A growing number of America’s biggest companies are revising diversity metrics for executive pay, a possible sign that conservative-led attacks on DEI are weighing more heavily on corporate culture.’

A review of about 1,200 companies found that the proportion of corporations using a diversity, equity and inclusion metric to set compensation has dropped to 28% from closer to 33% in 2023, according to an analysis of regulatory filings by Farient Advisors. So far this year, 56 companies, including Best Buy Co., Chipotle Mexican Grill Inc. and Johnson & Johnson, removed or de-emphasized DEI when setting executive pay, the consulting firm said.

“Companies and boards are especially trying to be careful when they’re setting these goals,” said Brian Bueno, head of Farient’s environmental, social and governance practice. “It’s possible we could see movement away from diversity or movement towards broader measures of human capital or workforce-related measures.”

Conservative activists have been targeting executive compensation that rewards management for meeting DEI goals because they contend that such incentives may encourage improper hiring behavior to meet diversity targets. It’s part of a broader backlash against corporate diversity programs that’s been amplified by billionaires, including Elon Musk and Bill Ackman, after the US Supreme Court ruled a year ago that affirmative action in college enrollment is illegal.

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