screen,print\">\n\t#g-dei-timeline-box,\n\t#g-dei-timeline-box .g-artboard {\n\t\tmargin: 0 auto;\n\t}\n\t#g-dei-timeline-box p {\n\t\tmargin: 0;\n\t}\n\t#g-dei-timeline-box .g-aiAbs {\n\t\tposition: absolute;\n\t}\n\t#g-dei-timeline-box .g-aiImg {\n\t\tposition: absolute;\n\t\ttop: 0;\n\t\tdisplay: block;\n\t\twidth: 100% !important;\n\t}\n\t#g-dei-timeline-box .g-aiSymbol {\n\t\tposition: absolute;\n\t\tbox-sizing: border-box;\n\t}\n\t#g-dei-timeline-box .g-aiPointText p {\n\t\twhite-space: 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500;\n\t\ttext-align: right;\n\t\ttext-transform: uppercase;\n\t}\n\t#g-dei-timeline-600-335 .g-pstyle1 {\n\t\tfont-weight: 500;\n\t\tline-height: 19px;\n\t\theight: 19px;\n\t\tfont-size: 16px;\n\t\ttop: 1.3px;\n\t\tposition: relative;\n\t}\n\t#g-dei-timeline-600-335 .g-pstyle2 {\n\t\tfont-weight: 500;\n\t\tline-height: 19px;\n\t\tfont-size: 16px;\n\t\ttext-align: right;\n\t\tcolor: rgb(51, 51, 51);\n\t}\n\t#g-dei-timeline-600-335 .g-pstyle3 {\n\t\tfont-weight: 500;\n\t\tline-height: 19px;\n\t\theight: 19px;\n\t\tfont-size: 16px;\n\t\ttext-align: right;\n\t\ttop: 1.3px;\n\t\tposition: relative;\n\t}\n\t#g-dei-timeline-600-335 .g-pstyle4 {\n\t\tfont-weight: 500;\n\t\tline-height: 19px;\n\t\theight: 19px;\n\t\tfont-size: 16px;\n\t\ttext-align: center;\n\t\ttop: 1.3px;\n\t\tposition: relative;\n\t}\n<\/style>\n\n<div id=\"g-dei-timeline-box\" class=\"ai2html ai2html-responsive\">\n\t<!-- Artboard: 600 -->\n\t<div\n\t\tid=\"g-dei-timeline-600-600\"\n\t\tclass=\"g-artboard\"\n\t\tstyle=\"min-width: 600px\"\n\t\tdata-aspect-ratio=\"1.191\"\n\t\tdata-min-width=\"600\"\n\t>\n\t\t<div style=\"padding: 0 0 83.9914% 0\"><\/div>\n\t\t<img\n\t\t\tid=\"g-dei-timeline-600-600-img\"\n\t\t\tclass=\"g-dei-timeline-600-img g-aiImg\"\n\t\t\talt=\"\"\n\t\t\tdata-src=\"https:\/\/static01.nytimes.com\/newsgraphics\/2025-02-26-dei-analysis\/8d7a1c41-ab78-4f4b-a9bb-b22281348624\/_assets\/dei-timeline-600-600.png\"\n\t\t\tsrc=\"data:image\/gif;base64,R0lGODlhCgAKAIAAAB8fHwAAACH5BAEAAAAALAAAAAAKAAoAAAIIhI+py+0PYysAOw==\"\n\t\t\/>\n\t\t<div\n\t\t\tid=\"g-ai0-1\"\n\t\t\tclass=\"g-Layer_1 g-aiAbs\"\n\t\t\tstyle=\"top: 0.3969%; right: 54.7175%; width: 25.3333%\"\n\t\t>\n\t\t\t<p class=\"g-pstyle0\">In 2021, 68% of<\/p>\n\t\t\t<p class=\"g-pstyle0\">S&P 500 companies mentioned D.E.I.<\/p>\n\t\t<\/div>\n\t\t<div\n\t\t\tid=\"g-ai0-2\"\n\t\t\tclass=\"g-Layer_1 g-aiAbs\"\n\t\t\tstyle=\"top: 1.1906%; right: 7.8074%; width: 26.6667%\"\n\t\t>\n\t\t\t<p class=\"g-pstyle1\">Trump Inauguration<\/p>\n\t\t\t<p class=\"g-pstyle1\">JAN 20, 2025<\/p>\n\t\t<\/div>\n\t\t<div\n\t\t\tid=\"g-ai0-3\"\n\t\t\tclass=\"g-Layer_1 g-aiAbs g-aiPointText\"\n\t\t\tstyle=\"top: 14.6451%; margin-top: -9.8px; left: 0.4821%; width: 127px\"\n\t\t>\n\t\t\t<p class=\"g-pstyle2\">400 companies<\/p>\n\t\t<\/div>\n\t\t<div\n\t\t\tid=\"g-ai0-4\"\n\t\t\tclass=\"g-Layer_1 g-aiAbs g-aiPointText\"\n\t\t\tstyle=\"top: 35.0837%; margin-top: -9.8px; right: 95.0711%; width: 49px\"\n\t\t>\n\t\t\t<p class=\"g-pstyle3\">300<\/p>\n\t\t<\/div>\n\t\t<div\n\t\t\tid=\"g-ai0-5\"\n\t\t\tclass=\"g-Layer_1 g-aiAbs g-aiPointText\"\n\t\t\tstyle=\"top: 55.3239%; margin-top: -9.8px; right: 95.0711%; width: 49px\"\n\t\t>\n\t\t\t<p class=\"g-pstyle3\">200<\/p>\n\t\t<\/div>\n\t\t<div\n\t\t\tid=\"g-ai0-6\"\n\t\t\tclass=\"g-Layer_1 g-aiAbs\"\n\t\t\tstyle=\"top: 64.4907%; right: 48.4929%; width: 25.1667%\"\n\t\t>\n\t\t\t<p class=\"g-pstyle1\">George Floyd killed<\/p>\n\t\t\t<p class=\"g-pstyle1\">MAY 25, 2020<\/p>\n\t\t<\/div>\n\t\t<div\n\t\t\tid=\"g-ai0-7\"\n\t\t\tclass=\"g-Layer_1 g-aiAbs g-aiPointText\"\n\t\t\tstyle=\"top: 75.7624%; margin-top: -9.8px; right: 95.0711%; width: 49px\"\n\t\t>\n\t\t\t<p class=\"g-pstyle3\">100<\/p>\n\t\t<\/div>\n\t\t<div\n\t\t\tid=\"g-ai0-8\"\n\t\t\tclass=\"g-Layer_1 g-aiAbs g-aiPointText\"\n\t\t\tstyle=\"top: 98.7807%; margin-top: -9.8px; left: 9.3675%; margin-left: -29px; width: 58px\"\n\t\t>\n\t\t\t<p class=\"g-pstyle4\">2015<\/p>\n\t\t<\/div>\n\t\t<div\n\t\t\tid=\"g-ai0-9\"\n\t\t\tclass=\"g-Layer_1 g-aiAbs g-aiPointText\"\n\t\t\tstyle=\"top: 98.7807%; margin-top: -9.8px; left: 52.0645%; margin-left: -29px; width: 58px\"\n\t\t>\n\t\t\t<p class=\"g-pstyle4\">2020<\/p>\n\t\t<\/div>\n\t\t<div\n\t\t\tid=\"g-ai0-10\"\n\t\t\tclass=\"g-Layer_1 g-aiAbs g-aiPointText\"\n\t\t\tstyle=\"top: 98.7807%; margin-top: -9.8px; left: 94.7601%; margin-left: -29px; width: 58px\"\n\t\t>\n\t\t\t<p class=\"g-pstyle4\">2025<\/p>\n\t\t<\/div>\n\t<\/div>\n\n\t<!-- Artboard: 600 -->\n\t<div\n\t\tid=\"g-dei-timeline-600-335\"\n\t\tclass=\"g-artboard\"\n\t\tstyle=\"max-width: 599px; max-height: 883px\"\n\t\tdata-aspect-ratio=\"0.678\"\n\t\tdata-min-width=\"0\"\n\t\tdata-max-width=\"599\"\n\t>\n\t\t<div style=\"padding: 0 0 147.4696% 0\"><\/div>\n\t\t<img\n\t\t\tid=\"g-dei-timeline-600-335-img\"\n\t\t\tclass=\"g-dei-timeline-335-img g-aiImg\"\n\t\t\talt=\"\"\n\t\t\tdata-src=\"https:\/\/static01.nytimes.com\/newsgraphics\/2025-02-26-dei-analysis\/8d7a1c41-ab78-4f4b-a9bb-b22281348624\/_assets\/dei-timeline-600-335.png\"\n\t\t\tsrc=\"data:image\/gif;base64,R0lGODlhCgAKAIAAAB8fHwAAACH5BAEAAAAALAAAAAAKAAoAAAIIhI+py+0PYysAOw==\"\n\t\t\/>\n\t\t<div\n\t\t\tid=\"g-ai1-1\"\n\t\t\tclass=\"g-Layer_1 g-aiAbs\"\n\t\t\tstyle=\"top: 0.6073%; right: 8.5733%; width: 43.5821%\"\n\t\t>\n\t\t\t<p class=\"g-pstyle0\">Trump Inauguration<\/p>\n\t\t\t<p class=\"g-pstyle0\">JAN 20, 2025<\/p>\n\t\t<\/div>\n\t\t<div\n\t\t\tid=\"g-ai1-2\"\n\t\t\tclass=\"g-Layer_1 g-aiAbs g-aiPointText\"\n\t\t\tstyle=\"top: 12.7127%; margin-top: -9.8px; left: 0.862%; width: 127px\"\n\t\t>\n\t\t\t<p class=\"g-pstyle1\">400 companies<\/p>\n\t\t<\/div>\n\t\t<div\n\t\t\tid=\"g-ai1-3\"\n\t\t\tclass=\"g-Layer_1 g-aiAbs\"\n\t\t\tstyle=\"top: 24.0879%; right: 54.1352%; width: 22.3881%\"\n\t\t>\n\t\t\t<p class=\"g-pstyle2\">In 2021,<\/p>\n\t\t\t<p class=\"g-pstyle2\">68% of<\/p>\n\t\t\t<p class=\"g-pstyle2\">S&P 500 companies mentioned<\/p>\n\t\t\t<p class=\"g-pstyle2\">D.E.I.<\/p>\n\t\t<\/div>\n\t\t<div\n\t\t\tid=\"g-ai1-4\"\n\t\t\tclass=\"g-Layer_1 g-aiAbs g-aiPointText\"\n\t\t\tstyle=\"top: 33.3595%; margin-top: -9.8px; right: 91.6418%; width: 49px\"\n\t\t>\n\t\t\t<p class=\"g-pstyle3\">300<\/p>\n\t\t<\/div>\n\t\t<div\n\t\t\tid=\"g-ai1-5\"\n\t\t\tclass=\"g-Layer_1 g-aiAbs g-aiPointText\"\n\t\t\tstyle=\"top: 54.2087%; margin-top: -9.8px; right: 91.6418%; width: 49px\"\n\t\t>\n\t\t\t<p class=\"g-pstyle3\">200<\/p>\n\t\t<\/div>\n\t\t<div\n\t\t\tid=\"g-ai1-6\"\n\t\t\tclass=\"g-Layer_1 g-aiAbs\"\n\t\t\tstyle=\"top: 63.3573%; right: 47.913%; width: 44.7761%\"\n\t\t>\n\t\t\t<p class=\"g-pstyle0\">George Floyd killed<\/p>\n\t\t\t<p class=\"g-pstyle0\">MAY 25, 2020<\/p>\n\t\t<\/div>\n\t\t<div\n\t\t\tid=\"g-ai1-7\"\n\t\t\tclass=\"g-Layer_1 g-aiAbs g-aiPointText\"\n\t\t\tstyle=\"top: 74.8555%; margin-top: -9.8px; right: 91.6418%; width: 49px\"\n\t\t>\n\t\t\t<p class=\"g-pstyle3\">100<\/p>\n\t\t<\/div>\n\t\t<div\n\t\t\tid=\"g-ai1-8\"\n\t\t\tclass=\"g-Layer_1 g-aiAbs g-aiPointText\"\n\t\t\tstyle=\"top: 98.5386%; margin-top: -9.8px; left: 11.9887%; margin-left: -29px; width: 58px\"\n\t\t>\n\t\t\t<p class=\"g-pstyle4\">2015<\/p>\n\t\t<\/div>\n\t\t<div\n\t\t\tid=\"g-ai1-9\"\n\t\t\tclass=\"g-Layer_1 g-aiAbs g-aiPointText\"\n\t\t\tstyle=\"top: 98.5386%; margin-top: -9.8px; left: 52.9266%; margin-left: -29px; width: 58px\"\n\t\t>\n\t\t\t<p class=\"g-pstyle4\">2020<\/p>\n\t\t<\/div>\n\t\t<div\n\t\t\tid=\"g-ai1-10\"\n\t\t\tclass=\"g-Layer_1 g-aiAbs g-aiPointText\"\n\t\t\tstyle=\"top: 98.5386%; margin-top: -9.8px; left: 93.8637%; margin-left: -29px; width: 58px\"\n\t\t>\n\t\t\t<p class=\"g-pstyle4\">2025<\/p>\n\t\t<\/div>\n\t<\/div>\n<\/div>\n\n<script type=\"text\/javascript\">\n\t(function (containerId, opts) {\n\t\tvar nameSpace = opts.namespace || '';\n\t\tvar containers = findContainers(containerId);\n\t\tcontainers.forEach(resize);\n\n\t\tfunction resize(container) {\n\t\t\tvar onResize = throttle(update, 200);\n\t\t\tvar waiting = !!window.IntersectionObserver;\n\t\t\tvar observer;\n\t\t\tupdate();\n\n\t\t\tdocument.addEventListener('DOMContentLoaded', update);\n\t\t\twindow.addEventListener('resize', onResize);\n\n\t\t\t\/\/ NYT Scoop-specific code\n\t\t\tif (opts.setup) {\n\t\t\t\topts.setup(container).on('cleanup', cleanup);\n\t\t\t}\n\n\t\t\tfunction cleanup() 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Array.prototype.slice.call(parent.querySelectorAll(selector)) : [];\n\t\t}\n\n\t\t\/\/ based on underscore.js\n\t\tfunction throttle(func, wait) {\n\t\t\tvar timeout = null,\n\t\t\t\tprevious = 0;\n\t\t\tfunction run() {\n\t\t\t\tprevious = Date.now();\n\t\t\t\ttimeout = null;\n\t\t\t\tfunc();\n\t\t\t}\n\t\t\treturn function () {\n\t\t\t\tvar remaining = wait - (Date.now() - previous);\n\t\t\t\tif (remaining <= 0 || remaining > wait) {\n\t\t\t\t\tclearTimeout(timeout);\n\t\t\t\t\trun();\n\t\t\t\t} else if (!timeout) {\n\t\t\t\t\ttimeout = setTimeout(run, remaining);\n\t\t\t\t}\n\t\t\t};\n\t\t}\n\t})('g-dei-timeline-box', {\n\t\tnamespace: 'g-',\n\t\tsetup: window.setupInteractive || window.getComponent\n\t});\n<\/script>\n<!-- End ai2html - 2025-03-12 16:49 -->\n<!