Since Trump came back to power, his administration has cracked down on public and private organizations, from government agencies to private universities, over diversity, equity and inclusion, or DEI, practices.

Mentions of gender as a qualifying factor were referenced in 34.3% of regulatory filings by S&P 500 companies through April, down by nearly half from 61.3% last year, according to The Conference Board and data mining and analytics firm ESGAUGE.

Race was referenced in 34% of filings through April, versus 60.9% for all of 2025, the data shows.

Anuj Saush, head of advisory, international at The Conference Board, said that the data points to a “recalibration, not a disappearance”, of diversity in corporate governance.

"Women CEO appointments remain uneven, and board diversity disclosure has become less detailed in recent filings,” said Saush.

Saush said that the most effective companies will be those that can preserve the substance of inclusive talent and board-building practices while improving the clarity, consistency, and business relevance of their disclosure.

Look out for Ross Kerber’s stories on this later this week on the link here.