NEW YORK – A dramatic linguistic retreat is underway in corporate America, with more than 200 S&P 500 companies systematically scrubbing terms like “diversity” and “equity” from their 2025 annual reports. This shift comes amid intensifying political scrutiny, primarily driven by a Trump administration executive order aimed at dismantling DEI initiatives.
According to new data from the law firm Freshfields, nearly 60% fewer S&P 500 companies are now using the full phrase “diversity, equity, and inclusion” compared to previous years. The move signals a widespread corporate effort to navigate a contentious political environment.
The trend was catalyzed on President Trump’s first day in office, when he signed an executive order ending federal DEI programs and directing US agencies to “combat illegal private sector DEI actions.”
In response, some of the nation’s largest corporations—including JPMorgan Chase (JPM), Bank of America (BAC), and BlackRock (BLK)—have proactively altered their public language.
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Bank of America removed all eight references to “diversity and inclusion” from its latest report, in several places replacing “diversity” with “opportunity.” Its human resources group was even renamed the “opportunity and inclusion group.”
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BlackRock, the world’s largest asset manager, replaced a section titled “diversity, equity and inclusion” with one called “connectivity and inclusivity.”
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JPMorgan Chase has similarly dropped most mentions of DEI, rebranding its diversity programs as “opportunity” initiatives.
This strategic pivot is designed to sidestep controversy. As Tractor Supply (TSCO) CEO Hal Lawton told Yahoo Finance, the goal is to “remove” the company “from any sort of discourse that people viewed to be political or social in its orientation.”
Shareholders Tell a Different Story
While corporate communications are changing, a look at shareholder voting reveals a more complex reality. So far in 2025, there has been no successful push from investors to dismantle DEI policies.
Crucially, shareholder proposals classified as “anti-DEI” have been overwhelmingly rejected, with support for such measures hovering below 2%. These measures failed at major companies including Apple (AAPL), Disney (DIS), Goldman Sachs (GS), and Costco (COST).
Andrew Behar, CEO of the shareholder advocacy nonprofit As You Sow, called this year’s results a “triumphant” outcome for DEI advocates, as shareholders have consistently voted down efforts to curtail the programs.
Navigating Uncertainty: ‘Nobody Knows What to Do’
The shift in language, therefore, appears to be less about a change in core corporate values and more about risk mitigation in a confusing legal and political climate. “We’re observing a shift in language,” said ISS-Corporate executive director Kosmas Papadoupoulos.
Companies are facing pressure from multiple sides. New SEC guidance makes it easier for companies to exclude shareholder proposals on social issues, while uncertainty looms for federal contractors over the exact scope and enforcement of Trump’s executive order.
The result is a cautious, linguistic pivot where “diversity” and “equity” are being swapped for less politically charged terms like “belonging,” “opportunity,” and “a meritocratic workplace” in a bid to fly under the political radar without alienating shareholders who still largely support the underlying principles of the initiatives.