----> <!--[!--><!--]--><\/div><!--]--><!----><\/div><!----><!--]--><!----><!----><\/div><\/div><!----> <!--[--><div class=\"g-block g-block-margin svelte-1jrfrvl g-margin-inline\" style=\"\"><div class=\"g-block-width g-max-width-body svelte-1jrfrvl\"><!----><!----><div class=\"g-wrapper_caption g-text-align-left svelte-1w7duvf\"><!--[!--><!--]--> <!--[--><p class=\"g-source svelte-1w7duvf\"><!---->Source: Securities and Exchange Commission<!----><\/p><!--]--> <!--[!--><!--]--> <!--[!--><!--]--><\/div><!----><!----><\/div><\/div><!--]--><!----><\/figure><!----><!----><!--]--><!--[--><!----><!--[--><!--[!--><!----><p class=\"g-text  svelte-aulr67\"><!--[--><!---->Seventy-eight percent of companies \u2014 297 out of the 381 that have filed their reports so far this year  \u2014  continue to discuss various diversity and related initiatives, according to the Times analysis, which examined a decade of financial filings known as 10-Ks that public companies submit each year to the Securities and Exchange Commission.<!----><!--]--><!----><\/p><!----><!--]--><!--]--><!----><!--]--><!--[--><!----><!--[--><!--[!--><!----><p class=\"g-text  svelte-aulr67\"><!--[--><!---->But many of them have softened or shifted previous language, by removing the word \u201cequity,\u201d for example, or emphasizing \u201cbelonging\u201d rather than D.E.I.<!----><!--]--><!----><\/p><!----><!--]--><!--]--><!----><!--]--><!--[--><!----><!--[--><!--[!--><!----><p class=\"g-text  svelte-aulr67\"><!--[--><!---->Major corporations began to shy away from taking strong stances on D.E.I. before President Trump re-entered office, but the trend accelerated rapidly after.<!----><!--]--><!----><\/p><!----><!--]--><!--]--><!----><!--]--><!--[--><!----><!--[--><!--[!--><!----><p class=\"g-text  svelte-aulr67\"><!--[--><!---->These filings aren\u2019t the only reflection of what companies are doing, or declining to do, to promote diversity, equity and inclusion \u2014 but they offer one view of changing stances in the words of the companies themselves. Plenty of language in these filings changes from year to year, though the Times analysis focused specifically on language about D.E.I.<!----><!--]--><!----><\/p><!----><!--]--><!--]--><!----><!--]--><!--[--><!----><!--[--><!--[!--><!----><p class=\"g-text  svelte-aulr67\"><!--[--><!---->In some ways, the shift reflects a pattern of companies chasing what seems most socially and politically expedient. After the killing of George Floyd in May 2020 and the Black Lives Matter protests that followed, many companies denounced racial injustice.<!----><!--]--><!----><\/p><!----><!--]--><!--]--><!----><!--]--><!--[--><!----><!--[--><!--[!--><!----><p class=\"g-text  svelte-aulr67\"><!--[--><!---->By 2022, over 90 percent of the S&P 500 had language about D.E.I. in their annual filings. Uber, for example, \u201ccommitted to becoming an anti-racist company.\u201d Best Buy wrote in a quarterly regulatory filing that \u201cin the wake of George Floyd\u2019s death\u201d the company would strive to \u201caddress racial inequities.\u201d<!----><!--]--><!----><\/p><!----><!--]--><!--]--><!----><!--]--><!--[--><!----><div class=\"g-paid svelte-1va431l\"><div id=\"mid1\" class=\"place-ad\" data-position=\"mid1\" data-size-key=\"default\"><\/div><\/div><!----><!--]--><!--[--><!----><!--[--><!--[!--><!----><p class=\"g-text  svelte-aulr67\"><!--[--><!---->By 2024, the social pressure had started to reverse \u2014 \u201c<a href=\"https:\/\/www.nytimes.com\/article\/what-is-critical-race-theory.html\">critical race theory<\/a>\u201d was labeled by some senators as \u201cactivist indoctrination,\u201d and many states took steps to restrict D.E.I. programs at universities. This backlash was accelerated by a Supreme Court decision in 2023 that struck down affirmative action in college admissions. While that decision was not directed at corporations, some law firms began to face lawsuits over fellowships that were open only to marginalized groups, and other employers started to pay more attention.<!----><!--]--><!----><\/p><!----><!--]--><!--]--><!----><!--]--><!--[--><!----><!--[--><!--[!--><!----><p class=\"g-text  svelte-aulr67\"><!--[--><!---->Mr. Trump then took direct aim at corporations. Soon after his inauguration in January, he issued an executive order that instructed federal agencies to investigate \u201cillegal D.E.I.\u201d in the private sector. He changed the staffing and leadership of the Equal Employment Opportunity Commission, which enforces the country\u2019s anti-discrimination laws, putting in place an acting chair who said her priorities included \u201crooting out unlawful D.E.I.-motivated race and sex discrimination.\u201d<!----><!--]--><!----><\/p><!----><!--]--><!--]--><!----><!--]--><!--[--><!----><!--[--><!--[!--><!----><p class=\"g-text  svelte-aulr67\"><!--[--><!---->Lawyers who have been helping companies navigate the new legal landscape said that some executives were worried about public disclosures on diversity efforts. Company leaders might want to keep their diversity initiatives in place, but realize that describing D.E.I. goals in public documents, like 10-Ks, could prompt scrutiny or government investigation. So some have found ways to hedge or otherwise tweak the language they use to make it more vague.<!----><!--]--><!----><\/p><!----><!--]--><!--]--><!----><!--]--><!--[--><!----><!--[--><!----><figure class=\"g-wrapper  svelte-141yli7 g-needs-margin-block\" style=\"\"><!--[!--><!--]--> <!--[!--><!--]--> <div class=\"g-block g-block-margin svelte-1jrfrvl g-margin-inline\" style=\"\"><div class=\"g-block-width g-max-width-body svelte-1jrfrvl\"><!----><!--[!--><!--]--> <!----><!----><!--[!--><!----><div class=\"chart-container svelte-ksnzmr\"><!--[--><div class=\"g-example svelte-9o8mg \"><div class=\"svelte-9o8mg company\">Dow Chemical <p class=\"g-lede svelte-9o8mg\">Used the same language about employee resource groups from 2021 to 2024.<\/p><\/div> <!--[--><div class=\"svelte-9o8mg tear-container\"><div class=\"g-snippet svelte-9o8mg\"><p class=\"year svelte-9o8mg\"><span class=\"svelte-9o8mg\">Deleted in 2025<\/span><\/p> <!--[--><!--[--><span class=\"animated-highlight svelte-svv9l3\"><!----><!----><\/span><!--]--><!--]--><\/div><\/div><!--]--><\/div> <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" version=\"1.1\" height=\"0\" width=\"0\"><defs><filter id=\"wobble\"><feTurbulence type=\"fractalNoise\" baseFrequency=\".01\" numOctaves=\"5\"><\/feTurbulence><feDisplacementMap in=\"SourceGraphic\" scale=\"6\"><\/feDisplacementMap><\/filter><\/defs><\/svg><div class=\"g-example svelte-9o8mg \"><div class=\"svelte-9o8mg company-blank\"> <p class=\"g-lede svelte-9o8mg\"><\/p><\/div> <!--[--><div class=\"svelte-9o8mg tear-container\"><div class=\"g-snippet svelte-9o8mg\"><p class=\"year svelte-9o8mg\"><span class=\"svelte-9o8mg\">Added in 2025<\/span><\/p> <!--[--><!--[!--><p class=\"svelte-9o8mg \"><!---->Dow's 10 ERGs <em>represent a workforce rich in diversity of thought, perspectives and backgrounds<\/em><!----><\/p><!--]--><!--]--><\/div><\/div><!--]--><\/div> <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" version=\"1.1\" height=\"0\" width=\"0\"><defs><filter id=\"wobble\"><feTurbulence type=\"fractalNoise\" baseFrequency=\".01\" numOctaves=\"5\"><\/feTurbulence><feDisplacementMap in=\"SourceGraphic\" scale=\"6\"><\/feDisplacementMap><\/filter><\/defs><\/svg><!--]--><\/div><!----><!--]--><!----><!----><!----><\/div><\/div><!----> <!--[!--><!--]--><!----><\/figure><!----><!--]--><!----><!--]--><!--[--><!----><!--[--><!----><figure class=\"g-wrapper  svelte-141yli7 g-needs-margin-block\" style=\"\"><!--[!--><!--]--> <!--[!--><!--]--> <div class=\"g-block g-block-margin svelte-1jrfrvl g-margin-inline\" style=\"\"><div class=\"g-block-width g-max-width-body svelte-1jrfrvl\"><!----><!--[!--><!--]--> <!----><!----><!--[!--><!----><div class=\"chart-container svelte-ksnzmr\"><!--[--><div class=\"g-example svelte-9o8mg \"><div class=\"svelte-9o8mg company\">Adobe <p class=\"g-lede svelte-9o8mg\">Used language about historically black colleges and universities from 2021 to 2024.<\/p><\/div> <!--[--><div class=\"svelte-9o8mg tear-container\"><div class=\"g-snippet svelte-9o8mg\"><p class=\"year svelte-9o8mg\"><span class=\"svelte-9o8mg\">Deleted in 2025<\/span><\/p> <!--[--><!--[--><span class=\"animated-highlight svelte-svv9l3\"><!----><!----><\/span><!--]--><!--]--><\/div><\/div><!--]--><\/div> <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" version=\"1.1\" height=\"0\" width=\"0\"><defs><filter id=\"wobble\"><feTurbulence type=\"fractalNoise\" baseFrequency=\".01\" numOctaves=\"5\"><\/feTurbulence><feDisplacementMap in=\"SourceGraphic\" scale=\"6\"><\/feDisplacementMap><\/filter><\/defs><\/svg><div class=\"g-example svelte-9o8mg \"><div class=\"svelte-9o8mg company-blank\"> <p class=\"g-lede svelte-9o8mg\"><\/p><\/div> <!--[--><div class=\"svelte-9o8mg tear-container\"><div class=\"g-snippet svelte-9o8mg\"><p class=\"year svelte-9o8mg\"><span class=\"svelte-9o8mg\">Added in 2025<\/span><\/p> <!