The latest news on workplace equality and gender-lens investing
Sweden outperforms Denmark in Nordics’ battle for equality
The Nordic countries are often hailed as world-leaders when it comes to gender equality, particularly in the workplace. Our recent report, ‘Gender Equality In Sweden and Denmark’, shows some definite positive results, as well as areas for improvement.
For example, Swedish companies rank higher than most of their European counterparts when it comes to gender balance at board and executive levels, while Danish companies have one of the highest representations of women in the workforce. Both Sweden and Denmark lag behind other European nations when it comes to anti-sexual harassment policies in the workplace.
The findings come from Equileap’s larger body of research analysing 255 public companies across 10 major European equity indices on 19 criteria.
Women could be set back ‘decades’ by Covid-19
All across the world, media reports and studies have found that while more men appear to be dying from the virus, women are bearing the brunt of the risk of exposure, through carrying out the majority of frontline and low-paid work, such as social care, retail work, teaching and nursing.
Indeed, experts fear women could be set back “decades” by the crisis as more women have lost their jobs and are dealing with the brunt of childcare and domestic work. Women are more often found in insecure employment, plus they make up the majority of workers in sectors that have been the hardest hit by the virus, such as retail.
Even as we emerge from lockdown, school closures and unpaid caring duties will continue to hold women back, research has found.
Country focus: Spain ranks third in Europe for gender equality at work
After France and Sweden, Equileap research found that Spain comes in at third place for gender equality in the workplace, with an average company score of 46%. Almost three quarters - 74% - of IBEX 35 companies publish their gender pay data, compared to a European average of 28%.
Publishing the data is a positive sign, but Spain has further to go in terms of the gender pay gap and women reaching companies’ top levels. Only one company, Red Electrica, achieved a gender balanced board. The same company, along with Iberdrola, were the only ones to report no gender pay gap.
Spain, however, is ahead of the curve on tackling sexual harassment at work, with seven out of 10 companies publishing such an anti-sexual harassment policy, compared to 52% of European companies who do not.
In the spotlight: Enel
Multinational energy company Enel is the top scoring Italian company in Equileap’s research (listed on the FTSE MIB 40 index), with an average score of 58%.
What makes Enel stand out from its Italian counterparts?
Out of 255 European companies in the research, Enel was one of only three companies to have published a mean gender pay gap of 3% or less.
It is the only company listed on the FTSE MIB 40 Index to publish a strategy to close any pay gap should one arise.
It has a gender balanced board.
Enel provides two fully paid weeks of paternity leave - going beyond national law - and allows flexible working hours and location for employees.
Before the ceremony in September, the awards announce who is in the running from varied categories, including champions of racial diversity, gender diversity and social mobility
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