Are Female Top Managers Really Paid Less?

While we find no pay gap for the figure-head (CEO), there is significant pay discrimination for other female top managers who are board members as they earn £1.3 million less over a five-year period. We also show that the gender pay gap is lower for executives in firms with female non-executives. Female executives in ‘male' industries face a smaller pay gap. The advice of top remuneration consultants does not reduce the pay gap for executive directors (excluding the CEO). We also find that the pay gap increases when accounting for marriage and parenthood