Euroclear UK gender pay gap report

Euroclear publishes information on its gender pay gap for 2018, 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 entities in the UK: Euroclear UK & Ireland Limited and Euroclear SA/NV London Branch in 2018.

1. Gender pay and bonus gaps

Data based on hourly pay rates (salaries) and bonus payments paid to men and women in 2018

Gender pay and bonus gaps

As a comparison, using data from Staffmetrix as of 27/03/19, the mean gender pay gap in the finance and insurance industries in the UK is 26.1% and the median is 21.4%, with an overall range from 55% at the top end to minus 80.7% at the bottom.

2. Proportion of Euroclear employees receiving a bonus

3. Proportion of Euroclear employees by pay quartiles

Proportion of Euroclear employees by pay quartiles

Equal pay for equivalent jobs

Euroclear’s remuneration philosophy is based on the principle of equal pay for equivalent jobs. Our remuneration practices have been built on, and are driven by a gender-neutral approach. We have a series of controls ensuring that performance ratings, bonus and salary decisions are fairly and consistently applied during the annual compensation review process.

The data below shows that within functional levels (which represent seniority) men and women have a high degree of parity in salaries.

Index - average salary
Index - average remuneration

Index calculated based on the ratio of salary and remuneration data women/ men. An index of 1 means there is parity between men and women. If the index > 1 then the average salary for women is greater than the average salary for men and vice versa for an index < 1.

Note: for levels 1 and 8, the sample size is not sufficiently representative to be able to draw reliable conclusions.

The gender pay gap at Euroclear in the UK

As a group, we monitor our gender pay gap as part of our ongoing commitment to our Employee Diversity & Inclusion and Wellbeing strategies. We continuously strive to understand and further improve any gender imbalance, by focusing on developing all our people and remaining an employer of choice for men and women from all walks of life.

Our gender pay gap reflects the composition of our workforce. We have a higher proportion of men working in senior roles in the UK; there is also a higher proportion of men working in IT functions, which generally enjoy higher remuneration. Over the last year, our gender pay gap has widened as a result of several senior appointments in technical roles where we were unable to attract suitable female candidates. There were also a higher number of men leaving at more junior positions than women.

Reducing the gender imbalance is a long-term effort that is also partly dependent on the availability and diversity of suitable candidates in our industry. In the UK generally, just over 21% of the workforce in STEM fields (Science, Technology, Engineering, Maths) are women1, and the UK has the lowest percentage of female engineering professionals in Europe (under 10% compared to the European average of 20%²).

It remains our intention, as part of our diversity strategy, to reduce the gap in each function level when hiring, especially at senior levels and in areas like IT where women are traditionally under-represented. In our hiring process we seek to ensure a diverse pool of candidates, and we actively encourage women to apply e.g. through advertising vacancies specifically in women’s forums. We work with a specialist recruitment company in the UK so that we can proactively seek out women returning to the workforce. We also seek to raise awareness within the company, with training on the risks of unconscious bias.

I confirm that the data reported is accurate.

John Trundle, CEO Euroclear UK & Ireland

1 WISE UK statistics, 2016.
2 ONS figures, 2016.