David Hood - Reporter
Oil giant removed reference to diversity at all career stages
Company opted for less-political terms in its annual report
Exxon Mobil Corp. erased a reference to the company considering diversity in its employment practices from its annual report to investors.
The oil and gas giant replaced the language with more politically neutral terms like “meritocracy” and professional development in its Form 10-K, released late Wednesday.
The change comes as companies reexamine their diversity initiatives and how they discuss them in the face of mandates from President Donald Trump’s newly installed administration directing agencies to root out “illegal” DEI practices in the private sector. Annual reports have given an early indication to investors, customers, employees, and other stakeholders of how companies are changing their commitments.
In last year’s annual report, Exxon said it considered and monitored “diversity through all stages of employment, including recruitment, training, and development of our employees.” This year, the company said it is “focused on building an engaged, global workforce; grounded in meritocracy, we strive to have every employee reach their potential over a long-term career by providing unrivaled opportunities for personal and professional growth through impactful work meeting society’s essential needs.”
The company kept a clause that it encourages and respects “diversity of thought, ideas, and perspective from our workforce,” from last year’s disclosure.
A spokesperson for Exxon didn’t respond immediately to a request for comment.
American mainstays like Ford Motor Co. and Amazon.com Inc. have retreated on their DEI programs, annual report disclosures show, while others like Netflix Inc. and McCormick & Co. Inc. have defended theirs.
To contact the reporter on this story: David Hood in Washington at dhood@bloombergindustry.com
To contact the editors responsible for this story: Amelia Gruber Cohn at agrubercohn@bloombergindustry.com; Kathy Larsen at klarsen@bloombergindustry.com
https://news.bloomberglaw.com/esg/exxon-swaps-diversity-for-meritocracy-in-report-to-investors