--[--><!--[!--><p class=\"svelte-9o8mg \"><!---->We take action to improve the hiring, retention and promotion of a more diverse workforce <em>that reflects Adobe's global footprint<\/em>. We invest in partnerships and events to grow our pipeline and engage candidates across underrepresented communities.<!----><\/p><!--]--><!--]--><\/div><\/div><!--]--><\/div> <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" version=\"1.1\" height=\"0\" width=\"0\"><defs><filter id=\"wobble\"><feTurbulence type=\"fractalNoise\" baseFrequency=\".01\" numOctaves=\"5\"><\/feTurbulence><feDisplacementMap in=\"SourceGraphic\" scale=\"6\"><\/feDisplacementMap><\/filter><\/defs><\/svg><!--]--><\/div><!----><!--]--><!----><!----><!----><\/div><\/div><!----> <!--[!--><!--]--><!----><\/figure><!----><!--]--><!----><!--]--><!--[--><!----><!--[--><!--[!--><!----><p class=\"g-text  svelte-aulr67\"><!--[--><!---->Dow Chemical and Adobe did not reply to requests for comment on the shift in language in their annual reports.<!----><!--]--><!----><\/p><!----><!--]--><!--]--><!----><!--]--><!--[--><!----><!--[--><!--[!--><!----><p class=\"g-text  svelte-aulr67\"><!--[--><!---->\u201cYou don\u2019t want to provide a road map for critics to look into what you\u2019re up to,\u201d said Jon Solorzano, a partner at the law firm Vinson & Elkins who counsels companies on governance issues, including D.E.I. \u201cTalking about it externally is now viewed as a riskier proposition, while continuing to talk about it internally is maybe less risky.\u201d<!----><!--]--><!----><\/p><!----><!--]--><!--]--><!----><!--]--><!--[--><!----><!--[--><!--[!--><!----><p class=\"g-text  svelte-aulr67\"><!--[--><!---->Because executives were preparing their 10-K reports right as Mr. Trump took office, Mr. Solorzano noted, they were able to move quickly to drop public disclosures on D.E.I., though actually unwinding the programs will take more time. \u201cThere\u2019s an annual review of 10-Ks, and the annual review happened to coincide with new fears,\u201d he added.<!----><!--]--><!----><\/p><!----><!--]--><!--]--><!----><!--]--><!--[--><!----><!--[--><!--[!--><!----><p class=\"g-text  svelte-aulr67\"><!--[--><!---->Other D.E.I. experts noted that some companies are shying away from the term \u201cequity\u201d because it tends to attract more scrutiny than \u201cdiversity\u201d or \u201cinclusion.\u201d<!----><!--]--><!----><\/p><!----><!--]--><!--]--><!----><!--]--><!--[--><!----><!--[--><!--[!--><!----><p class=\"g-text  svelte-aulr67\"><!--[--><!---->\u201cThe E in D.E.I. is the real problematic one,\u201d said Musa Al-Gharbi, a sociologist and an assistant professor at Stony Brook University who has written extensively on diversity programs. \u201cTo actually achieve equity often requires policies that are alienating to a lot of stakeholders.\u201d<!----><!--]--><!----><\/p><!----><!--]--><!--]--><!----><!--]--><!--[--><!----><!--[--><!----><figure class=\"g-wrapper  svelte-141yli7 g-needs-margin-block\" style=\"\"><!--[!--><!--]--> <!--[!--><!--]--> <div class=\"g-block g-block-margin svelte-1jrfrvl g-margin-inline\" style=\"\"><div class=\"g-block-width g-max-width-body svelte-1jrfrvl\"><!----><!--[!--><!--]--> <!----><!----><!--[!--><!----><div class=\"chart-container svelte-ksnzmr\"><!--[--><div class=\"g-example svelte-9o8mg \"><div class=\"svelte-9o8mg company\">Vertex Pharmaceuticals <p class=\"g-lede svelte-9o8mg\">Used the same D.E.I. language from 2021 to 2024.<\/p><\/div> <!--[--><div class=\"svelte-9o8mg tear-container\"><div class=\"g-snippet svelte-9o8mg\"><p class=\"year svelte-9o8mg\"><span class=\"svelte-9o8mg\">Deleted in 2025<\/span><\/p> <!--[--><!--[--><span class=\"animated-highlight svelte-svv9l3\"><!----><!----><\/span><!--]--><!--]--><\/div><\/div><!--]--><\/div> <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" version=\"1.1\" height=\"0\" width=\"0\"><defs><filter id=\"wobble\"><feTurbulence type=\"fractalNoise\" baseFrequency=\".01\" numOctaves=\"5\"><\/feTurbulence><feDisplacementMap in=\"SourceGraphic\" scale=\"6\"><\/feDisplacementMap><\/filter><\/defs><\/svg><div class=\"g-example svelte-9o8mg \"><div class=\"svelte-9o8mg company-blank\"> <p class=\"g-lede svelte-9o8mg\"><\/p><\/div> <!--[--><div class=\"svelte-9o8mg tear-container\"><div class=\"g-snippet svelte-9o8mg\"><p class=\"year svelte-9o8mg\"><span class=\"svelte-9o8mg\">Added in 2025<\/span><\/p> <!--[--><!--[!--><p class=\"svelte-9o8mg \"><!---->we focus on a culture that values <em>all employees<\/em><!----><\/p><!--]--><!--]--><\/div><\/div><!--]--><\/div> <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" version=\"1.1\" height=\"0\" width=\"0\"><defs><filter id=\"wobble\"><feTurbulence type=\"fractalNoise\" baseFrequency=\".01\" numOctaves=\"5\"><\/feTurbulence><feDisplacementMap in=\"SourceGraphic\" scale=\"6\"><\/feDisplacementMap><\/filter><\/defs><\/svg><!--]--><\/div><!----><!--]--><!----><!----><!----><\/div><\/div><!----> <!--[!--><!--]--><!----><\/figure><!----><!--]--><!----><!--]--><!--[--><!----><!--[--><!----><figure class=\"g-wrapper  svelte-141yli7 g-needs-margin-block\" style=\"\"><!--[!--><!--]--> <!--[!--><!--]--> <div class=\"g-block g-block-margin svelte-1jrfrvl g-margin-inline\" style=\"\"><div class=\"g-block-width g-max-width-body svelte-1jrfrvl\"><!----><!--[!--><!--]--> <!----><!----><!--[!--><!----><div class=\"chart-container svelte-ksnzmr\"><!--[--><div class=\"g-example svelte-9o8mg \"><div class=\"svelte-9o8mg company\">Johnson &amp; Johnson <p class=\"g-lede svelte-9o8mg\">Used the same D.E.I. language between 2021 and 2024.<\/p><\/div> <!--[--><div class=\"svelte-9o8mg tear-container\"><div class=\"g-snippet svelte-9o8mg\"><p class=\"year svelte-9o8mg\"><span class=\"svelte-9o8mg\">Deleted in 2025<\/span><\/p> <!--[--><!--[--><span class=\"animated-highlight svelte-svv9l3\"><!----><!----><\/span><!--]--><!--]--><\/div><\/div><!--]--><\/div> <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" version=\"1.1\" height=\"0\" width=\"0\"><defs><filter id=\"wobble\"><feTurbulence type=\"fractalNoise\" baseFrequency=\".01\" numOctaves=\"5\"><\/feTurbulence><feDisplacementMap in=\"SourceGraphic\" scale=\"6\"><\/feDisplacementMap><\/filter><\/defs><\/svg><div class=\"g-example svelte-9o8mg \"><div class=\"svelte-9o8mg company-blank\"> <p class=\"g-lede svelte-9o8mg\"><\/p><\/div> <!--[--><div class=\"svelte-9o8mg tear-container\"><div class=\"g-snippet svelte-9o8mg\"><p class=\"year svelte-9o8mg\"><span class=\"svelte-9o8mg\">Added in 2025<\/span><\/p> <!--[--><!--[!--><p class=\"svelte-9o8mg \"><!---->underpinning these focus areas are ongoing efforts to cultivate and foster a culture built on innovation, health, well-being and safety, <em>inclusion and belonging<\/em> where the company's employees are encouraged to succeed both professionally and personally while helping the company achieve its business goals<!----><\/p><!--]--><!--]--><\/div><\/div><!--]--><\/div> <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" version=\"1.1\" height=\"0\" width=\"0\"><defs><filter id=\"wobble\"><feTurbulence type=\"fractalNoise\" baseFrequency=\".01\" numOctaves=\"5\"><\/feTurbulence><feDisplacementMap in=\"SourceGraphic\" scale=\"6\"><\/feDisplacementMap><\/filter><\/defs><\/svg><!--]--><\/div><!----><!--]--><!----><!----><!----><\/div><\/div><!----> <!--[!--><!--]--><!----><\/figure><!----><!--]--><!----><!--]--><!--[--><!----><!--[--><!--[!--><!----><p class=\"g-text  svelte-aulr67\"><!--[--><!---->Vertex Pharmaceuticals did not reply to a request for comment on the shift in its 10-K language on D.E.I. It still has a page on its website on the topic, something that other companies have also maintained \u2014 even as they have softened the language on it in their annual regulatory disclosures.<!----><!--]--><!----><\/p><!----><!--]--><!--]--><!----><!--]--><!--[--><!----><!--[--><!--[!--><!----><p class=\"g-text  svelte-aulr67\"><!--[--><!---->In a statement, a Johnson & Johnson spokeswoman said the company \u201chas always been and will continue to be compliant with all applicable legal requirements and remains dedicated to the values in our credo.\u201d<!----><!--]--><!----><\/p><!----><!--]--><!--]--><!----><!--]--><!--[--><!----><!--[--><!--[!--><!----><p class=\"g-text  svelte-aulr67\"><!--[--><!---->Given the mounting pressures from the Trump administration, it is perhaps surprising that hundreds of companies have maintained D.E.I. language in their 10-Ks this year. Delta Air Lines wrote: \u201cOur commitment to diversity, equity and inclusion is critical to effective human capital management.\u201d Arthur J. Gallagher & Company, the insurance brokerage, reported the share of its employees and managers who are \u201cracially\/ethnically diverse.\u201d<!----><!--]--><!----><\/p><!----><!--]--><!--]--><!----><!--]--><!--[--><!----><!--[--><!--[!--><!----><p class=\"g-text  svelte-aulr67\"><!--[--><!---->(The New York Times, which is not in the S&P 500, shortened the section on diversity in its 10-K this year. Danielle Rhoades Ha, a spokeswoman for The Times, said: \u201cWe still have the same diversity and inclusion-related programs that we did last year.