The pay gap between men and women on the executive boards of German companies continues to widen. The surprising thing: female managers earn significantly more than their colleagues.
According to a study, women in the top floor of listed companies in Germany significantly increased their salary advantage over men in the past year.
The total remuneration of female managers on the board of directors of companies in the Dax family rose by an average of 8.2 percent to EUR 2.31 million compared to the previous year, as the analysis by the consulting and auditing company EY shows. Male members of the committee had to be satisfied with an average increase of 1.6 percent to 1.76 million euros. The wage advantage of women was 31 percent, according to the information, bigger than ever before.
“The proportion of women on executive boards is still very low – and is only increasing very slowly. After all, female board members are better off than their male colleagues, at least when it comes to remuneration, ”said EY partner and board member remuneration specialist Jens Massmann. He sees the growing interest of companies in attracting women to the top floor as an important reason. Since candidates are scarce, their market value increases – and with it their remuneration. “Highly qualified female top managers currently have a good negotiating position,” argued Massmann.
Upper stock market league
The trend was particularly evident in the top German stock market league, the Dax. While men had to accept lower salaries, the average total direct remuneration of women on the board of directors rose by around 9 percent. On average, female top managers earned 3.19 million euros, male board members earned 2.71 million euros.
Even in companies with the index for smaller values, the SDax, women expanded their salary advantage. They earned an average of 1.14 million euros (up 6.7 percent). Her colleagues received 987,000 euros (down 1.1 percent).
In the MDax, on the other hand, the women on the executive board lagged behind their colleagues. Their average total direct remuneration fell by 5.8 percent to 1.36 million euros. Men, on the other hand, earned an average of 1.47 million euros, 11 percent than a year earlier.
CEOs were not included in the comparison, as there are hardly any women in this position and the chairpersons earn significantly more than other members of the board. The total direct remuneration consists of the fixed annual salary and the variable remuneration granted in the year, such as bonuses.
Source From: Stern
Jane Stock is a technology author, who has written for 24 Hours World. She writes about the latest in technology news and trends, and is always on the lookout for new and innovative ways to improve his audience’s experience.
