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The share of Fortune 500 companies that publicly outlined their diversity, equity and inclusion (DEI) commitments fell by nearly two-thirds from a year ago, new research shows.
The Human Rights Campaign Foundation released the latest version of its Corporate Equality Index on Tuesday, which showed a 65% decline in the number of Fortune 500 companies that chose to voluntarily submit their DEI policies for evaluation in the index.
HRC noted that 131 companies in the Fortune 500 chose to participate in the CEI this year, down from 377 in 2025, and the group noted that many of the companies that opted against participating are federal contractors.
"What we're seeing is the collapse of a corporate social credit system," Robby Starbuck, host of "The Robby Starbuck Show" and visiting fellow for capital markets at the Heritage Foundation, told FOX Business. "The HRC's CEI system turned boardrooms into political compliance offices, where companies were pressured to prove their ideological loyalty instead of focusing on their business, customers, employees, and shareholders."
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The number of Fortune 500 companies participating in HRC's Corporate Equality Index fell by nearly two-thirds from last year. (Getty Images)
Starbuck, who emerged as a leading activist in spotlighting corporate DEI policies in recent years, added that the decline in participation in the index shows those policies were out of step with average Americans and that corporate leaders appreciated the risk they posed when shares declined amid DEI controversies.
"While I bask in this victory over a truly despicable, evil ideology, I still have 35% left to eliminate and mark my words, I will," he added. "It turns out supporting sex changes for kids, racism against Whites via DEI and struggle sessions at work aren't that popular in the real world!"
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Conservative activist Robby Starbuck has been an outspoken opponent of corporate DEI policies. (Bess Adler/Bloomberg via Getty Images)
Last year, President Donald Trump signed an executive order to "end illegal DEI discrimination and preferences" while directing federal agencies to take steps to encourage private sector companies to end illicit DEI policies through regulatory actions, investigations, litigation or other means.
HRC president Kelley Robinson said that while it remains illegal to discriminate against LGBTQ+ workers, she noted in the group's report that "pressure from the federal government has been unprecedented, rolling back protections, publishing executive orders and threatening investigations for diversity and inclusion work.
"It's in this context that some companies have pulled back from this work," she added.
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Activists have encouraged companies to engage on political issues in addition to adopting internal DEI policies. (Alisha Jucevic/Bloomberg via Getty Images)
The HRC noted that among companies that disclosed DEI policies and practices through the CEI in 2025 and 2026, they found the implementation of those policies and practices was sustained or increased with no drop off.
"Companies that communicate clearly and lead with transparency earn trust, retain talent, and strengthen their business. And they're overwhelmingly backed by their shareholders who have rejected anti-DEI measures by nearly unanimous votes," Robinson said.
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"At a moment when fear and confusion are growing, providing clarity and confidence isn't just good leadership – it's essential."