\u201d She added: \u201cSpecific language in 10-Ks changes year to year.\u201d)<!----><!--]--><!----><\/p><!----><!--]--><!--]--><!----><!--]--><!--[--><!----><!--[--><!--[!--><!----><p class=\"g-text  svelte-aulr67\"><!--[--><!---->Still, the pendulum is swinging away from D.E.I., many corporate lawyers say, and the momentum can be hard to resist. Companies often tend to follow the crowd, whether that means adopting a certain approach to management (think \u201cagile\u201d), a popular strategy on innovation (like \u201cdesign thinking\u201d) or a job title that many of their peers are suddenly adding (\u201cchief of staff\u201d).<!----><!--]--><!----><\/p><!----><!--]--><!--]--><!----><!--]--><!--[--><!----><!--[--><!--[!--><!----><p class=\"g-text  svelte-aulr67\"><!--[--><!---->But fads often have shallow roots, and companies might drop that practice as soon as it opens them to social critique or legal scrutiny.<!----><!--]--><!----><\/p><!----><!--]--><!--]--><!----><!--]--><!--[--><!----><!--[--><!--[!--><!----><p class=\"g-text  svelte-aulr67\"><!--[--><!---->\u201cCompanies will adopt these fads and fashions, and they\u2019ll do it for legitimacy and reputation management purposes and never fully adopt it,\u201d said Ranjay Gulati, a Harvard Business School professor. \u201cThen it\u2019s a self-fulfilling prophecy, because it doesn\u2019t achieve their business goals so it goes out of fashion and they dump it.\u201d<!----><!--]--><!----><\/p><!----><!--]--><!--]--><!----><!--]--><!--[--><!----><!--[--><!----><figure class=\"g-wrapper  svelte-141yli7 g-needs-margin-block\" style=\"\"><!--[!--><!--]--> <!--[!--><!--]--> <div class=\"g-block g-block-margin svelte-1jrfrvl g-margin-inline\" style=\"\"><div class=\"g-block-width g-max-width-body svelte-1jrfrvl\"><!----><!--[!--><!--]--> <!----><!----><!--[!--><!----><div class=\"chart-container svelte-ksnzmr\"><!--[--><div class=\"g-example svelte-9o8mg \"><div class=\"svelte-9o8mg company\">Uber <p class=\"g-lede svelte-9o8mg\"><\/p><\/div> <!--[--><div class=\"svelte-9o8mg tear-container\"><div class=\"g-snippet svelte-9o8mg\"><p class=\"year svelte-9o8mg\"><span class=\"svelte-9o8mg\">2021<\/span><\/p> <!--[--><!--[!--><p class=\"svelte-9o8mg \"><!---->In July 2020, we <em>publicly committed<\/em> to becoming an anti-racist company<!----><\/p><!--]--><!--]--><\/div><\/div><!--]--><\/div> <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" version=\"1.1\" height=\"0\" width=\"0\"><defs><filter id=\"wobble\"><feTurbulence type=\"fractalNoise\" baseFrequency=\".01\" numOctaves=\"5\"><\/feTurbulence><feDisplacementMap in=\"SourceGraphic\" scale=\"6\"><\/feDisplacementMap><\/filter><\/defs><\/svg><div class=\"g-example svelte-9o8mg \"><div class=\"svelte-9o8mg company-blank\"> <p class=\"g-lede svelte-9o8mg\"><\/p><\/div> <!--[--><div class=\"svelte-9o8mg tear-container\"><div class=\"g-snippet svelte-9o8mg\"><p class=\"year svelte-9o8mg\"><span class=\"svelte-9o8mg\">2022<\/span><\/p> <!--[--><!--[!--><p class=\"svelte-9o8mg \"><!---->In July 2020, we <em>announced 14<\/em> commitments to becoming a more anti-racist company<!----><\/p><!--]--><!--]--><\/div><\/div><!--]--><\/div> <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" version=\"1.1\" height=\"0\" width=\"0\"><defs><filter id=\"wobble\"><feTurbulence type=\"fractalNoise\" baseFrequency=\".01\" numOctaves=\"5\"><\/feTurbulence><feDisplacementMap in=\"SourceGraphic\" scale=\"6\"><\/feDisplacementMap><\/filter><\/defs><\/svg><div class=\"g-example svelte-9o8mg \"><div class=\"svelte-9o8mg company-blank\"> <p class=\"g-lede svelte-9o8mg\"><\/p><\/div> <!--[--><div class=\"svelte-9o8mg tear-container\"><div class=\"g-snippet svelte-9o8mg\"><p class=\"year svelte-9o8mg\"><span class=\"svelte-9o8mg\">2023<\/span><\/p> <!--[--><!--[!--><p class=\"svelte-9o8mg \"><!---->In July 2020, we <em>announced commitments<\/em> to becoming a more anti-racist company<!----><\/p><!--]--><!--]--><\/div><\/div><!--]--><\/div> <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" version=\"1.1\" height=\"0\" width=\"0\"><defs><filter id=\"wobble\"><feTurbulence type=\"fractalNoise\" baseFrequency=\".01\" numOctaves=\"5\"><\/feTurbulence><feDisplacementMap in=\"SourceGraphic\" scale=\"6\"><\/feDisplacementMap><\/filter><\/defs><\/svg><div class=\"g-example svelte-9o8mg \"><div class=\"svelte-9o8mg company-blank\"> <p class=\"g-lede svelte-9o8mg\"><\/p><\/div> <!--[--><div class=\"svelte-9o8mg tear-container\"><div class=\"g-snippet svelte-9o8mg\"><p class=\"year svelte-9o8mg\"><span class=\"svelte-9o8mg\">2024<\/span><\/p> <!--[--><!--[!--><p class=\"svelte-9o8mg comment-text\"><!---->Uber dropped the reference to this announcement, but retained a section titled \u201cDiversity and Inclusion\u201d<!----><\/p><!--]--><!--]--><\/div><\/div><!--]--><\/div> <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" version=\"1.1\" height=\"0\" width=\"0\"><defs><filter id=\"wobble\"><feTurbulence type=\"fractalNoise\" baseFrequency=\".01\" numOctaves=\"5\"><\/feTurbulence><feDisplacementMap in=\"SourceGraphic\" scale=\"6\"><\/feDisplacementMap><\/filter><\/defs><\/svg><div class=\"g-example svelte-9o8mg \"><div class=\"svelte-9o8mg company-blank\"> <p class=\"g-lede svelte-9o8mg\"><\/p><\/div> <!--[--><div class=\"svelte-9o8mg tear-blank\"><div class=\"g-snippet svelte-9o8mg\"><p class=\"year svelte-9o8mg\"><span class=\"svelte-9o8mg\">2025<\/span><\/p> <!--[--><!--[!--><p class=\"svelte-9o8mg comment-text\"><!---->Uber removed the \u201cDiversity and Inclusion\u201d section entirely.<!----><\/p><!--]--><!--]--><\/div><\/div><!--]--><\/div> <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" version=\"1.1\" height=\"0\" width=\"0\"><defs><filter id=\"wobble\"><feTurbulence type=\"fractalNoise\" baseFrequency=\".01\" numOctaves=\"5\"><\/feTurbulence><feDisplacementMap in=\"SourceGraphic\" scale=\"6\"><\/feDisplacementMap><\/filter><\/defs><\/svg><!--]--><\/div><!----><!--]--><!----><!----><!----><\/div><\/div><!----> <!--[!--><!--]--><!----><\/figure><!----><!--]--><!----><!--]--><!--[--><!----><!--[--><!----><figure class=\"g-wrapper  svelte-141yli7 g-needs-margin-block\" style=\"\"><!--[!--><!--]--> <!--[!--><!--]--> <div class=\"g-block g-block-margin svelte-1jrfrvl g-margin-inline\" style=\"\"><div class=\"g-block-width g-max-width-body svelte-1jrfrvl\"><!----><!--[!--><!--]--> <!----><!----><!--[!--><!----><div class=\"chart-container svelte-ksnzmr\"><!--[--><div class=\"g-example svelte-9o8mg \"><div class=\"svelte-9o8mg company\">DuPont <p class=\"g-lede svelte-9o8mg\"><\/p><\/div> <!--[--><div class=\"svelte-9o8mg tear-container\"><div class=\"g-snippet svelte-9o8mg\"><p class=\"year svelte-9o8mg\"><span class=\"svelte-9o8mg\">2021<\/span><\/p> <!--[--><!--[!--><p class=\"svelte-9o8mg \"><!---->The Company believes that diversity and inclusion is central to high employee engagement.<!----><\/p><!--]--><!--]--><\/div><\/div><!--]--><\/div> <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" version=\"1.1\" height=\"0\" width=\"0\"><defs><filter id=\"wobble\"><feTurbulence type=\"fractalNoise\" baseFrequency=\".01\" numOctaves=\"5\"><\/feTurbulence><feDisplacementMap in=\"SourceGraphic\" scale=\"6\"><\/feDisplacementMap><\/filter><\/defs><\/svg><div class=\"g-example svelte-9o8mg \"><div class=\"svelte-9o8mg company-blank\"> <p class=\"g-lede svelte-9o8mg\"><\/p><\/div> <!--[--><div class=\"svelte-9o8mg tear-container\"><div class=\"g-snippet svelte-9o8mg\"><p class=\"year svelte-9o8mg\"><span class=\"svelte-9o8mg\">2022<\/span><\/p> <!--[--><!--[!--><p class=\"svelte-9o8mg \"><!---->The Company believes that diversity, equity and inclusion <em>(<\/em><em>\"DE&I\"<\/em><em>)<\/em> is central to high employee engagement.<!----><\/p><!--]--><!--]--><\/div><\/div><!--]--><\/div> <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" version=\"1.1\" height=\"0\" width=\"0\"><defs><filter id=\"wobble\"><feTurbulence type=\"fractalNoise\" baseFrequency=\".01\" numOctaves=\"5\"><\/feTurbulence><feDisplacementMap in=\"SourceGraphic\" scale=\"6\"><\/feDisplacementMap><\/filter><\/defs><\/svg><div class=\"g-example svelte-9o8mg \"><div class=\"svelte-9o8mg company-blank\"> <p class=\"g-lede svelte-9o8mg\"><\/p><\/div> <!--[--><div class=\"svelte-9o8mg tear-container\"><div class=\"g-snippet svelte-9o8mg\"><p class=\"year svelte-9o8mg\"><span class=\"svelte-9o8mg\">2023<\/span><\/p> <!--[--><!--[!--><p class=\"svelte-9o8mg \"><!---->The Company believes that diversity, equity and inclusion (\"DE&I\") is central to high employee engagement.<!----><\/p><!--]--><!--]--><\/div><\/div><!--]--><\/div> <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" version=\"1.1\" height=\"0\" width=\"0\"><defs><filter id=\"wobble\"><feTurbulence type=\"fractalNoise\" baseFrequency=\".01\" numOctaves=\"5\"><\/feTurbulence><feDisplacementMap in=\"SourceGraphic\" scale=\"6\"><\/feDisplacementMap><\/filter><\/defs><\/svg><div class=\"g-example svelte-9o8mg \"><div class=\"svelte-9o8mg company-blank\"> <p class=\"g-lede svelte-9o8mg\"><\/p><\/div> <!