Corporate DEI Disclosure Trends in a Changing Regulatory Environment

1 minute read | June.11.2026

As legal and regulatory challenges to corporate diversity, equity and inclusion (DEI) programs intensify, how are public companies changing their disclosures about these programs in their SEC filings?

In this article for the Harvard Law School Forum on Corporate Governance, Orrick’s Mike Delikat, Hayden Goudy, and Lauren Goldsmith build upon their prior analysis of DEI-related disclosures among S&P 500 and Fortune 100 companies with an emphasis on disclosures by public companies in the financial services industry.

The article provides a review of the most notable recent challenges to corporate DEI disclosures and expanding risks to DEI programs. The authors also examine how disclosure practices are changing across the S&P 500, and the language being used to describe their new inclusion and belonging efforts.

Read their full findings and analysis here

Authors

Mike Delikat Partner, Employment Law & Litigation, Whistleblower & Corporate Investigations

New York

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D:+1 212 506 5230
E: [email protected]

Practice:

Finance Sector
Technology & Innovation Sector
Employment Law & Litigation
Whistleblower & Corporate Investigations
Internal Investigations
Trade Secrets Litigation
Wage and Hour
Cyber, Privacy & Data Innovation
Complex Litigation & Dispute Resolution
Pay Equity

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Mike Delikat Partner

New York

He is also the founder of the firm’s Whistleblower Task Force. He previously served as the Managing Director of Orrick’s Litigation Division. The practice group under Mike’s leadership was chosen as one of the top national employment law practices by Law 360.

Chambers USA and Chambers Global has ranked him in Band 1 since it began publishing its rankings, noting he is "a giant of the employment bar, widely regarded as an expert in whistleblowing matters and sex harassment claims,” “sought out by premier clients to handle high-stakes employment litigation and investigations,” and "one of the best lawyers on the East Coast for financial institutions."

Mike has an active trial, arbitration, and appellate practice and handles a number of high-visibility class action and impact cases. He is regularly retained by boards of directors and audit committees to conduct high exposure internal investigations of corporate wrongdoing.

Hayden Goudy Director of Responsible Business Solutions, Responsible Business, Corporate Governance

Seattle

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D:+1 206 839 4356
E: [email protected]

Practice:

Responsible Business
Corporate Governance
Energy Innovation

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Hayden Goudy Director of Responsible Business Solutions

Seattle

As the Director of Responsible Business Solutions at Orrick, Hayden helps clients design, build and defend their approach to responsible business. This includes non-legal strategic advice on developing strategies, addressing compliance, and preparing disclosures. Focusing on data analytics and peer benchmarking, Hayden manages a team of non-legal analysts and advisors who help businesses navigate the patchwork of existing and emerging sustainability laws and regulations, diverging sustainability reporting standards, and a dynamic policy environment.

Using data, Hayden and his team provide visibility over changing approaches and emerging best practices for responsible business across a fast-moving market.

Hayden's areas of focus include:

The California climate laws
EU Corporate Sustainability Reporting Directive
IFRS Sustainability Disclosure Standards

Hayden has provided advice on building climate change programs, preparing standards-aligned sustainability reports, and defending against shareholder and activist proposals. This includes outsourced solutions for CDP and EcoVadis reporting, addressing and improving third-party sustainability ratings and rankings, and building and running sustainability governance and management committees. Hayden has also helped dozens of clients prepare sustainability reports aligned with the SASB Standards, recommendations of the TCFD, and GRI Standards.

Lauren M. Goldsmith Senior Associate, Employment Law & Litigation

New York

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D:+1 212 506 5345
E: [email protected]

Practice:

Employment Law & Litigation

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Lauren M. Goldsmith Senior Associate

New York

Lauren works on single plaintiff and class action employment matters, defending against discrimination, harassment, retaliation, and wage and hour claims in state and federal trial and appellate courts. She also assists clients with conducting internal investigations and provides clients with guidance on pay equity-related matters.

Prior to joining Orrick, Lauren spent more than seven years as an associate in the litigation group of Sullivan & Cromwell LLP representing clients in complex litigation matters, including commercial and employment actions. Lauren's practice at Sullivan & Cromwell also included an active pro bono docket focusing on reproductive rights and LGBTQ and immigration issues.