For the first time in almost 20 years, the share of women holding executive positions at publicly traded US companies has dropped, with a recent report from S&P Global finding that there were roughly 60 fewer women in “C-suite” roles last year.

The news marks a departure from nearly two decades of progress — it’s the first time since 2005, when S&P Global began recording the figures, that the share of women in the C-suite has fallen, dropping by 0.4%. Out of the ~15,000 executive roles tracked, women accounted for 11.8% of them, down from 12.2% the previous year. While the more broadly defined “senior leadership positions” did see an increase in women’s representation, its growth rate also slowed significantly.

According to the report, one possible contributing factor to this trend is a “waning focus on diversity initiatives”. Mentions of “diversity” and “inclusion” on S&P earnings calls — which surged during the pandemic, when the terms were mentioned 1,367 times in total — have fallen consecutively to fewer than 100 in the most recent quarter, as legal complexities and backlash have stalled inclusion efforts.

Beyond this, several other factors might play a part in the regression: S&P Global published research just last month finding that women held less than a third of stepping-stone management positions, with Fortune also finding that women stayed for an average ~2.7 years less than male counterparts once they reached the coveted top spot.