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The Gender Pay Gap in the Ftse 100 and Ftse 250 the Gender Pay Gap: One Year on the Gender Pay Gap 2019

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The Gender Pay Gap in the Ftse 100 and Ftse 250 the Gender Pay Gap: One Year on the Gender Pay Gap 2019 REVIEWING THE GENDER PAY GAP IN THE FTSE 100 AND FTSE 250 THE GENDER PAY GAP: ONE YEAR ON THE GENDER PAY GAP 2019 In May 2018 Carnstone released an initial review of company disclosures under the newly implemented Gender Pay Gap Information Regulations 2017. CONTENTS This Report updates those figures and includes – for the first time – some initial discussions on the potential causes and solutions. INTRODUCTION 4 APPENDIX: The data has been taken directly from company websites and the Government reporting portal. METHOD 5 THE FTSE 100 32 FTSE Constituents as at: 31st March 2019 RANKED ALPHABETICALLY COMBINED SECTOR Data closed: 28th May 2019 THE FTSE 250 36 Analysis was led by Julia French with Charlie Eardley ANALYSIS 6 RANKED ALPHABETICALLY INDUSTRY TABLES RANKED BY COMBINED SCORE and Alejandro Fiocco. Report text by Julia French and ANALYSIS 22 Simon Hodgson. Design: nineteenseventyone.co.uk CONCLUDING REMARKS 31 Carnstone Partners Ltd is a specialised management consultancy working globally at the intersection of sustainability and business strategy. Rooted in a sound technical and commercial understanding, we provide advice and support to large companies, international organisations and NGOs from offices in London and Shanghai. Carnstone works with around a fifth of the FTSE 100. carnstone.com / @carnstone 3 THE GENDER PAY GAP 2019 INTRODUCTION METHOD This is the second year that companies have been The wealth of information it has generated remains The core of our method is to make the FTSE 100 and In the first section of the report, we present the core required to publish the salary difference between men the most comprehensive data on the gender pay gap FTSE 250 data available in a comparable format using data for the FTSE 100 and FTSE 250 by sector, using the and women. The first round of results received mass around the world. a single metric. In the data sections of this Report we above method. media coverage and sparked a conversation on the present the four sets of statutory information plus a Carnstone published an overview and summary of the In the second half of the report, we include for the first topic of gender equality in the workplace. Carnstone-calculated Combined Score. data for the FTSE 100 and FTSE 250 in May 2018, using time, some analysis of the changes in this year’s data The 2017 Gender Pay Information Regulations, a simple methodology (see next section) to compare The Combined Score is based on an unweighted and the results of some exploratory work examining introduced as part of the 2010 Equality Act, company performance within and across sectors. average (i.e. 50% of the score accorded to each) of the the causes of gender pay inequality. oblige companies with more than 250 employees mean and median pay gap which is then converted We have repeated the same core analysis this year, DATA CONVENTIONS: (approximately 9,000 companies) to publish four types into a 0-10 figure using a linear scale. The formula focusing on sector