--[--><div class=\"svelte-9o8mg tear-container\"><div class=\"g-snippet svelte-9o8mg\"><p class=\"year svelte-9o8mg\"><span class=\"svelte-9o8mg\">2024<\/span><\/p> <!--[--><!--[!--><p class=\"svelte-9o8mg \"><!---->The Company believes that diversity, equity and inclusion (\"DE&I\") is central to high employee engagement.<!----><\/p><!--]--><!--]--><\/div><\/div><!--]--><\/div> <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" version=\"1.1\" height=\"0\" width=\"0\"><defs><filter id=\"wobble\"><feTurbulence type=\"fractalNoise\" baseFrequency=\".01\" numOctaves=\"5\"><\/feTurbulence><feDisplacementMap in=\"SourceGraphic\" scale=\"6\"><\/feDisplacementMap><\/filter><\/defs><\/svg><div class=\"g-example svelte-9o8mg \"><div class=\"svelte-9o8mg company-blank\"> <p class=\"g-lede svelte-9o8mg\"><\/p><\/div> <!--[--><div class=\"svelte-9o8mg tear-blank\"><div class=\"g-snippet svelte-9o8mg\"><p class=\"year svelte-9o8mg\"><span class=\"svelte-9o8mg\">2025<\/span><\/p> <!--[--><!--[!--><p class=\"svelte-9o8mg comment-text\"><!---->Dupont removed references to D.E.I.<!----><\/p><!--]--><!--]--><\/div><\/div><!--]--><\/div> <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" version=\"1.1\" height=\"0\" width=\"0\"><defs><filter id=\"wobble\"><feTurbulence type=\"fractalNoise\" baseFrequency=\".01\" numOctaves=\"5\"><\/feTurbulence><feDisplacementMap in=\"SourceGraphic\" scale=\"6\"><\/feDisplacementMap><\/filter><\/defs><\/svg><!--]--><\/div><!----><!--]--><!----><!----><!----><\/div><\/div><!----> <!--[!--><!--]--><!----><\/figure><!----><!--]--><!----><!--]--><!--[--><!----><!--[--><!----><figure class=\"g-wrapper  svelte-141yli7 g-needs-margin-block\" style=\"\"><!--[!--><!--]--> <!--[!--><!--]--> <div class=\"g-block g-block-margin svelte-1jrfrvl g-margin-inline\" style=\"\"><div class=\"g-block-width g-max-width-body svelte-1jrfrvl\"><!----><!--[!--><!--]--> <!----><!----><!--[!--><!----><div class=\"chart-container svelte-ksnzmr\"><!--[--><div class=\"g-example svelte-9o8mg \"><div class=\"svelte-9o8mg company\">Live Nation Entertainment <p class=\"g-lede svelte-9o8mg\"><\/p><\/div> <!--[--><div class=\"svelte-9o8mg tear-container\"><div class=\"g-snippet svelte-9o8mg\"><p class=\"year svelte-9o8mg\"><span class=\"svelte-9o8mg\">2021<\/span><\/p> <!--[--><!--[!--><p class=\"svelte-9o8mg \"><!---->In July 2020, in response to events in the U.S. and around the world that sparked overdue reflection on racism and discrimination in our societies, we announced ambitious goals to strengthen the company's diversity from the top down that we will strive to obtain by the end of 2025<!----><\/p><!--]--><!--]--><\/div><\/div><!--]--><\/div> <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" version=\"1.1\" height=\"0\" width=\"0\"><defs><filter id=\"wobble\"><feTurbulence type=\"fractalNoise\" baseFrequency=\".01\" numOctaves=\"5\"><\/feTurbulence><feDisplacementMap in=\"SourceGraphic\" scale=\"6\"><\/feDisplacementMap><\/filter><\/defs><\/svg><div class=\"g-example svelte-9o8mg \"><div class=\"svelte-9o8mg company-blank\"> <p class=\"g-lede svelte-9o8mg\"><\/p><\/div> <!--[--><div class=\"svelte-9o8mg tear-container\"><div class=\"g-snippet svelte-9o8mg\"><p class=\"year svelte-9o8mg\"><span class=\"svelte-9o8mg\">2022<\/span><\/p> <!--[--><!--[!--><p class=\"svelte-9o8mg \"><!----><em>We remain committed to reaching the ambitious goals we set<\/em> to strengthen the company's diversity from the top down<!----><\/p><!--]--><!--]--><\/div><\/div><!--]--><\/div> <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" version=\"1.1\" height=\"0\" width=\"0\"><defs><filter id=\"wobble\"><feTurbulence type=\"fractalNoise\" baseFrequency=\".01\" numOctaves=\"5\"><\/feTurbulence><feDisplacementMap in=\"SourceGraphic\" scale=\"6\"><\/feDisplacementMap><\/filter><\/defs><\/svg><div class=\"g-example svelte-9o8mg \"><div class=\"svelte-9o8mg company-blank\"> <p class=\"g-lede svelte-9o8mg\"><\/p><\/div> <!--[--><div class=\"svelte-9o8mg tear-container\"><div class=\"g-snippet svelte-9o8mg\"><p class=\"year svelte-9o8mg\"><span class=\"svelte-9o8mg\">2023<\/span><\/p> <!--[--><!--[!--><p class=\"svelte-9o8mg \"><!---->We remain committed to reaching the ambitious goals we set to strengthen the company's diversity from the top down<!----><\/p><!--]--><!--]--><\/div><\/div><!--]--><\/div> <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" version=\"1.1\" height=\"0\" width=\"0\"><defs><filter id=\"wobble\"><feTurbulence type=\"fractalNoise\" baseFrequency=\".01\" numOctaves=\"5\"><\/feTurbulence><feDisplacementMap in=\"SourceGraphic\" scale=\"6\"><\/feDisplacementMap><\/filter><\/defs><\/svg><div class=\"g-example svelte-9o8mg \"><div class=\"svelte-9o8mg company-blank\"> <p class=\"g-lede svelte-9o8mg\"><\/p><\/div> <!--[--><div class=\"svelte-9o8mg tear-container\"><div class=\"g-snippet svelte-9o8mg\"><p class=\"year svelte-9o8mg\"><span class=\"svelte-9o8mg\">2024<\/span><\/p> <!--[--><!--[!--><p class=\"svelte-9o8mg \"><!---->We remain committed to <em>making continuous progress toward our<\/em> ambitious representation goals \u2014 to strengthen the company\u2019s diversity from the top down<!----><\/p><!--]--><!--]--><\/div><\/div><!--]--><\/div> <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" version=\"1.1\" height=\"0\" width=\"0\"><defs><filter id=\"wobble\"><feTurbulence type=\"fractalNoise\" baseFrequency=\".01\" numOctaves=\"5\"><\/feTurbulence><feDisplacementMap in=\"SourceGraphic\" scale=\"6\"><\/feDisplacementMap><\/filter><\/defs><\/svg><div class=\"g-example svelte-9o8mg \"><div class=\"svelte-9o8mg company-blank\"> <p class=\"g-lede svelte-9o8mg\"><\/p><\/div> <!--[--><div class=\"svelte-9o8mg tear-blank\"><div class=\"g-snippet svelte-9o8mg\"><p class=\"year svelte-9o8mg\"><span class=\"svelte-9o8mg\">2025<\/span><\/p> <!--[--><!--[!--><p class=\"svelte-9o8mg comment-text\"><!---->Live Nation removed this commitment statement.<!----><\/p><!--]--><!--]--><\/div><\/div><!--]--><\/div> <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" version=\"1.1\" height=\"0\" width=\"0\"><defs><filter id=\"wobble\"><feTurbulence type=\"fractalNoise\" baseFrequency=\".01\" numOctaves=\"5\"><\/feTurbulence><feDisplacementMap in=\"SourceGraphic\" scale=\"6\"><\/feDisplacementMap><\/filter><\/defs><\/svg><!--]--><\/div><!----><!--]--><!----><!----><!----><\/div><\/div><!----> <!--[!--><!--]--><!----><\/figure><!----><!--]--><!----><!--]--><!--[--><!----><!--[--><!--[!--><!----><p class=\"g-text  svelte-aulr67\"><!--[--><!---->DuPont declined to comment and Uber did not reply to a request for comment.<!----><!--]--><!----><\/p><!----><!--]--><!--]--><!----><!--]--><!--[--><!----><!--[--><!--[!--><!----><p class=\"g-text  svelte-aulr67\"><!--[--><!---->A spokesperson for Live Nation wrote in a statement: \u201cWhile the legal landscape may be evolving, our commitment to inclusivity and Taking Care of Our Own will always remain at our core.\u201d Some of Live Nation\u2019s previously announced diversity goals stated 2025 as the target year to reach them, and previous 10-K documents had said the company was making progress toward achieving them.<!----><!--]--><!----><\/p><!----><!--]--><!--]--><!----><!--]--><!--[--><!----><!--[--><!--[!--><!----><p class=\"g-text  svelte-aulr67\"><!--[--><!---->An additional factor in the pullback, lawyers say, is some executives\u2019 realizing that they might have set goals in 2020 or 2021 that they cannot achieve without aggressive D.E.I. efforts that might be targeted with lawsuits or investigations in the coming months.<!----><!--]--><!----><\/p><!----><!--]--><!--]--><!----><!--]--><!--[--><!----><!--[--><!--[!--><!----><p class=\"g-text  svelte-aulr67\"><!--[--><!---->Since President Trump took office, the E.E.O.C. has made clear that it intends to investigate what it sees as D.E.I. overreach, which could include specific targets for hiring employees of underrepresented groups, or executive bonuses tied to meeting those goals.<!----><!--]--><!----><\/p><!----><!--]--><!--]--><!----><!--]--><!--[--><!----><!--[--><!--[!--><!----><p class=\"g-text  svelte-aulr67\"><!--[--><!---->\u201cSome goals based on race and gender that were set during the Biden administration were not reflective of availability in the work force, potentially operating more like a quota than a good faith placement goal,\u201d said Craig E. Leen, a partner in the employment practice at the law firm K&L Gates. \u201cSome employers are realizing that the goals are not attainable in a legal manner and are therefore resetting expectations.\u201d<!----><!--]--><!----><\/p><!----><!--]--><!--]--><!----><!--]--><!--[--><!----><!--[--><!--[!--><!----><p class=\"g-text  svelte-aulr67\"><!--[--><!---->To some D.E.I. proponents, the speed of the reversal has underscored the shallowness of some of the initial commitments. \u201cAs you\u2019re seeing companies pull back from these commitments, a lot of people are questioning how credible those commitments were in the first place,\u201d Mr. Solorzano of Vinson & Elkins said.