Female executive board members in Germany lose salary edge
Female executives at Germany’s largest companies earned significantly less in 2024 and lagged behind their male colleagues, according to the findings of a study by consulting firm EY seen by dpa.
The salaries of female board members of DAX, MDax and SDax fell sharply, while those of men gained slightly more.
This reverses a long-standing trend: for the first time since 2014, women on the boards of large companies were paid less than men.
Until a few years ago, there were very few women on the boards of directors of stock exchange companies, which boosted their salaries and meant that female executives took precedence over men.
But that has changed, explains Jens Massmann, partner at EY: “The days when female board members were a rare breed and could demand very high salaries are over.”
In 2024, the remuneration of female board members of companies in the three DAX indices fell on average to 2.15 million euros ($2.51 million), excluding chief executive positions. This is 11% less than the previous year.
Conversely, their male colleagues recorded a slight increase of 0.4% to 2.27 million euros.
Overall, the remuneration of members of the management board fell by 3% to 2.57 million euros on average. Executive salaries have fallen just as sharply.
According to the study, the highest paid female manager was Merck boss Belen Garijo, with 7.6 million euros. She was followed by Rebecca Short, member of the board of directors of Deutsche Bank, with 6.5 million euros, and Helen Giza, managing director of Fresenius Medical Care, with a salary of 5.7 million euros.
