Euroclear publishes information on its gender pay gap for 2023, in line with the regulation for gender pay gap reporting for UK companies.
Euroclear UK gender pay gap report, Euroclear SA/NV London Branch
This report shows information for our legal entity in the UK: Euroclear SA/NV London Branch in 2023.
This year Euroclear SA/NV, London Branch (ESA) reports a continued positive trend in both the mean and median pay gaps. The mean pay gap reduced by 0.9% to 11.7% and the median from 17.10% to 15.2%. The median bonus pay gap has very slightly widened from 28.2% to 28.6% and the mean bonus pay gap increased by 6.10% to 16%
It is important to note that the ESA population in London is relatively small (243 employees in this data set), and this means that small changes in factors such as the gender composition across different organisational levels and in the gender mix and timing of joiners and leavers can influence the numbers quite significantly. Mean pay and bonus gaps are especially sensitive to outliers in the data and our focus is on the median as a more stable measure.
Improvements in the ESA pay gap figures relate to a small but positive shift in the proportion of women in the higher pay quartile and in our more senior roles. The median bonus gap remains high as a result of the higher proportion of senior men and due to factors like maternity leave and part time working which have an impact on bonus payments for female employees. Such factors have also fuelled the mean bonus gap increase.
Our analysis shows that during the relevant reporting year the gender mix of leavers and addition of some senior women to our data set has had a favourable impact on our gender pay gap figures as was the case last year.
Euroclear's remuneration philosophy is based on the principle of equal pay for equivalent jobs. We have a series of controls to ensure that performance ratings, bonus and salary decisions are fairly and consistently applied during the annual.
Whilst there has been some positive movement to report for both of our legal entities when taken separately and for Euroclear in the UK as a whole, our gender pay gap reporting highlights that women continue to be underrepresented in senior roles.
In the year since we last reported on our gender pay gap results, we have focussed on embedding the work done to date, including refining our inclusive recruitment process, coaching line managers, analysing and discussing gender equity in performance calibration meetings, making improvements to diversity data collection, and promoting awareness on a wide variety of D&I topics through training, seminars, and events. We have seen a step change in the conversations around key people processes such as recruitment and talent management on matters of inclusion and representation.
We continue to see a high level of engagement on D&I topics both with the EUI Board and senior managers in the UK. Our D&I Council and employee networks work closely with the D&I team at Group level and a number of the UK Council members sit on Group D&I working groups and networks. They continue to advocate and raise awareness around LGBT+, ethnicity, physical ability, mental health, neurodivergence, gender and culture matters.
We remain committed to our hybrid working model to improve flexibility and work life balance for all employees and taking a proactive approach to managing flexible working requests in particular to support people returning from family leave.
We aspire to carry out the same level of reporting on different diversity dimensions as we are able to for gender. We have now implemented the facility for employees to input details of their ethnicity and any disability or neurodivergence directly into our HR system and can now request that applicants provide us with gender and ethnicity data. All such data capture being on a voluntary basis. We are working to encourage employees to improve the level of data provided, so that we have a meaningful data set to analyse.
As is the case for firms across our industry, action is required over a sustained period in order to effect change in this important area. Euroclear Group is committed to a programme of D&I activities across a broad range of diversity dimensions. The Group has strengthened its Social Impact team, and a refreshed D&I strategy is being implemented. The strategy will focus on creating behavioural change and will locate the accountability for change with those who possess the power to drive it. There will be a focus on inclusive day-to-day behaviours and decision-making which does not seek to ‘fix’ groups that are under-represented in senior roles. The strategy will also redesign the use of data, reporting and targets. Its aim is to continue to create an environment where all employees feel valued, respected, and fully engaged and support us to attract, retain and develop the right skills to face current and future strategic objectives.
