Fortune 100 response to DE&I pressures

On January 20, 2025, the U.S. Presidential Executive Order, Order 14151, titled "Ending Radical and Wasteful Government DEI Programs and Preferencing" sought to put an end to diversity, equity, inclusion and accessibility (DE&I) programs within the federal government. The following day, private organizations started refraining from using DE&I programs in their employment practices when working on federal contracts. As a result of these executive actions, widespread changes across various sectors took place:

Public Sector

Presidential executive orders have led to the elimination of DE&I programs across federal agencies, resulting in significant job cuts and structural overhauls in the public sector. Government offices have shut down diversity-focused initiatives, cancelled training programs and dissolved DE&I-related positions. Agencies are now shifting hiring and promotion practices away from diversity considerations, emphasizing "merit-based" criteria instead. Additionally, funding for DE&I-related grants and partnerships has been cut, impacting programs that previously supported underrepresented groups. The Trump administration is also systematically removing or altering language related to DE&I from federal agency websites. Similar edits were made during President Trump’s previous term, signaling a continued shift in policy messaging across government institutions.

Public and Private Education

Following President Trump's Executive Order, the Department of Education has begun the process of dismantling.

The Executive Orders have also influenced policies at public and private educational institutions. To avoid losing federal funding, several educational institutions have changed or closed their DE&I offices. Rice University has notably changed the name of its DE&I office to the Office of Access and Institutional Excellence.

On the other hand, San Francisco Unified School District has also sued AmeriCorps for not allowing the school board to use funds for promoting DE&I activities.

Law Firms

Covington & Burling and Perkins Coie are currently under federal investigation for their diversity policies, raising questions about judicial intervention and the future of corporate DE&I efforts. Many companies are revising their DE&I policies to ensure that they are compliant with the new administration.

Corporate Sector

To adjust to the evolving landscape, the Fortune 100 companies have taken different approaches to DE&I. Some corporations have scaled back or even eliminated DE&I initiatives in response to policy changes under the Trump administration, which has discouraged such programs. Additionally, many companies have made notable edits to their most recent 10-K filings, removing language related to DE&I commitments or shifting their focus away from these initiatives. On the other hand, some companies have chosen to uphold or even strengthen their commitment to DE&I, despite political and regulatory pressure.

We analysed publicly available information to track the changes made among the Fortune 100 with respect to DE&I-related nomenclature, reporting and program structures. We analysed the Fortune 100 companies using the 2022 NAICS industry classifications to better understand their approaches to DE&I. From this, we identified four key categories that highlight distinct trends in how these corporations engage with DE&I initiatives:

• Organizations maintaining their DE&I commitments
• Organizations referring to DE&I with different nomenclature
• Organizations scaling back or eliminating DE&I-related initiatives
• Organizations reinforcing and recommitting to their DE&I efforts

As the conversation around DE&I continues to shift, we aim to provide regular updates to keep you informed on emerging trends and corporate approaches. It is important to note that several Sustainability Reports have yet to be released as of the first quarter of 2025. We will share additional insights at the end of Q2.

Costco

Costco’s leadership believes that its focus on respect and inclusion is essential to its business success. CEO Ron Vachris further emphasized that while the company doesn’t implement hiring quotas, it ensures equal opportunities for all employees. Recently, Costco rebranded its DE&I program to "People and Communities," signaling its ongoing commitment to these values.

Despite pressure from activist investors and a changing U.S. policy landscape, the company’s Board of Directors unanimously opposed a proposal by the National Center for Public Policy Research (NCPPR) which sought to have Costco assess the risks of continuing its DE&I initiatives.

Despite calls for boycotts, Costco saw a 22% increase in web traffic and a 3% rise in app visits, showing strong support from consumers for the company's DE&I stance.

JPMorgan Chase

JPMorgan Chase remains committed to the bank’s DE&I initiatives, despite pushback from conservative activists. Unlike many companies who have either stayed silent or opposed DE&I efforts, CEO Jamie Dimon views diversity as a key business strategy, helping the bank reach diverse communities, attract top talent and foster long-term economic growth.

Although a strong supporter of these initiatives, Dimon criticizes the oversimplification of terms like "DE&I" and "ESG," arguing that they reduce complex issues to binary choices. As the largest U.S. bank, JP Morgan Chase anticipates continued criticism from activists, politicians and the public regarding its stance on DE&I and other public policy matters.

“It’s good for business; it’s morally right; we’re quite good at it; we’re successful.”  - Jamie Dimon, JPMorgan Chase CEO

Apple

During its annual meeting in February, Apple firmly rejected a shareholder proposal drafted by the NCPPR, which sought to eliminate its DE&I programs, policies and goals. With 97% of votes cast against the measure, Apple emphasized that it has no quotas or targets but focuses on hiring top talent and fostering a collaborative culture.

CEO Tim Cook reaffirmed the company’s commitment to ethical business practices, stating that Apple operates with integrity, compliance and a culture of belonging. Apple’s leadership also highlighted its proactive efforts to manage legal risks related to DE&I while maintaining its core values of dignity and respect. As legal standards evolve, Apple is prepared to adjust its practices to remain compliant, but its commitment to a culture of inclusion will remain unwavering.

“Our north star of dignity and respect for everyone and our work to that end will never waver.” – Tim Cook, Apple CEO

Cisco

Cisco is one of the few tech leaders that has publicly voiced support for DE&I, highlighting the business case that a diverse workforce undeniably brings business value. Their CEO reaffirmed that the core reasons for promoting workplace diversity, particularly from a business perspective, remain strong.

He also highlighted the need for nuance and balance in the diversity conversation, pointing out that it's often framed as a single issue when, in reality, it involves many factors. He noted that, while the pendulum swings too far in both directions, finding equilibrium is essential. According to Robbins, some aspects have become overly emphasized but will eventually be resolved, leaving behind more practical, common-sense approaches.

“The core reasons that you have a diverse workforce are still there from a business perspective." – Tony Robbins, Cisco CEO

General trends

• With the administration changing policies, the future of DE&I initiatives in the United States remains uncertain. While some companies have scaled back their programs due to the executive order, others have stood firm and rejected the demand to remove DE&I programs and roles. We will continue to analyze the situation as more information becomes available throughout the year.
• Despite the political pressure, organizations are making DE&I-related decisions based on what they view as good for their business.
  • Organizations, such as Costco, are tying DE&I to business ethics and performance. “Our efforts around diversity, equity and inclusion follow our code of ethics [...] We believe that these efforts enhance our capacity to attract and retain employees who will help our business succeed”
  • On the flip side, organizations that are eliminating DE&I programs are claiming that diversity programs pose risks to shareholder value, as they may invite lawsuits from those claiming to have been discriminated against.
• Geography matters - Many organizations are thinking beyond their local customers and making decisions based on their global customer base. Goldman Sachs, for example, is looking at these issues through the eyes of their clients: “They think about their businesses, how they find talent, the diversity of the talent they find all over the world. You know we operate a big global business, and we serve global clients everywhere. We think about these issues through the lens of: how do we help our clients navigate these things? And we continue to stay focused on talking to our clients and doing the things we've always done."