PurposeThe purpose of this paper is to assess the extent to which Portuguese companies have incorporated equality‐ and diversity‐related issues into their management discourse, and examine the prevalent rhetoric on these matters.Design/methodology/approachA comprehensive content analysis of the web sites of the 500 largest companies plus the 20 best companies to work for in Portugal, in 2005, according to the ranking of The Great Place to Work® Institute Portugal.FindingsThe analysis of the web site data shows that equality and diversity rhetoric mirrors, to a large extent, the dominant US discourse and ignores the necessary adaptation to the local context. However, there are significant differences in the adopted rhetoric according to the origin of the ownership control (native vs foreign) and the intended audience (local vs global). Native owned companies with web sites intended to a local audience tend to ignore diversity issues altogether.Research limitations/implicationsThe study was limited to a single country's data, and to the discourse rather than actual practices. However, the paper adds to the debate on the globalization of management knowledge stressing the limitations of adopting the “one size fits all” management rhetoric as opposed to developing rhetoric more appropriate and that fits into the local context.Originality/valueThe paper provides an account of the equality and diversity rhetoric adopted by the most prominent organizations operating in Portugal, suggesting that such rhetoric is mainly for external consumption.