Findings from the latest Equileap Report
Equileap published their 6th Gender Equality Global Report and Ranking. The report selected and analysed 3,787 public companies around the world based on 19 gender equality criteria, including the gender balance of the workforce, senior management and board of directors, as well as the pay gap and policies relating to parental leave and sexual harassment.
Ranking the top 100 companies for gender equality this year, the report reveals that UBS (Switzerland) is in the top 5 of best performing companies for gender equality, following companies such as Diageo (UK) and Allianz (Germany).
However, overall progress to reduce the gender gap remains low. Results from the report based on key gender criteria unveil that:
- Just 6% of CEO are female, 15% have a female CFO, and 8% have a female chair of the board.
- Less than 1% of companies are closing the gender pay gap and only 22% of companies publish their gender pay gap (up from 17% in 2022).
- Number of companies with an anti-sexual harassment policy is up to 60% (increased transparency across all regions).
- Number of companies offering equal leave to both parents has more than doubled from last year but remains low (322 companies in 2023 compared to 180 in 2022). Countries are still performing differently. The countries with the most extensive paid leave for all parents are Denmark, Norway, Sweden, Germany and Luxembourg with Finland and the Netherland having increased the duration and rate of pay for join parental leave in 2022. Countries such as Australia, Canada, New Zealand and the US still have limited or no statutory leave (though some companies offer more generous parental leave than before).
- Swiss companies have a relatively high representation of women in the workforce (39%) but a particularly low representation of women on executive teams (14%).
- Only 27% of Swiss companies are publishing Gender Pay Data. A progress since 2018 when it was 9%.
- 57% of Swiss companies analysed have an anti-sexual harassment policy (vs. 43% without) but the proportion and progress since 2019 is small.
- Swiss companies are performing poorly on criteria such as living wage, gender pay gap, supplier diversity and gender audit, while performing better on Training & Career Development, safety at work and employee protection.
The report underscores some positive changes with now more companies offering flexible work options, increased interest in improving and implementing reforms on gender equality and an expansion of GLI market since 2018. The financial sector, in contrast to the technology sector, is performing well, especially on transparency and disclosures. In addition, companies with strong legislation on gender equality perform better (e.g. France, Spain, Italy, Norway, UK vs. US, Japan, Hong Kong).
‘Global progress on gender equality is happening, but it is far, far too slow’.
Check the GLIS Annual Report for best practices and opportunities to close the gender gap.
About Equileap: Equileap is the leading organisation providing data and insights on gender equality in the corporate sector. The data enables investors to enhance responsible investing with a gender lens and to focus on the social aspect of ESG policies and practices.