Widening Pay Gap for Women on Boards Is ‘Red Flag’ for Europe

The gender pay gap is widening for Europe’s non-executive board members in the financial services sector, despite a drive to recruit more women to these senior roles.

Women were paid 36% less than men on average in 2023 on the boards of banks, insurers and asset managers, compared with a 31% disparity in 2019, according to analysis by the consultancy EY.

Pay for both men and women joining boards increased during that time but it has risen faster for men, the study found.

The widening pay gap is a “red flag”, according to Kate Grussing, managing director of Sapphire Partners, ...