London Stock Exchange Group reports mean gender pay gap of 17% for 2020
London Stock Exchange Group (LSEG) has posted its Gender Pay Gap Report 2020, revealing some progress thanks to the initiatives implemented to increase female representation.
Let’s note that the gender pay gap is a measure of the difference between the average pay of men and women, irrespective of roles or seniority.
In 2020, LSEG’s mean Gender Pay Gap reduced to 17% (from 23% in 2019 and 27% in 2018), reflecting the initiatives that have been put in place to increase female representation, particularly in LSEG’s senior leadership. While LSEG has observed some positive changes year-on-year, it recognise that there is further progress to be made and that the actions it is taking to close the gap will take time to have impact.
In some instances, these actions may adversely affect the reported Gender Pay Gap figures in the short term. For example, initiatives to attract entry-level female talent could widen the pay gap in the short term as more women at an early stage in their careers join the Group.
While there is no quick solution, LSEG is committed to addressing the Gender Pay Gap and has already implemented initiatives that will make a positive difference in creating opportunities for women at all levels to progress their careers. For example, following LSEG’s acquisition of Refinitiv in January 2021, five members of the 13-strong Executive Committee are women.
LSEG made a number of senior female appointments during 2020 including Anna Manz, Chief Financial Officer and Executive Committee member, Brigitte Trafford, Chief Communications and Marketing Officer and Bernadine Burnell, Chief Internal Auditor.
By the close of 2020, female senior leadership representation at LSEG stood at 37% compared to 33% in 2019. Similar to the preceding year, the proportion of females in LSEG’s overall population is at 34%. As of January 2021, 42% of LSEG’s Board members were women.
Although the Group’s 2020 target was not achieved, in part due to the reduction in leadership positions as LSEG has integrated with Refinitiv, LSEG chose to set aspirational targets to stretch the thinking and actions of those senior leaders to make a difference. LSEG has renewed its commitment to 40% women in senior leadership positions by end of 2022.
The table below shows LSEG’s and Refinitiv’s full statutory disclosures for the four legal entities covered by the regulation for the reporting period 6 April 2019 to 5 April 2020: LSEG Employment Services Limited (LSEG ESL), London Stock Exchange plc (LSE plc), LCH Limited (LCH Ltd) and Refinitiv Limited.