Women are still underrepresented in the upper echelons of power in German companies. The proportion of the weaker sex on boards of directors is growing very slowly. But those who do manage to get in make more money than their male counterparts, according to a new study by audit and consulting firm EY. However, the salary advantage of female top managers narrowed last year as men’s incomes grew at a faster pace. Dax families raised about €2.4 million last year, which is €348,000 more than their male counterparts on the board of directors.
000 euros more. According to EY research, highly qualified female senior executives continue to have a privileged position in interviews. Since there is a clear shortage of suitable personnel, the market value of such candidates is growing, and with it the salary.
The difference in wages has structural reasons
According to the general indicators, last year women in Germany earned on average 18% less per hour than men. However, most of the differences still have structural reasons: for example, they are more likely than men to work in sectors and professions where wages are lower and in which they are less likely to take leadership positions. In addition, women are more likely to work part-time or have mini jobs.
earned an average of 3.45 million euros, which is 80,000 euros more than their male counterparts, who received about 3.37 million euros.
At MDax, men stay ahead
At 70 small SDax companies, female CEOs earned an average of €1.16m, about 18% more than their board counterparts .
In MDax, which includes 50 listed midsize companies, men were ahead with 1.49 million euros. Their female counterparts earned an average of 1.4 million euros. Overall, in the 160 companies surveyed, the salaries of board members (excluding chairmen) increased by an average of 24% to 2.4 million euros. The earnings of chairmen of the boards of directors increased by 23% and amounted to about 3.3 million euros.
Only those members of the board of directors who were in office throughout the year are taken into account in the assessment. The total direct remuneration of 52 women and 314 men was analyzed, consisting of a fixed salary and variable components. The earnings comparison does not include CEOs as there are still very few women among senior executives.
Prospects? It’s difficult
After the record sales and profits of many companies achieved in 2021, it is currently difficult to predict the economic outlook, and thus the development of the salaries of board members in DAX companies. The reason for this is the consequences of the Corona pandemic, the armed conflict in Ukraine and inflation, continues EY.
uneven. Thus, for the current year, it is quite possible to predict a decrease in both time wages and total direct compensation,” said Jens Massmann, partner at audit and consulting firm EY.
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