- New Zealand’s female CEOs earn twice as much as their male counterparts, according to MSCI’s latest report, highlighting a significant gender pay gap in executive compensation.
- Women in leadership roles across diverse industries in New Zealand earn approximately 15% more than men in comparable positions, but the gap widens further at the executive level, with women CEOs outnumbering men by a ratio of 2:1.
- Despite global challenges, New Zealand showcases remarkable progress in female representation in executive roles, boasting the strongest board representation with over 40% of CEOs being women, compared to a mere 6.5% globally.
According to MSCI’s latest report, New Zealand’s female CEOs are earning substantially more than their male counterparts. On average, women CEOs earn $1.2 million annually, while men CEOs earn $670,000, highlighting a significant pay gap where women earn twice as much as men in similar positions. This significant pay gap highlights the necessity of taking concerted efforts to address gender disparities in executive compensation.
In addition to CEO positions, women in leadership roles across diverse industries in New Zealand earn approximately 15% more than men in comparable positions. However, at the executive level, this gap widens further, with women CEOs outnumbering men by a ratio of two to one. This gap is amplified by the underrepresentation of women in senior leadership roles, with only 18% of board members and 23% of executives in the country’s largest companies being women.
Remarkably, New Zealand stands out as a model of progress in female representation in executive roles compared to global counterparts. In 2023, the nation boasted the strongest board representation, with over 40% of CEOs being women, a stark contrast to the mere 6.5% of women holding CEO positions globally. Moreover, while developed nations like Switzerland, the Netherlands, and Germany struggle with low percentages of women CEOs, New Zealand showcases a more inclusive landscape.
Nevertheless, despite strides in board representation, challenges persist in ensuring equitable treatment and opportunities for women in leadership. Experts emphasize the importance of not only increasing female representation on boards but also addressing the longevity of their tenures, as women tend to spend an average of only three and a half years on any given board.
To tackle these issues, recommendations include implementing measures such as setting targets for gender diversity, providing mentorship programs, and conducting regular pay audits to ensure fairness. By promoting diversity and inclusion in leadership ranks, New Zealand can harness the full potential of its female talent pool, fostering a more equitable society and driving meaningful change in the corporate landscape.