Women are a minority in the boardrooms of listed German companies. In salary poker, however, they seem to have better cards than their male colleagues.
Frankfurt / Main (dpa) – Women on the top floor of listed German companies earned more than men on average, despite falling wages in 2019.
According to an assessment by consulting and auditing firm EY, for the first time, female board members received better salaries than their peers across all of the Dax family stock indices. EY expert Jens Massmann cited growing efforts by companies to attract women to their top management as a major reason. Since candidates are scarce, their market value and therefore their salaries increase.
In the top stock market league of the 30 DAX companies, women on the board of directors earned an average of around 2.93 million euros last year, which is an average of around 30,000 euros more than male senior managers. According to the information, women have been better paid there on average for four years.
In the 60 companies of the MDax, the salary of the top executives was 1.44 million euros, on average about 115,000 euros more. According to the information, women were considerably ahead in the SDax for the first time since the study began in 2013. Their average total direct remuneration was around 1.07 million euros, around seven percent more than that of male council members.
According to EY, a good 12 percent of all board members at Dax in 2019 were women, at MDax seven percent, and at SDax five percent. CEOs were not included in the comparison.
Overall, according to EY, board member salaries fell in 2019 for the second year in a row. It fell in all Dax family companies by an average of 4.6 percent to about 1.99 million euros. “The difficult economic situation of last year, that is, even before the corona pandemic, generated significant salaries for top managers,” explained Massmann, an expert at EY. In 2018, a decrease of 0.5 percent had already been registered. For 2020, Massmann expects compensation to fall further due to the crown.
While female board members were able to resist the downward trend in 2018, their compensation fell 5.9 percent the following year, more than that of men (minus 3 percent). The total direct compensation is made up of the base salary, the annual bonuses and the long-term components that were awarded in the year.