Three quarters of Old Mutual Wealth’s top earns are male, a disclosure under the gender reporting code has exposed, with women’s earnings across the group 39% lower than their male counterparts.
‘We have fewer women than men in senior leadership roles,’ the firm stated in its gender pay gap report.
‘This has a direct impact on the pay and bonus gap, as senior roles attract higher salaries and are more heavily weighted to bonuses. The bonus gap is also driven by the over-representation of men in revenue-generating roles which typically attract higher performance-related bonuses.’
Old Mutual Wealth, headed up by Paul Feeney (pictured), also revealed that its board is made up of 64% men, even though its workforce is split at 52% male 48% female.
‘Whilst we interpret diversity in its widest sense, covering a range of characteristics, we recognise that the investment industry has struggled to achieve gender balance within senior management levels,’
‘This position is reflected in our own organisation where only a third of our senior management are female.’
Despite a third of its senior management being women, only 25% of the firm’s top earns are female. This is far higher than the national average of 53% among the businesses that have reported ahead of this April’s deadline.
However, the second quartile figures paint a more promising picture with the break down being equal. Women dominate the third and the lowest paid quarters of the firm at 57% and 59% respectively.
Last year the firm set a target for 40% of senior management to be female by the end of 2020.