comparisons. We have also built on At all times we have chosen to prioritise scope and of figures annually: used is as follows: (100% – average pay gap)/10. this to explore the possible causes of and solutions to accuracy over comparability. This means that, where ■ Gender pay gap (mean and median). pay inequality. ■ A combined score of 10.0 therefore equates to no a company has reported them, we have used the pay gap at all. ■ Gender bonus gap (mean and median). consolidated figures for the whole of a companies’ UK ■ A score of 5.0 equals a 50% average pay gap. workforce or the legal entity with the highest number ■ Proportion of men and women receiving bonuses. of employees. ■ A score of 0.0 equals (theoretically) a 100% average ■ Proportion of men and women in each quartile of pay gap. We have therefore not compared with last year's data the organisation’s pay structure. if a company: did not report in 2018, changed their Note that we have treated any pay gap (men-women reporting entity, or only published consolidated figures and, much less commonly, women-men) exactly the this year. The companies who were not required to same; we treat negative percentages exactly the same publish figures this year have been listed at the end of as positive ones. this report. Data sources: The sector analysis is based on the Industry Classification Benchmark (ICB) ‘super-sectors’: https://www.londonstockexchange.com/statistics/ companies-and-issuers/companies-defined-by-mifir- identifiers-list-on-lse.xlsx . Core data is taken mainly from companies own reports, supplemented and cross-checked against that listed on the government reporting portal: https:// gender-pay-gap.service.gov.uk/. THE 2017 GENDER PAY INFORMATION REGULATIONS, INTRODUCED AS PART OF THE 2010 EQUALITY ACT, OBLIGE COMPANIES WITH MORE THAN 250 EMPLOYEES (APPROXIMATELY 9,000 COMPANIES) TO PUBLISH FOUR TYPES OF FIGURES ANNUALLY 4 5 THE GENDER PAY GAP 2019 COMBINED SECTOR ANALYSIS SECTOR AVERAGE SCORE - FTSE 350 Only sectors with five or more companies included. 10 10 9 9 9.0 8.9 8 8.7 8.6 8 8.5 8.4 8.2 8.1 8.1 8.0 8.0 7 7 7.2 7.2 7.2 7.1 6 6.5 6 5 5 4 4 3 3 2 2 1 1 0 RETAIL FOOD & BEVERAGE UTILITIES HEALTHCARE TELECOMMUNICATIONS GOODS & INDUSTRIAL SERVICES PERSONAL & GOODS HOUSEHOLD & CONSTRUCTION MATERIALS & LEISURE TRAVEL MEDIA TECHNOLOGY INSURANCE OIL & GAS REAL ESTATE FINANCIAL SERVICES BANKS 0 SECTOR: RETAIL % FEMALE IN EACH EARNINGS QUARTILE GENDER PAY PROPORTION PROPORTION COMBINED COMPANY NAME GENDER PAY GAP (MEDIAN) BONUS GAP BONUS GAP RECEIVING RECEIVING ICB SUPERSECTOR FTSE RANKING SCORE 2019 SCORE CHANGE 2018-19 (0-10) REPORTING ENTITY GAP (MEAN) % % (MEAN) % (MEDIAN) % BONUSES BONUSES LOWER LOWER MIDDLE UPPER MIDDLE TOP (0-10) (MEN) % (WOMEN) % QUARTILE QUARTILE QUARTILE QUARTILE Ocado Group -0.7 -1.3 -29 -321 63 58 21 13 15 21 Retail FTSE 100 9.9 0.1 ▲ Ocado Central Services Ltd Sports Direct International 7.3 0 40.8 47.8 85 85 50 46 55 41 Retail FTSE 250 9.6 0.4 ▲ [All UK entities] B&M European Retail Value S.A. 7.9 0 53.5 -62.9 17.9 5.1 48.6 65 64.6 43.4 Retail FTSE 250 9.6 0.0 ● B&M Retail Ltd Dixons Carphone Warehouse 5 6.1 17.9 18.4 88.5 87.5 32.2 30.6 25.4 24.5 Retail FTSE 250 9.4 0.0 ● [All UK entities] Kingfisher 8.8 3.3 40.3 -11.5 49.1 51 49 47.2 42.7 37.2 Retail FTSE 100 9.4 0.0 ● [All UK