<!----><!--]--><!----><\/p><!----><!--]--><!--]--><!----><!--]--><!--[--><!----><!----><figure class=\"g-wrapper  svelte-141yli7 \" style=\"\"><!--[!--><!--]--> <!--[!--><!--]--> <div class=\"g-block g-block-margin svelte-1jrfrvl g-margin-inline\" style=\"\"><div class=\"g-block-width g-max-width-body svelte-1jrfrvl\"><!----><!--[!--><!--]--> <!----><div class=\"g-methodology svelte-1c5ccdi\"><!--[--><p class=\"methodology-hed svelte-1c5ccdi\">Methodology<\/p><!--]--> <!--[--><!--[--><!--[!--><!----><p class=\"g-text  svelte-aulr67\"><!--[--><!---->The New York Times analyzed a decade of 10-Ks for companies currently in the S&P 500, totaling 25,000 documents. The Times included companies that had submitted an annual report in 2025 as of March 8, which totaled 381 companies. Using custom code, The Times processed the filings with a combination of keyword searches and artificial intelligence tools to identify paragraphs related to diversity, equity and inclusion. Journalists manually reviewed the results to ensure the accuracy of the A.I. classifications.<!----><!--]--><!----><\/p><!----><!--]--><!--]--><!--]--><\/div><!----><!----><\/div><\/div><!----> <!--[!--><!--]--><!----><\/figure><!----><!----><!--]--><!--]--><!----><!----><!----><!--]--> <!--[!--><!--]--><!--]-->\n\t\t\t\n\t\t\t<script>\n\t\t\t\t{\n\t\t\t\t\t__sveltekit_1vt4fug = {\n\t\t\t\t\t\tbase: new URL(\".\", location).pathname.slice(0, -1)\n\t\t\t\t\t};\n\n\t\t\t\t\tconst element = document.currentScript.parentElement.dataset.birdkitHydrate ? document.currentScript.parentElement : 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16px;\\n\\t\\ttext-align: right;\\n\\t\\ttop: 1.3px;\\n\\t\\tposition: relative;\\n\\t}\\n\\t#g-dei-timeline-600-335 .g-pstyle4 {\\n\\t\\tfont-weight: 500;\\n\\t\\tline-height: 19px;\\n\\t\\theight: 19px;\\n\\t\\tfont-size: 16px;\\n\\t\\ttext-align: center;\\n\\t\\ttop: 1.3px;\\n\\t\\tposition: relative;\\n\\t}\\n\\u003C\/style>\\n\\n\\u003Cdiv id=\\\"g-dei-timeline-box\\\" class=\\\"ai2html ai2html-responsive\\\">\\n\\t\\u003C!-- Artboard: 600 -->\\n\\t\\u003Cdiv\\n\\t\\tid=\\\"g-dei-timeline-600-600\\\"\\n\\t\\tclass=\\\"g-artboard\\\"\\n\\t\\tstyle=\\\"min-width: 600px\\\"\\n\\t\\tdata-aspect-ratio=\\\"1.191\\\"\\n\\t\\tdata-min-width=\\\"600\\\"\\n\\t>\\n\\t\\t\\u003Cdiv style=\\\"padding: 0 0 83.9914% 0\\\">\\u003C\/div>\\n\\t\\t\\u003Cimg\\n\\t\\t\\tid=\\\"g-dei-timeline-600-600-img\\\"\\n\\t\\t\\tclass=\\\"g-dei-timeline-600-img g-aiImg\\\"\\n\\t\\t\\talt=\\\"\\\"\\n\\t\\t\\tdata-src=\\\"https:\/\/static01.nytimes.com\/newsgraphics\/2025-02-26-dei-analysis\/8d7a1c41-ab78-4f4b-a9bb-b22281348624\/_assets\/dei-timeline-600-600.png\\\"\\n\\t\\t\\tsrc=\\\"data:image\/gif;base64,R0lGODlhCgAKAIAAAB8fHwAAACH5BAEAAAAALAAAAAAKAAoAAAIIhI+py+0PYysAOw==\\\"\\n\\t\\t\/>\\n\\t\\t\\u003Cdiv\\n\\t\\t\\tid=\\\"g-ai0-1\\\"\\n\\t\\t\\tclass=\\\"g-Layer_1 g-aiAbs\\\"\\n\\t\\t\\tstyle=\\\"top: 0.3969%; right: 54.7175%; width: 25.3333%\\\"\\n\\t\\t>\\n\\t\\t\\t\\u003Cp class=\\\"g-pstyle0\\\">In 2021, 68% of\\u003C\/p>\\n\\t\\t\\t\\u003Cp class=\\\"g-pstyle0\\\">S&P 500 companies mentioned D.E.I.\\u003C\/p>\\n\\t\\t\\u003C\/div>\\n\\t\\t\\u003Cdiv\\n\\t\\t\\tid=\\\"g-ai0-2\\\"\\n\\t\\t\\tclass=\\\"g-Layer_1 g-aiAbs\\\"\\n\\t\\t\\tstyle=\\\"top: 1.1906%; right: 7.8074%; width: 26.6667%\\\"\\n\\t\\t>\\n\\t\\t\\t\\u003Cp class=\\\"g-pstyle1\\\">Trump Inauguration\\u003C\/p>\\n\\t\\t\\t\\u003Cp class=\\\"g-pstyle1\\\">JAN 20, 2025\\u003C\/p>\\n\\t\\t\\u003C\/div>\\n\\t\\t\\u003Cdiv\\n\\t\\t\\tid=\\\"g-ai0-3\\\"\\n\\t\\t\\tclass=\\\"g-Layer_1 g-aiAbs g-aiPointText\\\"\\n\\t\\t\\tstyle=\\\"top: 14.6451%; margin-top: -9.8px; left: 0.4821%; width: 127px\\\"\\n\\t\\t>\\n\\t\\t\\t\\u003Cp class=\\\"g-pstyle2\\\">400 companies\\u003C\/p>\\n\\t\\t\\u003C\/div>\\n\\t\\t\\u003Cdiv\\n\\t\\t\\tid=\\\"g-ai0-4\\\"\\n\\t\\t\\tclass=\\\"g-Layer_1 g-aiAbs g-aiPointText\\\"\\n\\t\\t\\tstyle=\\\"top: 35.0837%; margin-top: -9.8px; right: 95.0711%; width: 49px\\\"\\n\\t\\t>\\n\\t\\t\\t\\u003Cp class=\\\"g-pstyle3\\\">300\\u003C\/p>\\n\\t\\t\\u003C\/div>\\n\\t\\t\\u003Cdiv\\n\\t\\t\\tid=\\\"g-ai0-5\\\"\\n\\t\\t\\tclass=\\\"g-Layer_1 g-aiAbs g-aiPointText\\\"\\n\\t\\t\\tstyle=\\\"top: 55.3239%; margin-top: -9.8px; right: 95.0711%; width: 49px\\\"\\n\\t\\t>\\n\\t\\t\\t\\u003Cp class=\\\"g-pstyle3\\\">200\\u003C\/p>\\n\\t\\t\\u003C\/div>\\n\\t\\t\\u003Cdiv\\n\\t\\t\\tid=\\\"g-ai0-6\\\"\\n\\t\\t\\tclass=\\\"g-Layer_1 g-aiAbs\\\"\\n\\t\\t\\tstyle=\\\"top: 64.4907%; right: 48.4929%; width: 25.1667%\\\"\\n\\t\\t>\\n\\t\\t\\t\\u003Cp class=\\\"g-pstyle1\\\">George Floyd killed\\u003C\/p>\\n\\t\\t\\t\\u003Cp class=\\\"g-pstyle1\\\">MAY 25, 2020\\u003C\/p>\\n\\t\\t\\u003C\/div>\\n\\t\\t\\u003Cdiv\\n\\t\\t\\tid=\\\"g-ai0-7\\\"\\n\\t\\t\\tclass=\\\"g-Layer_1 g-aiAbs g-aiPointText\\\"\\n\\t\\t\\tstyle=\\\"top: 75.7624%; margin-top: -9.8px; right: 95.0711%; width: 49px\\\"\\n\\t\\t>\\n\\t\\t\\t\\u003Cp class=\\\"g-pstyle3\\\">100\\u003C\/p>\\n\\t\\t\\u003C\/div>\\n\\t\\t\\u003Cdiv\\n\\t\\t\\tid=\\\"g-ai0-8\\\"\\n\\t\\t\\tclass=\\\"g-Layer_1 g-aiAbs g-aiPointText\\\"\\n\\t\\t\\tstyle=\\\"top: 98.7807%; margin-top: -9.8px; left: 9.3675%; margin-left: -29px; width: 58px\\\"\\n\\t\\t>\\n\\t\\t\\t\\u003Cp class=\\\"g-pstyle4\\\">2015\\u003C\/p>\\n\\t\\t\\u003C\/div>\\n\\t\\t\\u003Cdiv\\n\\t\\t\\tid=\\\"g-ai0-9\\\"\\n\\t\\t\\tclass=\\\"g-Layer_1 g-aiAbs g-aiPointText\\\"\\n\\t\\t\\tstyle=\\\"top: 98.7807%; margin-top: -9.8px; left: 52.0645%; margin-left: -29px; width: 58px\\\"\\n\\t\\t>\\n\\t\\t\\t\\u003Cp class=\\\"g-pstyle4\\\">2020\\u003C\/p>\\n\\t\\t\\u003C\/div>\\n\\t\\t\\u003Cdiv\\n\\t\\t\\tid=\\\"g-ai0-10\\\"\\n\\t\\t\\tclass=\\\"g-Layer_1 g-aiAbs g-aiPointText\\\"\\n\\t\\t\\tstyle=\\\"top: 98.7807%; margin-top: -9.8px; left: 94.7601%; margin-left: -29px; width: 58px\\\"\\n\\t\\t>\\n\\t\\t\\t\\u003Cp class=\\\"g-pstyle4\\\">2025\\u003C\/p>\\n\\t\\t\\u003C\/div>\\n\\t\\u003C\/div>\\n\\n\\t\\u003C!-- Artboard: 600 -->\\n\\t\\u003Cdiv\\n\\t\\tid=\\\"g-dei-timeline-600-335\\\"\\n\\t\\tclass=\\\"g-artboard\\\"\\n\\t\\tstyle=\\\"max-width: 599px; max-height: 883px\\\"\\n\\t\\tdata-aspect-ratio=\\\"0.678\\\"\\n\\t\\tdata-min-width=\\\"0\\\"\\n\\t\\tdata-max-width=\\\"599\\\"\\n\\t>\\n\\t\\t\\u003Cdiv style=\\\"padding: 0 0 147.4696% 0\\\">\\u003C\/div>\\n\\t\\t\\u003Cimg\\n\\t\\t\\tid=\\\"g-dei-timeline-600-335-img\\\"\\n\\t\\t\\tclass=\\\"g-dei-timeline-335-img g-aiImg\\\"\\n\\t\\t\\talt=\\\"\\\"\\n\\t\\t\\tdata-src=\\\"https:\/\/static01.nytimes.com\/newsgraphics\/2025-02-26-dei-analysis\/8d7a1c41-ab78-4f4b-a9bb-b22281348624\/_assets\/dei-timeline-600-335.png\\\"\\n\\t\\t\\tsrc=\\\"data:image\/gif;base64,R0lGODlhCgAKAIAAAB8fHwAAACH5BAEAAAAALAAAAAAKAAoAAAIIhI+py+0PYysAOw==\\\"\\n\\t\\t\/>\\n\\t\\t\\u003Cdiv\\n\\t\\t\\tid=\\\"g-ai1-1\\\"\\n\\t\\t\\tclass=\\\"g-Layer_1 g-aiAbs\\\"\\n\\t\\t\\tstyle=\\\"top: 0.6073%; right: 8.5733%; width: 43.5821%\\\"\\n\\t\\t>\\n\\t\\t\\t\\u003Cp class=\\\"g-pstyle0\\\">Trump Inauguration\\u003C\/p>\\n\\t\\t\\t\\u003Cp class=\\\"g-pstyle0\\\">JAN 20, 2025\\u003C\/p>\\n\\t\\t\\u003C\/div>\\n\\t\\t\\u003Cdiv\\n\\t\\t\\tid=\\\"g-ai1-2\\\"\\n\\t\\t\\tclass=\\\"g-Layer_1 g-aiAbs g-aiPointText\\\"\\n\\t\\t\\tstyle=\\\"top: 12.7127%; margin-top: -9.8px; left: 0.862%; width: 127px\\\"\\n\\t\\t>\\n\\t\\t\\t\\u003Cp class=\\\"g-pstyle1\\\">400 companies\\u003C\/p>\\n\\t\\t\\u003C\/div>\\n\\t\\t\\u003Cdiv\\n\\t\\t\\tid=\\\"g-ai1-3\\\"\\n\\t\\t\\tclass=\\\"g-Layer_1 g-aiAbs\\\"\\n\\t\\t\\tstyle=\\\"top: 24.0879%; right: 54.1352%; width: 22.3881%\\\"\\n\\t\\t>\\n\\t\\t\\t\\u003Cp class=\\\"g-pstyle2\\\">In 2021,\\u003C\/p>\\n\\t\\t\\t\\u003Cp class=\\\"g-pstyle2\\\">68% of\\u003C\/p>\\n\\t\\t\\t\\u003Cp class=\\\"g-pstyle2\\\">S&P 500 companies mentioned\\u003C\/p>\\n\\t\\t\\t\\u003Cp class=\\\"g-pstyle2\\\">D.E.I.\\u003C\/p>\\n\\t\\t\\u003C\/div>\\n\\t\\t\\u003Cdiv\\n\\t\\t\\tid=\\\"g-ai1-4\\\"\\n\\t\\t\\tclass=\\\"g-Layer_1 g-aiAbs g-aiPointText\\\"\\n\\t\\t\\tstyle=\\\"top: 33.3595%; margin-top: -9.8px; right: 91.6418%; width: 49px\\\"\\n\\t\\t>\\n\\t\\t\\t\\u003Cp class=\\\"g-pstyle3\\\">300\\u003C\/p>\\n\\t\\t\\u003C\/div>\\n\\t\\t\\u003Cdiv\\n\\t\\t\\tid=\\\"g-ai1-5\\\"\\n\\t\\t\\tclass=\\\"g-Layer_1 g-aiAbs g-aiPointText\\\"\\n\\t\\t\\tstyle=\\\"top: 54.2087%; margin-top: -9.8px; right: 91.6418%; width: 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Array.prototype.slice.call(parent.querySelectorAll(selector)) : [];\\n\\t\\t}\\n\\n\\t\\t\/\/ based on underscore.js\\n\\t\\tfunction throttle(func, wait) {\\n\\t\\t\\tvar timeout = null,\\n\\t\\t\\t\\tprevious = 0;\\n\\t\\t\\tfunction run() {\\n\\t\\t\\t\\tprevious = Date.now();\\n\\t\\t\\t\\ttimeout = null;\\n\\t\\t\\t\\tfunc();\\n\\t\\t\\t}\\n\\t\\t\\treturn function () {\\n\\t\\t\\t\\tvar remaining = wait - (Date.now() - previous);\\n\\t\\t\\t\\tif (remaining \\u003C= 0 || remaining > wait) {\\n\\t\\t\\t\\t\\tclearTimeout(timeout);\\n\\t\\t\\t\\t\\trun();\\n\\t\\t\\t\\t} else if (!timeout) {\\n\\t\\t\\t\\t\\ttimeout = setTimeout(run, remaining);\\n\\t\\t\\t\\t}\\n\\t\\t\\t};\\n\\t\\t}\\n\\t})('g-dei-timeline-box', {\\n\\t\\tnamespace: 'g-',\\n\\t\\tsetup: window.setupInteractive || window.getComponent\\n\\t});\\n\\u003C\/script>\\n\\u003C!