Euroclear UK gender pay gap report, Euroclear UK & International

Euroclear publishes information on its gender pay gap for 2022, 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 2022

1. Gender pay and bonus gaps

Data based on hourly pay rates (salaries) and bonus payments paid to men and women in 2022.

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 reporting a widening in its median pay and median bonus pay gap. The median pay gap increased by 2.9% to 30.2% and our median bonus pay gap by 1.5% to 35.0%. 

Whilst there has been an increase in the proportion of women working in EUI (from 37% to 39%) we see an increase in the proportion of women paid in the lowest pay quartile and a corresponding reduction of the proportion paid in the highest pay quartile. In addition, a higher proportion of men had role changes and salary increases during the course of the year. We also note that while more men than women left the business, the average salary level of women leavers was higher than for our male leavers. Both these factors contributed to a change in the gender and salary level mix in our population. 

We have seen a widening of the gap for both the mean pay and bonus pay.  The latter has increased by almost 10% to 44.1% as result of the proportion of senior males at the highest pay quartiles and a change in our reward model which created some outliers in the bonus pay data set.   

We are pleased to note that as of November 2022, there is gender parity on the EUI Board and as of January 2023 the EUI Management Committee is made up of 40% women.  

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 for ESA and the UK as a whole, our gender pay gap reporting highlights that women continue to be under represented in the most senior roles in Euroclear in the UK. 

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 senior and specialist roles which attract relatively higher compensation in the London Financial Services market. 

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. 

D&I activities continue to be prominent at Euroclear in the UK. There is a high level of engagement on D&I topics both with the EUI Board and senior managers in the UK. The D&I Council continues to provide regular updates on progress on D&I activities to the senior management, the EUI Board and all employees at our regular Town Hall meetings. Our D&I Council works closely with the D&I team at Group level and a number of the UK Council members sit on Group D&I working groups and networks.

We now have five employee networks in the UK. Our Proud Network, the Neuro-Inclusion, Culture and Ethnicity Network, a Visibility Network, a Gender Network, and our Abilities and Disabilities Network. They continue to focus on different dimensions of diversity, advocating and raising awareness around LGBT, ethnicity, gender and culture matters. 

In addition to a programme of regular communications on topics such as the menopause, religious holiday celebrations and events in the news the D&I Council ran a number of D&I themed social events including ‘Coffee Roulette’, quizzes and a cooking workshop. In addition, we have continued to build our relationship with the Women Returners Programme. We continue our commitment to 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.

Some other significant activities that we have undertaken include the development of an Inclusive Recruitment training session and supporting Inclusive Recruitment Guide. The Inclusive Recruitment Workshop has been developed through several working groups in partnership with hiring managers from across the business. The HR team will be rolling out the ninety minute workshops to all hiring managers across the UK on a rolling basis throughout the coming year. Through this training, we aim to generate more meaningful conversations on this important topic, upskill hiring managers and support change to our recruitment process which aim to interrupt unconscious bias and ultimately improve representation across the diversity dimensions.  

We believe that in order to drive meaningful change it is necessary for us to have 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 implemented the facility for employees to input details of their ethnicity and any disability or neurodiversity directly into our HR system. We intend to carry out the same level of reporting on these dimensions as we do currently for gender and are working with the business to encourage employees to provide this data, albeit on a voluntary basis.