On the ISEQ, board diversity isn’t shrinking gender pay gap

It means that for every €1 per hour a man earns at an ISEQ20 company, a woman at the same firm earns €0.82.

Women were paid 30.6pc less than men, on average, in bonuses at the same firms.

Pay and bonus gaps are lower beyond the ISEQ20.

Analysis of over 500 of Ireland’s largest firms shows a gender pay gap – the difference between average male and female hourly pay across a business – of 12.6pc, according to consultant PwC.

Figures published in advance of International Women’s Day from Balance for Better Business, an industry-led initiative to boost the number of women in top jobs, show that ISEQ20 firms have beaten their 33pc target for women on boards this year.

But men still dominate the highest pay quartile – the top 25pc of earners – in almost all ISEQ20 companies, according to Irish Independent research.

Women made up just 6.5pc of the highest-paid roles at low-cost carrier Ryanair, 8pc in insurer FBD and 11pc in two divisions of building materials giant CRH.

Women made up less than a fifth of top earners in Kingspan Insulated Panels and developer Cairn Homes, and less than a third in home builder Glenveagh, gaming giant Flutter’s online unit and head office, and CRH’s corporate division.

Women made up the bulk of the workforce in FBD, Bank of Ireland and Permanent TSB, but this was not reflected at the highest pay scales.

However, women made up more than two-thirds of the highest earners at Flutter’s Paddy Power outlets and almost half of top earners at pharmacy group Uniphar.

Five of the top 20 companies – including Greencoat Renewables and real estate firm Ires  Reit – don’t employ enough staff in Ireland to meet the threshold for reporting.

Women now make up 35pc of the boards at Ireland’s top 20 listed firms, the ISEQ 20, the Balance for Better Business Initiative reported on Tuesday.

The figure was 32pc for all listed firms.

But the organisation noted that women continue to be underrepresented in key decision-making positions, while the proportion of women in company chair roles has fallen since last year. Just three out of 36 chief executives in Irish listed companies are women, which is also down on 2022 levels.

Julie Sinnamon, the chair of Balance for Better Business and a non-executive director of ISEQ20 firm Cairn Homes, said the gender pay gap data showed there is “still work to do”.

“We’re focused on fostering long-term cultural change that places gender balance at the heart of Ireland’s business community,” she said. “We believe that industry actions backed up by firm targets is the best approach to achieve this.”

“We’re also calling on businesses to support the gender balanced development of financial and business operations expertise, increase the use of objective measures of performance evaluation, change the long-hours norm which excludes some employees from progression, provide opportunities for women to network with powerful individuals, and develop a pipeline of strategic leaders rather than concentrating on operational leadership.”