BlackRock became the latest firm to remove references to its diversity, equity and inclusion (DEI) strategy in its annual report.
The world's largest asset manager released its annual report on Tuesday and references to DEI policies that appeared in prior editions of BlackRock's annual reports were absent.
BlackRock CEO Larry Fink was previously a proponent of DEI policies, which his firm has now joined several others in removing from corporate documents.
In its 2023 annual report, BlackRock had a section focused on DEI and said that it "believes a diverse workforce with an inclusive and connected culture is a commercial imperative and indispensable to its success. Ultimately, a dynamic, inclusive organization allows BlackRock to attract and retain top talent around the world and to stay ahead of its clients' needs."
BlackRock's latest annual report dropped references to DEI programs that it previously included. (Photographer: Angus Mordant/Bloomberg via Getty Images / Getty Images)
BlackRock's annual report from 2023 also referenced how the firm's "three pillar DEI strategy is aligned with the firm's business priorities and long-term objectives." It also included data about the self-identified gender and racial demographics of the company's workforce, along with a geographic breakdown.
The latest annual report omits the gender and racial demographics and only includes a geographic breakdown.
FOX Business reached out to BlackRock for comment on the shift and the firm provided a quote from the connectivity and inclusivity section of its latest annual report.
"BlackRock's approach to building a connected and inclusive culture is aligned with the firm's business priorities and long-term objectives. Delivering for the firm's clients requires attracting the best people from across the world. BlackRock is committed to creating an environment that supports top talent and fosters diverse perspectives to avoid groupthink," the company wrote.
BlackRock CEO Larry Fink has moved the asset manager away from its past support of DEI initiatives. (Kirk Sides/Houston Chronicle via Getty Images / Getty Images)
DEI policies have sparked political controversy among critics who view them as a move away from meritocracy. They've also encountered legal headwinds as a result of court rulings that have prompted companies as well as colleges and universities to eliminate DEI goals.
Last month, President Donald Trump signed an executive order that instructed federal agencies to investigate corporate DEI programs on the grounds of potential civil rights violations.
A federal judge blocked part of that order in a ruling issued Tuesday, agreeing with a group of plaintiffs that the order could be unconstitutional because it focuses on probing DEI programs that could violate federal law without also restricting anti-DEI programs that may violate antidiscrimination laws.