-- End ai2html - 2025-03-12 16:49 -->\\n\",mediaComponent:\"Graphic\"},hed:\"The Companies That Mentioned \u2018Diversity, Equity and Inclusion\u2019 Each Year\",leadin:\"\",caption:\"\",altText:\"\",label:\"\",source:\"Source: Securities and Exchange Commission\",note:\"\",credit:\"\",textAlign:\"left\",maxWidth:\"body\",marginInline:true,marginBlock:true}},{type:\"text\",value:\"Seventy-eight percent of companies \u2014 297 out of the 381 that have filed their reports so far this year  \u2014  continue to discuss various diversity and related initiatives, according to the Times analysis, which examined a decade of financial filings known as 10-Ks that public companies submit each year to the Securities and Exchange Commission.\"},{type:\"text\",value:\"But many of them have softened or shifted previous language, by removing the word \u201cequity,\u201d for example, or emphasizing \u201cbelonging\u201d rather than D.E.I.\"},{type:\"text\",value:\"Major corporations began to shy away from taking strong stances on D.E.I. before President Trump re-entered office, but the trend accelerated rapidly after.\"},{type:\"text\",value:\"These filings aren\u2019t the only reflection of what companies are doing, or declining to do, to promote diversity, equity and inclusion \u2014 but they offer one view of changing stances in the words of the companies themselves. Plenty of language in these filings changes from year to year, though the Times analysis focused specifically on language about D.E.I.\"},{type:\"text\",value:\"In some ways, the shift reflects a pattern of companies chasing what seems most socially and politically expedient. After the killing of George Floyd in May 2020 and the Black Lives Matter protests that followed, many companies denounced racial injustice.\"},{type:\"text\",value:\"By 2022, over 90 percent of the S&P 500 had language about D.E.I. in their annual filings. Uber, for example, \u201ccommitted to becoming an anti-racist company.\u201d Best Buy wrote in a quarterly regulatory filing that \u201cin the wake of George Floyd\u2019s death\u201d the company would strive to \u201caddress racial inequities.\u201d\"},{type:\"ad\",value:{id:1,size:void 0}},{type:\"text\",value:\"By 2024, the social pressure had started to reverse \u2014 \u201c\\u003Ca href=\\\"https:\/\/www.nytimes.com\/article\/what-is-critical-race-theory.html\\\">critical race theory\\u003C\/a>\u201d was labeled by some senators as \u201cactivist indoctrination,\u201d and many states took steps to restrict D.E.I. programs at universities. This backlash was accelerated by a Supreme Court decision in 2023 that struck down affirmative action in college admissions. While that decision was not directed at corporations, some law firms began to face lawsuits over fellowships that were open only to marginalized groups, and other employers started to pay more attention.\"},{type:\"text\",value:\"Mr. Trump then took direct aim at corporations. Soon after his inauguration in January, he issued an executive order that instructed federal agencies to investigate \u201cillegal D.E.I.\u201d in the private sector. He changed the staffing and leadership of the Equal Employment Opportunity Commission, which enforces the country\u2019s anti-discrimination laws, putting in place an acting chair who said her priorities included \u201crooting out unlawful D.E.I.-motivated race and sex discrimination.\u201d\"},{type:\"text\",value:\"Lawyers who have been helping companies navigate the new legal landscape said that some executives were worried about public disclosures on diversity efforts. Company leaders might want to keep their diversity initiatives in place, but realize that describing D.E.I. goals in public documents, like 10-Ks, could prompt scrutiny or government investigation. So some have found ways to hedge or otherwise tweak the language they use to make it more vague.\"},{type:\"svelte\",value:{component:\"SnippetEdit\",wrapper:true,textAlign:\"left\",maxWidth:\"body\",marginInline:true,marginBlock:true,altText:\"\",props:[{company:\"Dow Chemical\",lede:\"Used the same language about employee resource groups from 2021 to 2024.\",year:\"Deleted in 2025\",example:[{type:\"static\",text:\"Dow's ERGS \\u003Cstrong>are organized around historically underrepresented groups including women, people of color, LGBTQ+ individuals\\u003C\/strong>\"}]},{company:\"\",year:\"Added in 2025\",example:[{type:\"static\",text:\"Dow's 10 ERGs \\u003Cem>represent a workforce rich in diversity of thought, perspectives and backgrounds\\u003C\/em>\"}]}]}},{type:\"svelte\",value:{component:\"SnippetEdit\",wrapper:true,textAlign:\"left\",maxWidth:\"body\",marginInline:true,marginBlock:true,altText:\"\",props:[{company:\"Adobe\",lede:\"Used language about historically black colleges and universities from 2021 to 2024.\",year:\"Deleted in 2025\",example:[{type:\"static\",text:\"We take actions to improve the hiring, retention and promotion of a more diverse workforce. In fiscal 2023, we invested in partnerships and events to engage candidates across underrepresented communities. \\u003Cstrong>We have continued to develop and invest in our partnerships with Historically Black Colleges and Universities and Hispanic-Serving Institutions.\\u003C\/strong>\"}]},{company:\"\",year:\"Added in 2025\",example:[{type:\"static\",text:\"We take action to improve the hiring, retention and promotion of a more diverse workforce \\u003Cem>that reflects Adobe's global footprint\\u003C\/em>. We invest in partnerships and events to grow our pipeline and engage candidates across underrepresented communities.\"}]}]}},{type:\"text\",value:\"Dow Chemical and Adobe did not reply to requests for comment on the shift in language in their annual reports.\"},{type:\"text\",value:\"\u201cYou don\u2019t want to provide a road map for critics to look into what you\u2019re up to,\u201d said Jon Solorzano, a partner at the law firm Vinson & Elkins who counsels companies on governance issues, including D.E.I. \u201cTalking about it externally is now viewed as a riskier proposition, while continuing to talk about it internally is maybe less risky.\u201d\"},{type:\"text\",value:\"Because executives were preparing their 10-K reports right as Mr. Trump took office, Mr. Solorzano noted, they were able to move quickly to drop public disclosures on D.E.I., though actually unwinding the programs will take more time. \u201cThere\u2019s an annual review of 10-Ks, and the annual review happened to coincide with new fears,\u201d he added.\"},{type:\"text\",value:\"Other D.E.I. experts noted that some companies are shying away from the term \u201cequity\u201d because it tends to attract more scrutiny than \u201cdiversity\u201d or \u201cinclusion.\u201d\"},{type:\"text\",value:\"\u201cThe E in D.E.I. is the real problematic one,\u201d said Musa Al-Gharbi, a sociologist and an assistant professor at Stony Brook University who has written extensively on diversity programs. \u201cTo actually achieve equity often requires policies that are alienating to a lot of stakeholders.\u201d\"},{type:\"svelte\",value:{component:\"SnippetEdit\",wrapper:true,textAlign:\"left\",maxWidth:\"body\",marginInline:true,marginBlock:true,altText:\"\",props:[{company:\"Vertex Pharmaceuticals\",lede:\"Used the same D.E.I. language from 2021 to 2024.\",year:\"Deleted in 2025\",example:[{type:\"static\",text:\"we focus on a culture that values \\u003Cstrong>inclusion, diversity and equity\\u003C\/strong>\"}]},{company:\"\",year:\"Added in 2025\",example:[{type:\"static\",text:\"we focus on a culture that values \\u003Cem>all employees\\u003C\/em>\"}]}]}},{type:\"svelte\",value:{component:\"SnippetEdit\",wrapper:true,textAlign:\"left\",maxWidth:\"body\",marginInline:true,marginBlock:true,altText:\"\",props:[{company:\"Johnson & Johnson\",lede:\"Used the same D.E.I. language between 2021 and 2024.\",year:\"Deleted in 2025\",example:[{type:\"static\",text:\"underpinning these focus areas are ongoing efforts to cultivate and foster a culture built on \\u003Cstrong>diversity, equity and inclusion (dei)\\u003C\/strong>, innovation, health, well-being and safety, where the company's employees are encouraged to succeed both professionally and personally while helping the company achieve its business goals\"}]},{company:\"\",year:\"Added in 2025\",example:[{type:\"static\",text:\"underpinning these focus areas are ongoing efforts to cultivate and foster a culture built on innovation, health, well-being and safety, \\u003Cem>inclusion and belonging\\u003C\/em> where the company's employees are encouraged to succeed both professionally and personally while helping the company achieve its business goals\"}]}]}},{type:\"text\",value:\"Vertex Pharmaceuticals did not reply to a request for comment on the shift in its 10-K language on D.E.I. It still has a page on its website on the topic, something that other companies have also maintained \u2014 even as they have softened the language on it in their annual regulatory disclosures.