According to an analysis by Fox & Partners, women on FTSE 100 boardrooms still earn two-thirds more than their male counterparts.
The pay gap between women and men on the boards of top-listed companies has narrowed from 70% to 68%. The average pay of women on boards is PS335,953, while the men earn PS1.07million.
According to the analysis, the number of female directors in executive positions increased by 10% to 43 last year. Nine out of 10 (91%) of the female directors on the FTSE 100 are in non-executive roles, not executive positions.
In the last 12 months, the average salary for female directors has increased by 9% to PS335,953, compared with PS308,984 the year before. The average salary for male directors increased only 3% from PS1.04m to PS1.07m by 2022.
Catriona Watt of Fox & Partners said that the figures show “that there is still a significant way to go”.
The pace of change remains very slow. Listed companies need to do more to close the gap.
We noted several years back that listed companies achieved boardroom gender equality almost exclusively by appointing females to non-executive roles, rather than executive positions.
This was a flattering figure, but it meant that women remained largely excluded from some of the most important and highest paid corporate jobs.”
Male directors are paid 50% more in non-executive roles than their female counterparts.
The average executive director salary for men is PS3,150.424 and for women, it’s PS 2,332,334 The average non-executive director salary for men was PS191,381 and PS127,593 respectively.
The research by Fox & Partners echoes findings made last week by search firm Russell Reynolds, who found that women are underrepresented in executive roles compared to boards.
Despite a slight increase in pay for FTSE 100 Directors, the gender pay gap is still much higher than the larger labour market.
According to the Office for National Statistics, over the last decade, the rate has dropped by about a quarter for full-time workers. In April 2024 it was 7% compared to 7.5% in the year 2023.
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