Female executives are still getting paid less than their male colleagues, research reveals.
Despite more women reaching the top rung of the corporate ladder, they still earn, on average, almost 25% less than men, according to the Institute of Directors (IoD) and Croner Reward survey
The findings show that across companies of all sizes a female director now earns an average of £55,000 per annum while the average male executive’s basic pay is £72,100.
The biggest pay gap occurs in the financial services sector where women bosses earn 35% less than their male counterparts.
The public sector has the smallest gender pay gap at 7%, and also has the highest proportion of female directors, at 21%.
Miles Templeman, director general of the IoD, said: “Although we are, fortunately, seeing more women reaching board level within organisations, the rewards of accomplishing that feat are still being distributed unevenly.
“If the jobs are the same clearly the pay should be equal. Talent and hard work have to be paid for regardless of gender.”
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The survey also found wide disparities in executive pay in different regions of the UK.
London-based directors earn around £35,000 more than bosses in Northern Ireland. In general, directors in the South East enjoy 5% higher salaries than the national average, while counterparts in the East Midlands earn 14% below the national average.
