More than a dozen of the biggest companies in the United States have deleted some or all references to “diversity, equity, and inclusion” and “DEI” from their most recent annual investor reports — including Disney.

©Disney | Walt Disney Company Headquarters

According to NPR, Disney, Google, GM, GE, Pepsi, Intel, PayPal, Chipotle, Comcast, 3M, Regeneron, and Philip Morris have either recently deleted or “softened” their DEI language.

Disney has shortened its “diversity, equity and inclusion” section in its most recent annual report, which was filed in November. The company removed the previous year’s references to a website “for amplifying underrepresented voices” and highlighted “some of Disney’s DE&I commitments and actions.

Walt Disney Company Headquarters ©LA Times

The only mention of DEI in the recent report is below:

©Disney

Most of the companies filed their annual reports within the past two weeks — around the time when President Trump ordered the end of DEI for the federal government and its contractors. Conservative critics have been putting pressure on companies due to their belief that DEI programs are discriminatory toward non-minorities in and of themselves.

The Walt Disney Company headquarters in California

This isn’t the first time Disney’s DEI initiatives have been in the spotlight. Back in February 2024, Elon Musk railed against Disney on X (formerly Twitter) after sharing a photo of what he claimed to be the company’s Inclusion Standards. Musk accused Disney of “mandatory, institutionalized racism and sexism” in his post.

In addition, he posted, “If you were discriminated against by Disney or its subsidiaries (ABC, ESPN, Marvel, etc), just reply to this post to receive legal support[.]”

©Disney

The changes to investor reports follow companies like Walmart, Target, Amazon, Meta, Ford, and others changing or ending their diversity programs altogether. However, NPR has found that several more companies are silently updating how they discuss DEI with their investors.

Shiva Rajgopal, a professor of accounting and auditing at Columbia University, says “it makes very little sense to issue a press release saying, ‘I’m going to stop’ — because that’s like waving a red flag to a bull. Whenever practices change, the folks who drop them silently are usually in the majority.”

Walt Disney Studios

Ultimately, though, there’s no regulatory requirement that says companies need to disclose their DEI programs. In the past, these have been included in such reports to please investors, employees, and customers. But now, the political climate has changed, and companies are feeling the pressure to rethink their position on DEI initiatives.

In Disney’s case, there’s no confirmation that the company is actually changing or ending its DEI practices, but the removal of any references in its most recent investor report is undeniable. So far, Disney has declined to comment.

Cinderella Castle

In the meantime, we’ll be on the lookout for more updates from the Walt Disney Company. Don’t forget to stay tuned to the Disney Food Blog for the latest news.