According to research by Fox & Partners, women in board roles took home an average of £335,953 last year, compared with £1,073,445 for men. While this marks a slight improvement from a 70% gap in 2022, it remains significantly wider than the 13.1% gender pay gap across the broader UK labour market.
A key factor contributing to the disparity is the concentration of women in non-executive director positions. The research found that 91% of female directors hold non-executive roles, which typically come with less responsibility and lower remuneration compared to full-time executive positions.
Among executive directors, the pay gap stands at 29.8%, with female executives earning an average of £2,332,334 compared to £3,150,424 for their male counterparts.
Catriona Watt, partner at Fox & Partners, said: "It's encouraging to see the gender pay gap has slightly shrunk over the past year for directors of the UK's largest businesses, but obviously the figures show that there is still a considerable way to go."
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