Euroclear UK gender pay gap report, Euroclear UK & International

Euroclear publishes information on its gender pay gap for 2021, in line with the regulation for gender pay gap reporting for UK companies.

Our gender pay gap in the UK

This report shows information for our legal entity Euroclear UK & International Limited in 2021

1. Gender pay and bonus gaps

Data based on hourly pay rates (salaries) and bonus payments paid to men and women in 2021.

Gender pay and bonus gaps

2. Proportion of Euroclear employees receiving a bonus

3. Proportion of Euroclear employees by pay quartiles

Proportion of Euroclear employees by pay quartiles



The gender pay gap at Euroclear UK & International

This year Euroclear UK and International (EUI) is able to report a narrowing in both its median pay and median bonus pay gap. Our median pay gap has reduced by 2.5% to 27.3% and our median bonus pay gap by 2% to 33.5%. 

These changes have been driven by an increase in the proportion of women working for EUI from 35% to 37% and, in particular, an increase in the number of women working at the upper middle pay quartile. In addition, a higher proportion of our leavers were men during the reporting period which has also contributed to the change in the gender mix in our population. 

We have seen a widening of both our mean pay and bonus pay gap as a result of the addition of some senior male hires during the reporting period which has created outliers in our data set.  

Euroclear's remuneration philosophy is based on the principle of equal pay for equivalent jobs. We have a series of controls to ensure that performance ratings, bonus and salary decisions are fairly and consistently applied during the annual compensation review process.

Addressing our Gender Pay Gap

Whilst there has been some positive movement to report, we are aware that there is more work that we can do to improve our gender pay gap. We know that the gap continues to be driven by the composition of our workforce. We continue to have a higher proportion of men working in our senior roles in the UK and in particular a high proportion of men working in IT functions which make up almost 40% of our UK workforce. 

We understand that action is required over a sustained period in order to effect change in this important area and we are committed to a programme of D&I activities across a broad range of diversity dimensions. 

Over the last year, D&I issues have been more prominent than ever for Euroclear in the UK. Our UK D&I Council was officially launched in March 2021 along with a number of employee networks focussing on different dimensions of diversity including networks that advocate and raise awareness around LGBT, ethnicity and culture matters. In addition two members of our D&I Council have been appointed as gender champions. 

The Council and the networks have played a key role in raising awareness of D&I through its regular communications with UK employees at our Town Hall meetings and through the new D&I Council intranet site, highlighting global D&I events such as Pride, International Women’s Day and Black History month as well as important religious holidays or celebrations such as Diwali and Eid. 

Some other significant activities that we have undertaken include regular reporting against our Group gender targets, roll out of a three hour workshop on Inclusive Leadership to senior leaders across Euroclear Group, implementation of a hybrid working model to improve flexibility and work life balance for all employees and taking a proactive approach to managing flexible working requests in particular to support women returning from maternity leave. 

In addition, we have taken steps to redesign our recruitment process with the aim of improving inclusion and interrupting unconscious bias. We have commenced a project with external D&I consultants to build on this. As part of this project we will  run workshops with a number of hiring managers to co-create the development of a new hiring process and devising a training session on inclusive recruitment practices to roll out to all hiring managers. 

It is, in our view, challenging to drive meaningful change without having both qualitative and quantitative data to understand the current status of D&I, set targets, develop the D&I strategy, devise appropriate interventions and measure progress. As such we have commenced a project with our D&I consultancy partners with a view to broadening the demographic data that we collect to include diversity dimensions beyond gender and age.