NEW YORK, Dec. 9, 2015 /PRNewswire/ -- S&P Capital IQ and SNL, a business unit of McGraw Hill Financial (NYSE: MHFI) and a leading provider of research, analytics and data, released two new reports today which each highlight significant gender gaps between male and female C-level executives in the United States.
In the first report, How Times Have Changed? CEO Gender Gap Analysis of the S&P 500®, S&P Capital IQ looked at the issue of gender gaps across the broad landscape of companies in the S&P 500. Its analysis reveals the following:
- S&P 500 Gender Gap Grew in 2015: The total number of female Chief Executive Officers (CEOs) of S&P 500 companies declined from 25 in 2014 to 21 in 2015. Between 2006 and 2015 year to date, the average growth rate for new female CEOs is currently one per every two years.
- IT Sector Has the Most Female CEOs: The Information Technology sector leads all industry groups with the highest number of female CEOs, five. Energy, Materials and Telecoms do not have any female CEOs in the S&P 500.
- Female CEOs Have Shorter Tenures: Male CEOs hold a median of six years in office, while female CEOs hold an average of just four years over the nine year study period.
The second report released by SNL, The $10 Billion Glass Ceiling , looks at the issue of C-level gender gaps by focusing on the U.S. banking sector specifically, an industry historically dominated by men in leadership positions. SNL's findings suggest that even when women do make it to the top positions in banking, a gender pay gap persists. Female representation in the CEO ranks remains extremely low, and when women do make it to the top, it is typically at smaller banks.
- CEO Compensation Growth Rate Nearly Double for Men: From 2007 to 2014, median total compensation for male CEOs in the banking industry climbed more than 60% cumulatively. Over the same period, median total compensation for female CEOs of banks climbed 33.44%.
- Few Female CEOs at Major Banks: Female representation in the top levels of banking, just as in other industries, remains extremely and persistently low. In 2014, of the U.S. banks that publicly file compensation data, there were 21 female CEOs in the U.S. banking industry and 568 males, according to SNL Financial's research. This is in line with research by S&P Capital IQ, which found only 21 female CEOs across the S&P 500 through 2015 year to date.
- Gender Gap Persists throughout Banking Industry C-Suite: Women have consistently held less than 4% of overall industry CEO roles over the past five years. The numbers are similarly stagnant for other C-level roles SNL examined. There were just 22 female Chief Operating Officers at public banks in 2014 and 96 Chief Financial Officers.
- More Female Leaders at Smaller Banks: When women do reach the top roles, it is typically at smaller banks. Of the 21 female CEOs, only one is at a bank larger than $10 billion in assets. With $7.1 million in total compensation in 2014, Beth Mooney at KeyCorp ($93 billion in assets) is the industry's highest-paid female CEO.
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About S&P Capital IQ and SNL
S&P Capital IQ and SNL, a business unit of McGraw Hill Financial (NYSE: MHFI), is a powerful provider of multi-asset class and real time data, research and analytics to institutional investors, investment and commercial banks, investment advisors and wealth managers, governments, corporations and universities around the world. The newly combined firm, previously S&P Capital IQ and SNL Financial, integrates breaking news, comprehensive data and expert analysis into a variety of tools to help track performance, generate alpha, and identify new trading and investment ideas, and perform risk analysis and mitigation strategies. The firm offers the S&P Capital IQ, SNL, Global Credit Portal and Market Scope Advisor desktops as well as enterprise solutions, such as S&P Capital IQ Valuations; and research offerings from Leveraged Commentary & Data, Global Markets Intelligence, SNL Kagan, SNL Energy, SNL Real Estate and SNL Metals & Mining. Together, S&P Capital IQ and SNL sharpen financial intelligence into the wisdom today's investors need. For more information, visit www.spcapitaliq.com or www.snl.com.
SOURCE S&P Capital IQ and SNL