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