entities] Card Factory 12.3 -0.7 79.5 0 22.4 27.2 73 89 91 78 Retail FTSE 250 9.4 0.1 ▲ [All UK entities] Sainsbury's 12.1 3.8 46.3 30.8 60.5 67.4 62.3 64 53.3 39.1 Retail FTSE 100 9.2 0.2 ▲ [All UK entities] JD Sports 15 1.4 74.7 23.3 12.6 11.4 52 49.1 48.1 37.8 Retail FTSE 250 9.2 -0.1 ▼ [All UK entities] Marks & Spencer Group 12.5 4.2 53.2 17 73.5 81.7 81.1 76.4 69 63 Retail FTSE 100 9.2 -0.1 ▼ [All UK entities] WH Smith 19.7 0 88.5 0 34 29 63 70 73 53 Retail FTSE 250 9.0 0.0 ● [All UK entities] Tesco 11.3 8.9 49.1 31.1 73.2 77.6 68 58.7 49.5 39.6 Retail FTSE 100 9.0 0.0 ● [All UK entities] Next 18.9 2.3 27.8 2.1 87 91 68 82 81 60 Retail FTSE 100 8.9 -0.2 ▼ Next Retail Ltd Greggs 18.2 7.6 51.9 49.5 74 78 72 82 75 50 Retail FTSE 250 8.7 0.4 ▲ [All UK entities] Morrisons Supermarkets 14.5 12.2 51.9 28.7 83.1 86.6 68.4 71.5 51.6 35.1 Retail FTSE 100 8.7 0.0 ● [All UK entities] Dunelm Group 19.2 7.9 59 36 40.7 47.9 73.1 77.5 65.9 52.2 Retail FTSE 250 8.6 -0.2 ▼ Soft Furnishings Pets At Home Group 17.7 9.4 55 31.2 62.3 68.4 74 73 64 47 Retail FTSE 250 8.6 0.0 ● Pets At Home Ltd Inchcape 12.6 16.2 47.6 57.1 78.6 64.1 29.8 40.4 25.5 13.2 Retail FTSE 250 8.6 -0.9 ▼ [All UK entities] Saga 21.5 8.3 45.5 23.6 73.3 79.8 61 53 57 41 Retail FTSE 250 8.5 -0.2 ▼ [All UK entities] Just Eat 23.5 17.8 24.9 53.1 90.9 80.6 46 26.2 19 22.8 Retail FTSE 100 7.9 -0.6 ▼ Just Eat Holdings 6 7 THE GENDER PAY GAP 2019 COMBINED SECTOR ANALYSIS SECTOR: FOOD & BEVERAGE % FEMALE IN EACH EARNINGS QUARTILE GENDER PAY PROPORTION PROPORTION COMBINED COMPANY NAME GENDER PAY GAP (MEDIAN) BONUS GAP BONUS GAP RECEIVING RECEIVING ICB SUPERSECTOR FTSE RANKING SCORE 2019 SCORE CHANGE 2018-19 (0-10) REPORTING ENTITY GAP (MEAN) % % (MEAN) % (MEDIAN) % BONUSES BONUSES LOWER LOWER MIDDLE UPPER MIDDLE TOP (0-10) (MEN) % (WOMEN) % QUARTILE QUARTILE QUARTILE QUARTILE Barr, A.G. 4.1 -1.9 24.9 -5 92.1 94.4 23 30 23 31 Food & Beverage FTSE 250 9.7 0.5 ▲ [All UK entities] Diageo -3.5 5.4 22.5 14 47.4 39.9 35.4 46.5 52.5 45.9 Food & Beverage FTSE 100 9.6 0.0 ● [All UK entities] Dairy Crest Group 9.9 2 64.7 10.4 89 84 36 26 32 32 Food & Beverage FTSE 250 9.4 0.0 ● [All UK entities] Coca-Cola European Partners Coca-Cola HBC 4.2 8.9 29.1 -25.7 94.3 92.8 38.7 26.9 18.1 33.8 Food & Beverage FTSE 100 9.3 0.4 ▲ (CCEP) GB Ltd Greencore Group 8 7 50 16 14 10 48 35 31 30 Food & Beverage FTSE 250 9.3 Changed reporting entity [All UK entities] Bakkavor Group 9.9 8.4 60.7 11.6 9 8 51 44 35 31 Food & Beverage FTSE 250 9.1 0.0 ● [All UK entities] Hilton Food Group 6.4 14.3 82.3 52.5 0.4 0.5 49 42 28 26 Food & Beverage FTSE 250 9.0 -0.4 ▼ Hilton Foods UK Ltd Britvic -4 -17 9 -57 88 81 26.9 16.4 29.2 33.4 Food & Beverage FTSE 250 9.0 -0.1 ▼ Britvic Soft Drinks Ltd Cranswick 10.9 20.2 -21.4 78.2 7.3 2.8 42.2 36.5 30.5 20.1 Food & Beverage FTSE 250 8.4 -0.1 ▼ [All UK entities] Tate & Lyle 27 11 58 62 57 64 29 48 40 30 Food & Beverage FTSE 250 8.1 Did not report in 2018 [All UK entities] Associated British Foods 32.3 31.3 50.6 48.1 17.6 5.5 74 81.2 53.6 35.7 Food & Beverage FTSE 100 6.8 0.3 ▲ [All UK entities] SECTOR: UTILITIES % FEMALE IN EACH EARNINGS QUARTILE GENDER PAY PROPORTION PROPORTION COMBINED COMPANY NAME GENDER PAY GAP (MEDIAN) BONUS GAP BONUS GAP RECEIVING RECEIVING ICB
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