PHARMACEUTICAL giant GlaxoSmithKline is to pay its first female chief executive a quarter less than her male predecessor.
Emma Walmsley, one of just seven female chief executives at FTSE 100 companies,will receive a salary of £1m, ten per cent less than outgoing chief executive Sir Andrew Witty.
And when Ms Walmsely’s lower pension contributions and reduced bonus and long-term incentive plan potential are included, her package is worth 25 per cent less.
In its annual report, GSK said it had taken constructive feedback from shareholders, regarding Ms Walmsely’s package, which resulted in a number of refinements to the original proposals, adding: “Taking into account the fact that this is Emma’s first CEO role, reductions have been made to all elements of her remuneration package in comparison to Sir Andrew’s current arrangements.”
The move comes amidst increased pressure on firms to reduce the gender pay gap. From next year they will have to publish the differences between male and female pay.
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