Euroclear publishes information on its gender pay gap for 2024, in line with the regulation for gender pay gap reporting for UK companies.
Euroclear UK gender pay gap report, Euroclear UK & International
Pay Gap
In contrast to last year, this year Euroclear UK and International (EUI) reports a widening in both its mean and median pay gap.
- Our median pay gap increased by 6.1% to 19.6% and the mean pay gap increased slightly by 1.9% to 21.1%.
- The proportion of women working in EUI overall remains stable at 37% and our pay gap continues to be driven by the higher proportion of men in senior roles.
- For this reporting year, the pay gap was adversely impacted by a decline in the proportion of women in the middle higher pay quartile due to the gender mix of joiners and leavers during the reporting year.
- Whilst the median pay gap has increased this year, it continues to be lower than compared with earlier years of gender pay gap reporting when the gap exceeded 30%.
Bonus Pay Gap
Our median bonus pay gap decreased significantly in this reporting year, with the calculation resulting in a zero median bonus gap.
- The bonus payments for men and women at the centre of the data sets were equal because they held positions at the same level, achieved identical performance ratings, and received the same bonuses.
- The mean bonus pay gap also decreased by 5.7% to 32.2%.
- The positive shifts in the bonus pay gaps can be attributed to several factors. Most notably, the timing of senior male starters and leavers and the impact of start date on bonus payment eligibility having a positive impact on the bonus pay gap.
- The bonus gap remains because of the higher proportion of senior men and is affected by factors such as maternity leave and part time working which have an impact on bonus payments for female employees.
We are pleased to report that female representation on both the EUI Board (42%) and the EUI Management Committee (40%) continues to be strong.
It is important to note that the EUI population is relatively small (166 employees in this data set), and this means that small changes in factors such as the gender composition at organisational levels and in the gender mix and timing of joiners and leavers can influence the numbers quite significantly. Mean pay and bonus gaps being especially sensitive to outliers in the data.
It remains the case that the primary factor contributing to our overall gender pay gap remains the higher proportion of men compared to women in senior positions and continued action is required, over a sustained period, to effect change.
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 we report a mix of ups and downs in the pay and bonus gaps in the individual Euroclear entities, the overall median and mean pay gap for the entities combined for Euroclear in the UK has improved this year, continuing a trend of improving median pay gap results since 2020. The median and mean overall bonus pay gap has been more volatile over the last five years however this year saw an improvement for the UK, reflecting positive movements in bonus pay gaps within both entities.
As remains the case in the broader labour market, the gender pay gap stems from a greater number of men holding senior roles compared to women. Euroclear continues to be dedicated to ongoing and sustained initiatives aimed at addressing this disparity. By creating a culture where everyone can thrive and achieve their potential, we aim to attract and retain the talent that we need and foster the innovation, resilience, belonging, and effective decision making that is required to deliver our strategic objectives.
In the year since we last reported on our gender pay gap results, in the UK, we have focussed on embedding the work done to date, including:
- Refining our inclusive recruitment process
- Coaching line managers
- Analysing and discussing gender equity in performance calibration meetings
- Sharing our gender pay gap results with employees
- Continuing to promote (voluntary) demographic data collection
- Promoting awareness on a wide variety of Diversity, Equity, and Inclusion (DEI) topics through training, seminars, and events.
We aspire to carry out the same level of reporting on different diversity dimensions as we can for gender.
We continue to offer hybrid working, which provides greater flexibility for all genders. This model supports work-life balance and helps manage flexible working requests, especially for those returning from family leave.
We continue to see a high level of engagement on DEI topics both with the EUI Board and senior managers in the UK. Our DEI Council and employee networks work closely with the DEI team at Group level and a number of the UK Council members sit on Group DEI working groups and networks. They continue to advocate and raise awareness around LGBT+, ethnicity, physical ability, mental health, neurodivergence, gender and culture matters.
In 2024, we launched the Women Empowerment Network in the UK, where women can be mentored by other women in the organisation. This initiative supports women's career development by providing guidance, sharing experiences, and fostering a supportive community.
Summary
Euroclear Group is dedicated to Diversity, Equity, and Inclusion (DEI) as a strategic goal. DEI is a key priority in our Group People Strategy and ESG programmes and is reflected in two of our six new Corporate Values. We are implementing a comprehensive DEI strategy and action plan across the group to embed DEI into all aspects of the company.
Our goal is to create an environment where all employees feel valued, respected, and engaged, helping us attract, retain, and develop the skills needed for current and future objectives.
