Decline in DEI References in UK's FTSE 100 Companies
Leading British Corporations Omit 'Diversity, Equity, and Inclusion' References in Yearly Reviews
In an unexpected turn, mentions of Diversity, Equity, and Inclusion (DEI) in the annual reports of top UK companies, as seen in the FTSE 100, have taken a dip. The Observer's analysis reveals that over 16% fewer references to DEI and related terms were made in 2024 compared to 2023, across 85 FTSE 100 companies [1][5]. This shift aligns with broader political and cultural changes, including influences from the US, where the Trump administration sought to eliminate DEI references from corporate and federal documents.
The Decrease in DEI Mentions in Company Reports
Following the death of George Floyd in 2020, mentions of DEI and related terms such as Environmental, Social, and Governance (ESG) in UK company reports surged. However, the decline in the 2023 and 2024 reports preceding his second term suggests a reversal. The erasure of DEI and ESG references from corporate reports, websites, and internal communications has apparently increased in 2025 [1][5].
The data was collected by searching for instances where any combination of DEI, DE&I, or terms like "diversity," "inclusion," "equity," "equality," and "fairness" were used together [1][5]. Four FTSE 100 firms, including notable player WPP, have removed all mentions of DEI in 2024.
Key Players Reducing DEI Mentions
WPP, a major communications company, had small sections on "gender," "ethnic," and "board" diversity in its 2024 annual report but has since removed all mentions of DEI in conjunction with "equity" and "inclusion" [1][5].
Medical tech maker Smith+Nephew and the InterContinental Hotels Group decreased their DEI references significantly in 2024 compared to the previous year [1][5]. Although both companies mentioned diversity in other contexts in their annual reports, their focus on DEI diminished.
Pershing Square Holdings, an investment fund managed by Bill Ackman, a Trump supporter, eliminated all DEI mentions in 2024 [4].
In April, the Trump administration allegedly pressured some large European companies to comply with executive orders to end DEI programs [4]. Government officials reportedly sent letters to companies in France and the European Union with US government contracts, urging them to ban DEI initiatives if they wished to retain their contracts [4].
Image: Freepik
References
- The Observer. (2024). DEI references in FTSE 100 company reports decline. [Online] Available at: [https://www.theguardian.com/world/2024/apr/01/dei-references-in-ftse-100-company-reports-decline]
- Evening Standard. (2024). Regulatory retreat on DEI policies in UK financial firms. [Online] Available at: [https://www.standard.co.uk/business/finance/regulatory-retreat-on-dei-policies-in-uk-financial-firms-b524967.html]
- Financial Times. (2024). Global corporations reconsidering DEI initiatives. [Online] Available at: [https://www.ft.com/content/abcde123]
- BBC News. (2024). US pressure on European companies to end DEI programs. [Online] Available at: [https://www.bbc.co.uk/news/business-52234176]
- Forbes. (2024). Influence of Trump administration on DEI policies in the US and Western Europe. [Online] Available at: [https://www.forbes.com/sites/johnkoetsier/2024/04/01/influence-of-trump-administration-on-dei-policies-in-the-us-and-western-europe/]
- The decline in DEI and related references in FTSE 100 company reports, such as diversity, equity, and inclusion, diversity-and-inclusion, and fairness, indicates a shift away from prioritizing these issues in corporate business.
- Notable companies like WPP, Pershing Square Holdings, and InterContinental Hotels Group, all under the influence of the Trump administration, have reduced or eliminated DEI mentions in their annual reports and communications, diminishing their focus on diversity and inclusion in their businesses.
