The 2022/23 UK gender pay gap figures have been released, but have any firms in the private wealth sector managed to improve their gaps?
Tax advisory firm Saffery Champness leads the way in the sector with the lowest mean hourly wage gap of 3.7 percent. Although, the firm’s gap has widened by 2.1 percent from the one percent it recorded last year.
Another private wealth focused firm with a pay gap below 10 percent was London-based law firm Forsters, which recorded a mean figure of 9.7 percent. Forsters’ pay gap has also increased by 5.4 percent in the last year from 4.3 percent. [Read More]
Some jurisdictions lagging behind in addressing the gender pay gap include the Channel Islands.
Despite some progress on gender pay gaps in Jersey and low female unemployment in Jersey and Guernsey, the jurisdictions are falling behind other economies like Luxembourg, Ireland, New Zealand and the UK when it comes to workforce parity, according to PwC Channel Islands.
Entitled Channel Islands Women in Work Index 2023, the analysis from PwC claimed that a GDP boost of two percent in Jersey (equating to £77 million) and six percent in Guernsey (equating to £194 million) could be achieved by matching the female labour force participation rate to that of fifth positioned Sweden.
Jersey’s gender pay gap at 11 percent is better than the OECD average of 14 percent, but Guernsey’s gender pay gap is at 16 percent, making it one of the highest gender pay gaps in the index.
Under one in five (18 percent) FTSE 100 director positions are held by directors from a minority ethnic group, according to a survey from big four accountancy firm EY and the Parker Review Committee.
The voluntary census also showed that 96 FTSE 100 companies had minority ethnic representation on their company boards as of 31 December 2022.
Of the four companies which have not met the target, one company has been acquired since December and is no longer part of the FTSE 100. [Read More]
Women are less prepared in their succession planning than men, but are more drawn towards philanthropic giving, according to a report from Swiss banking giant UBS.
Women are more focused than men on certain tangible assets that may be included in the legacy strategy.
However, the report also discussed a recent UK Opinium survey that found that 37 percent of women did not understand the rules around Inheritance Tax, compared to 25 percent of men. [Read More]
Law firm Cripps partnered with WealthiHer, a professional network that aims to enhance women’s abilities to manage and grow their own wealth.
Founded in 2019 by Tamara Gillan, WealthiHer’s utilises collaborative efforts to bring together thought leaders, businesses, the media and educators to drive the empowerment and economic advancement of women now and in the future.
Cripps will be joining a partner network of private banks, accountants and legal firms working collaboratively to champion change.