ESG Recent Developments

Legislation and directives that are forcing companies to be more transparent regarding gender pay appear to be having some effect on the gender pay gap, according to Bloomberg. One standout success story has been Iceland where 2018 legislation that forced companies to explain their gender pay gaps and bonuses helped the country cut its gender pay gap by half in the past 10 years. Their success has spawned similar initiatives in the EU, Japan, and Australia. However, regional dynamics also play a role in determining the success of pay transparency measures.

For example, data shows that these measures are more effective in countries with high levels of union membership due to the influence of collective bargaining. Belgium, which has 50% union membership, saw its pay gap halve between 2010 and 2021 to 5%. In the US, where only 10% of the workforce belongs to a union, the gender pay gap stands at 16.3%. Read More 

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