Bloomberg Gender-Equality Index (GEI) data suggests that a higher concentration of women in senior management is a significant influence on increasing women’s representation in the pipeline.
The GEI data published this year found that average leadership and talent pipeline scores have increased since last year.
Nearly two thirds, 62%, of GEI 2023 Members, have 30% or more women board members. GEI Member companies with greater than 30% representation of women on the board have, on average, 27% of women executives within the corporation, compared with 20% of women executives in firms with less than 30% of women on the board.
The report said: “The correlation of women in senior management directly compared with women in revenue-generating functions may not be obvious, but there is a clear relationship between representation of women in entry level positions and representation of women in middle management, which is in turn closely related to women in revenue-generating functions.”
However, GEI data found that women continue to fall below the parity line in revenue-generating functions, information technology roles and engineering positions.
“While the needle is moving forward, it’s perhaps not fast enough to support women in the transition to a more technological future,” added the report.
The average mean gender pay gap for GEI members has decreased by 5% between 2022 and 2023. The disclosure of pay gap data for all companies submitting to the Gender Reporting Framework has increased by 2%.
In addition, the average mean gender pay gap for companies without a woman CEO was 18, while the average mean gender pay gap for companies with a woman CEO was 9. The data also showed that corporations with more women executives are more likely to conduct a gender-based compensation review to understand the gender gap in pay.
The average disclosure score for companies submitting their data to the Gender Reporting Framework was 93%. Energy (96%) and real estate (95%) were the highest scoring sectors for disclosure, and Latin America (97%) was the highest scoring region.
Bloomberg published the first iteration of the Gender Reporting Framework in 2015 to increase visibility into the “S” in environmental, social and governance (ESG) data reporting. For this cycle, 620 companies submitted their gender-related data to be considered for inclusion in the 2023 Bloomberg Gender-Equality Index, 11% more than last year. From this group, 484 companies were selected by scoring above the 2023 threshold for index inclusion, as determined by Bloomberg’s GEI criteria, a 16% increase from last year. The index reaches 45 countries and regions, 11 sectors and 54 industries.
The greatest growth was from the Asia Pacific region with 21 new companies taking part. In addition, three new countries – Luxembourg, Ecuador, and Kuwait – reported their data. There was an increase in industries that reported to the framework, with four new industries – diversified industrial, leisure products, steel, and wholesale-discretionary.
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