\"},{type:\"text\",value:\"In a statement, a Johnson & Johnson spokeswoman said the company \u201chas always been and will continue to be compliant with all applicable legal requirements and remains dedicated to the values in our credo.\u201d\"},{type:\"text\",value:\"Given the mounting pressures from the Trump administration, it is perhaps surprising that hundreds of companies have maintained D.E.I. language in their 10-Ks this year. Delta Air Lines wrote: \u201cOur commitment to diversity, equity and inclusion is critical to effective human capital management.\u201d Arthur J. Gallagher & Company, the insurance brokerage, reported the share of its employees and managers who are \u201cracially\/ethnically diverse.\u201d\"},{type:\"text\",value:\"(The New York Times, which is not in the S&P 500, shortened the section on diversity in its 10-K this year. Danielle Rhoades Ha, a spokeswoman for The Times, said: \u201cWe still have the same diversity and inclusion-related programs that we did last year.\u201d She added: \u201cSpecific language in 10-Ks changes year to year.\u201d)\"},{type:\"text\",value:\"Still, the pendulum is swinging away from D.E.I., many corporate lawyers say, and the momentum can be hard to resist. Companies often tend to follow the crowd, whether that means adopting a certain approach to management (think \u201cagile\u201d), a popular strategy on innovation (like \u201cdesign thinking\u201d) or a job title that many of their peers are suddenly adding (\u201cchief of staff\u201d).\"},{type:\"text\",value:\"But fads often have shallow roots, and companies might drop that practice as soon as it opens them to social critique or legal scrutiny.\"},{type:\"text\",value:\"\u201cCompanies will adopt these fads and fashions, and they\u2019ll do it for legitimacy and reputation management purposes and never fully adopt it,\u201d said Ranjay Gulati, a Harvard Business School professor. \u201cThen it\u2019s a self-fulfilling prophecy, because it doesn\u2019t achieve their business goals so it goes out of fashion and they dump it.\u201d\"},{type:\"svelte\",value:{component:\"SnippetEdit\",wrapper:true,textAlign:\"left\",maxWidth:\"body\",marginInline:true,marginBlock:true,altText:\"\",props:[{company:\"Uber\",year:\"2021\",example:[{type:\"static\",text:\"In July 2020, we \\u003Cem>publicly committed\\u003C\/em> to becoming an anti-racist company\"}]},{company:\"\",year:\"2022\",example:[{type:\"static\",text:\"In July 2020, we \\u003Cem>announced 14\\u003C\/em> commitments to becoming a more anti-racist company\"}]},{company:\"\",year:\"2023\",example:[{type:\"static\",text:\"In July 2020, we \\u003Cem>announced commitments\\u003C\/em> to becoming a more anti-racist company\"}]},{company:\"\",year:\"2024\",texttype:\"comment\",example:[{type:\"static\",text:\"Uber dropped the reference to this announcement, but retained a section titled \u201cDiversity and Inclusion\u201d\"}]},{company:\"\",year:\"2025\",variant:\"blank\",texttype:\"comment\",example:[{type:\"static\",text:\"Uber removed the \u201cDiversity and Inclusion\u201d section entirely.\"}]}]}},{type:\"svelte\",value:{component:\"SnippetEdit\",wrapper:true,textAlign:\"left\",maxWidth:\"body\",marginInline:true,marginBlock:true,altText:\"\",props:[{company:\"DuPont\",year:\"2021\",example:[{type:\"static\",text:\"The Company believes that diversity and inclusion is central to high employee engagement.\"}]},{company:\"\",year:\"2022\",example:[{type:\"static\",text:\"The Company believes that diversity, equity and inclusion \\u003Cem>(\\u003C\/em>\\u003Cem>\\\"DE&I\\\"\\u003C\/em>\\u003Cem>)\\u003C\/em> is central to high employee engagement.\"}]},{company:\"\",year:\"2023\",example:[{type:\"static\",text:\"The Company believes that diversity, equity and inclusion (\\\"DE&I\\\") is central to high employee engagement.\"}]},{company:\"\",year:\"2024\",example:[{type:\"static\",text:\"The Company believes that diversity, equity and inclusion (\\\"DE&I\\\") is central to high employee engagement.\"}]},{company:\"\",year:\"2025\",variant:\"blank\",texttype:\"comment\",example:[{type:\"static\",text:\"Dupont removed references to D.E.I.\"}]}]}},{type:\"svelte\",value:{component:\"SnippetEdit\",wrapper:true,textAlign:\"left\",maxWidth:\"body\",marginInline:true,marginBlock:true,altText:\"\",props:[{company:\"Live Nation Entertainment\",lede:\"\",year:\"2021\",example:[{type:\"static\",text:\"In July 2020, in response to events in the U.S. and around the world that sparked overdue reflection on racism and discrimination in our societies, we announced ambitious goals to strengthen the company's diversity from the top down that we will strive to obtain by the end of 2025\"}]},{company:\"\",year:\"2022\",example:[{type:\"static\",text:\"\\u003Cem>We remain committed to reaching the ambitious goals we set\\u003C\/em> to strengthen the company's diversity from the top down\"}]},{company:\"\",year:\"2023\",example:[{type:\"static\",text:\"We remain committed to reaching the ambitious goals we set to strengthen the company's diversity from the top down\"}]},{company:\"\",year:\"2024\",example:[{type:\"static\",text:\"We remain committed to \\u003Cem>making continuous progress toward our\\u003C\/em> ambitious representation goals \u2014 to strengthen the company\u2019s diversity from the top down\"}]},{company:\"\",year:\"2025\",variant:\"blank\",texttype:\"comment\",example:[{type:\"static\",text:\"Live Nation removed this commitment statement.\"}]}]}},{type:\"text\",value:\"DuPont declined to comment and Uber did not reply to a request for comment.\"},{type:\"text\",value:\"A spokesperson for Live Nation wrote in a statement: \u201cWhile the legal landscape may be evolving, our commitment to inclusivity and Taking Care of Our Own will always remain at our core.\u201d Some of Live Nation\u2019s previously announced diversity goals stated 2025 as the target year to reach them, and previous 10-K documents had said the company was making progress toward achieving them.\"},{type:\"text\",value:\"An additional factor in the pullback, lawyers say, is some executives\u2019 realizing that they might have set goals in 2020 or 2021 that they cannot achieve without aggressive D.E.I. efforts that might be targeted with lawsuits or investigations in the coming months.\"},{type:\"text\",value:\"Since President Trump took office, the E.E.O.C. has made clear that it intends to investigate what it sees as D.E.I. overreach, which could include specific targets for hiring employees of underrepresented groups, or executive bonuses tied to meeting those goals.\"},{type:\"text\",value:\"\u201cSome goals based on race and gender that were set during the Biden administration were not reflective of availability in the work force, potentially operating more like a quota than a good faith placement goal,\u201d said Craig E. Leen, a partner in the employment practice at the law firm K&L Gates. \u201cSome employers are realizing that the goals are not attainable in a legal manner and are therefore resetting expectations.\u201d\"},{type:\"text\",value:\"To some D.E.I. proponents, the speed of the reversal has underscored the shallowness of some of the initial commitments. \u201cAs you\u2019re seeing companies pull back from these commitments, a lot of people are questioning how credible those commitments were in the first place,\u201d Mr. Solorzano of Vinson & Elkins said.\"},{type:\"methodology\",value:{hed:\"Methodology\",text:[{type:\"text\",value:\"The New York Times analyzed a decade of 10-Ks for companies currently in the S&P 500, totaling 25,000 documents. The Times included companies that had submitted an annual report in 2025 as of March 8, which totaled 381 companies. Using custom code, The Times processed the filings with a combination of keyword searches and artificial intelligence tools to identify paragraphs related to diversity, equity and inclusion. Journalists manually reviewed the results to ensure the accuracy of the A.I. classifications.\"}]}}],theme:\"news\",sheets:{}},\"uses\":{\"url\":1}}],\n\t\t\t\t\t\t\tform: null,\n\t\t\t\t\t\t\terror: null,\n\t\t\t\t\t\t\tparams: {},\n\t\t\t\t\t\t\troute: {\"id\":\"\/index\"}\n\t\t\t\t\t\t});\n\t\t\t\t\t});\n\t\t\t\t}\n\t\t\t<\/script>\n\t\t\n\n\t\t<\/div>\n\t\t\n<template class=\"hydration-helper\" data-render-hash=\"h--b031da0\" data-component=\"sharetools\"><div class=\"css-1sm67ns\"><div role=\"toolbar\" data-testid=\"share-tools\" aria-label=\"Social Media Share buttons, Save button, and Comments Panel with current comment count\" class=\"css-yomkvi\"><div><\/div><div data-testid=\"share-tools-menu\" class=\"interactive-sharetools css-pz4gob\"><ul data-testid=\"share-tools-list\" class=\"css-1atjma0\"><li class=\"css-atthsv\"><div class=\"css-vxcmzt\"><div class=\"css-79elbk\"><button type=\"button\" aria-label=\"\" aria-expanded=\"false\" class=\"css-1eeh360 actionbar-button\" 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