The financial sector had the highest average global score in the Bloomberg Gender-Equality Index (GEI) for 2022.
Finance had an average score of 73%, up 7% from the previous year, and the highest average data excellence score of 63%, a 10% increase year-on-year.
The 2022 GEI represents 418 global companies spanning 11 sectors across 45 countries and regions, including companies domiciled in Colombia, Peru, Pakistan, and Uruguay who reported gender-related data for the first time. Europe, Middle East and Africa had the highest average global score of 73%, improving 8% over 2021.
Bloomberg first published the index in 2015 to help companies collect, standardise, and publish gender metrics data, with clear and concise objectives.
Sabina Mehmood, Product Manager, Bloomberg Gender-Equality Index, Bloomberg LP, said in the report: “While significant improvements in disclosure and data excellence drove the 2022 GEI threshold to a new high watermark, inclusion still increased by 10%. There’s much work yet to be done, but this is a trend we can all celebrate.”
The GEI score consists of both the amount of data disclosed and data excellence and is measured on a scale from 0% to a perfect 100%. The evaluation process includes quarterly roundtables with an advisory group of corporations, SMEs, NGOs, and quasi-governmental organisations. The framework also takes into consideration business initiatives and external events that have impacted gender equality.
The GEI has five pillars including female leadership and talent pipeline, which has increased on average by 14% since 2021 to 51%.
Female representation on the board continues to be an indicator of the representation of female executives in the corporation as a whole. GEI member companies with greater than 30% female board representation have, on average, 25% of female executives compared to 20% of female executives in firms with less than 30% of women on the board.
However, GEI data also 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,” said the report.
The gender pay gap is lower when a female CEO is present according to the data. The average gender pay gap is 35% lower for companies with female CEOs among GEI 2022 Index members.
The study said: “From 2021 to 2022, the average mean gender pay gap for index members has decreased by 7%, and disclosure of pay gap data for all companies submitting to the Gender Reporting Framework has increased by 4%.”
©Markets Media Europe 2022
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