Macquarie Eases DEI Messaging Amid US Backlash

Macquarie Group is reworking how it talks about diversity, equity, and inclusion (DEI) in its official reports to avoid political pushback in the United States, where a recent executive order has created pressure on global firms to tone down social objectives. The move seems designed to protect the company’s significant operations in North America without dropping its internal diversity initiatives.

The shift comes as the US government, under new leadership, targets corporate DEI programs, labelling them as unfair. Macquarie, like many global financial institutions with staff in the US, has adjusted its DEI language to be less specific. While the bank continues to support a diverse workforce and ties leadership bonuses to diversity goals, its latest annual report frames these efforts more vaguely than before.

Last year, the company dedicated multiple pages to outlining global DEI strategies and listed partnerships with 24 nonprofits. In contrast, this year’s report folds diversity under a broader sustainability umbrella that touches on environmental goals and social responsibility. Phrases like “targeted leadership programs” for minority groups in the US have been replaced with terms like “localised approaches,” avoiding direct references to American initiatives.

What’s at stake isn’t just messaging, it’s Macquarie’s place in a politically sensitive and economically vital market. With a third of the company’s income coming from the Americas and over 57,000 staff across North and South America, it looks like the firm is walking a tightrope between sticking to its values and managing business risks under shifting political winds. Internally, the company says its commitment hasn’t changed, but how it presents those goals clearly has.

Source: Australian Financial Review, Macquarie Bank, Sky News Australia