Female leaders in the FTSE 100 have made significant strides in narrowing the gender pay gap with their male counterparts. In the past year, the eight women at the helm of blue-chip companies, including GlaxoSmithKline’s Dame Emma Walmsley and Aviva’s Amanda Blanc, earned an average of £4 million, compared to £4.3 million for their male counterparts. This marks a significant improvement from the previous year when female bosses earned £3.7 million compared to £4.7 million for men. While these earnings are enviable, it’s important to note that they still fall below those of male corporate leaders.
These findings are part of The Mail on Sunday’s investigation, The Fat Cat Files, which delves into executive pay in corporate Britain. The study revealed that the average pay for a chief executive last year was £4.2 million. The narrowing pay gap between male and female CEOs is a positive development in the ongoing push for gender representation and pay parity in senior roles. It wasn’t too long ago that there were more male CEOs named Dave and Steve than there were female leaders in the FTSE 100. However, in recent years, the number of women in top positions has been steadily increasing.
Dame Emma Walmsley, 54, stands out as the highest-paid female CEO among the FTSE 100 companies, earning £8.5 million. In comparison, Pascal Soriot, the CEO of AstraZeneca, topped the list with £15.3 million. Amanda Blanc, 56, the CEO of Aviva, earned £3 million, and Alison Rose, 54, who recently stepped down as the head of NatWest, received £5.2 million.
It’s worth noting that the analysis focused on the earnings of the eight women who led blue-chip companies for the entire year and excluded heads of investment trusts due to their different pay structures and significantly lower awards.
While progress has been made in increasing gender diversity in boardrooms, there is still work to be done to ensure more women hold executive decision-making roles. Currently, fewer than 10 percent of CEO positions are held by women, according to Dr. Michelle Tessaro, an executive doctoral researcher at Cranfield School of Management. The executive pipeline still heavily favors male candidates, and there is a need to address these structural barriers.
In the financial services industry, women earn on average three-quarters of the salaries earned by their male counterparts, according to Bloomberg. This highlights the broader issue of gender pay disparities that need to be addressed across various sectors.
Overall, the narrowing gender pay gap among female FTSE 100 bosses is a positive step towards achieving gender equality in the corporate world. However, there is more work to be done to increase the representation of women in CEO positions and ensure fair pay across all industries. The progress made so far highlights the importance of continued efforts to break through glass ceilings and create a more diverse and inclusive business landscape.
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