European financial services boardrooms narrow the pay gap with North America, as male directors in Europe outearn peers globally

• European non-executive remuneration outpaced global wage inflation in 2025, rising 10% compared with 4.5% in North America and 4.7% across Asia-Pacific - this has narrowed the “transatlantic pay gap” by 27% but it remains significant at 10.5%.
• Despite an improving boardroom gender split, a pay gap persists across regions, most prominently in Europe, where women earn 39% less than male peers.
• The premium attached to the board chair role is rising – chairs globally now earn 2.5 times the compensation of other directors, following 13.7% pay growth in 2025.

Remuneration across European financial services boardrooms rose 10% in 2025, more than double the increase in North America (4.5%) and Asia-Pacific (4.7%), and significantly above global wage inflation (3.5%), according to the latest EY Global Financial Services Boardroom Monitor.

Average remuneration across Europe’s financial services boards reached $314,148 in 2025, up from $285,487 in 2024. Over the same period, average financial services boardroom pay in North America rose 4.5% to $350,847, from $335,821, while in Asia-Pacific (APAC) remuneration rose 4.7% to $273,006 up from $260,648 in the previous year.

The “transatlantic pay gap” between European and North American boards narrowed in 2025, with European boardrooms now paying 10.5% less on average than their North American peers, compared with 15% less in 2024. In absolute terms, the gap fell 27% year on year to pay differential of $36,699 in 2025, compared with $50,334 in 2024.

European male non-exec pay overtakes North America, while female gap persists

Notable differences in gender pay, however, underpin the headline averages. Despite rising boardroom remuneration, Europe continues to have the largest gender pay gap across all three regions. In 2025, female non-executive (non-exec) directors in Europe earned 38.9% less than their male counterparts, compared with 30.2% in APAC and 7.1% in North America – this is despite female pay rising 13% in 2025 while male pay rose 9.2%.

In 2025, male non-exec directors on European financial services boards were paid $381,894 on average, rising above the North American average of $360,770 for male non exec directors. By comparison, female non-exec directors in Europe received an average of $233,365, relative to female peers in North America, who were paid an average of $335,073.

Omar Ali CBE, EY Global Financial Services Leader, says:

“In a 12-month period, Europe’s financial services firms have invested in board talent in a major way, responding to cross-border competition for skills and experience. But headline averages conceal a significant pay disparity, with female non-executive directors in Europe continuing to earn substantially less than their male peers. As boards plan succession, including for committee chairs, and consider the mix of experience they will need in the coming years, the drivers of gender pay inequity, particularly in Europe and Asia, warrant closer attention to ensure that structural imbalances are proactively addressed, not reinforced.”

Board chair remuneration rises more than twice as fast as other directors

The complexity of the role, macro challenges and time requirements contributed to the premium attached to the board chair role increasing in 2025. Average global board chair remuneration rose 13.7% to $755,136, compared to a 5.8% rise for other board non-exec directors, whose average remuneration reached $296,706. Board chairs now receive 2.5 times the average remuneration of other non-exec directors, compared with twice as much in 2021.

Europe recorded the largest increase in board chair remuneration, up 19.7% to $846,408 in 2025. Chair remuneration rose 6.5% in APAC and 5.9% in North America. The increase for other board directors was lower in all three regions, at 9.1% in Europe, 4.8% in North America and 2.0% in APAC.

Within the total global non-executive chair population, 88% are male and 12% are female, which compares to a gender split of 57% men and 43% women in the non-chair director population. This differential gives context to the boardroom gender pay gap.

Ali says:

“The rising gap between remuneration for chairs and other directors, particularly in Europe, suggests firms are placing a larger financial premium on the personal accountability that comes with the most senior governing role.

“While the demand placed on board chairs will only rise amid greater regulatory scrutiny, technological change, macroeconomic and geopolitical uncertainty, firms must be mindful of building a strong and diverse group of directors – with the collective skills, decision-making responsibilities and resilience to support an ever-growing list of priorities.”

Wealth and asset management leads pay increase at sector level

The wealth and asset management sector recorded the strongest increase in average non-exec board remuneration of the three main financial services sectors in 2025, extending a longer-term trend. Remuneration rose 11.5% to $368,680, compared with increases of 6.5% in insurance, to $326,317, and 4.5% in banking, to $319,801.

Compared with 2021, average boardroom remuneration in wealth and asset management has risen 25.1%, relative to 16.2% in insurance and 10.1% in banking.

The increase in wealth and asset management board remuneration was also strongest in Europe, rising 15.5% to $397,266 in 2025, from $343,977 in 2024. Among North American firms, average remuneration in wealth and asset management rose 5.7% to $349,805, from $330,845.

Wealth and asset management board remuneration is now 13.6% higher in Europe versus North America, despite North America continuing to record higher remuneration across financial services overall. Average remuneration for wealth and asset management board chairs exceeded $1m for the first time in 2025, driven by pay levels in Europe, where wealth and asset management chairs’ remuneration is more than double that paid by wealth and asset management firms in North America.

Younger directors show a different gender remuneration profile

The EY Boardroom Monitor indicates a notable difference in the gender pay gap of younger non-executive directors relative to older peers.

Among directors under the age of 50 across the global population, average remuneration is broadly equal between women and men. Female directors in this cohort received approximately $236,000 on average in 2025, compared with approximately $232,000 for male directors. Women make up just over half of the under-50 cohort.

From age 50 onwards, significant gender pay gaps – up to 24% – emerge across the older age groups.

Women accounted for 41.1% of the director population across global financial services in 2025, up from 35.9% in 2021. Over the same period, however, the global gender remuneration gap increased from 17.1% to 22.4%.

Ali says:

“The profile of the youngest directors is an important marker of the ways in which the sector’s boardrooms are evolving. While women are in the majority among the under-50 cohort – where average remuneration between men and women is broadly level – this group still constitutes a small proportion of the overall board population.

“The much larger remuneration gaps among older directors evidences the entrenched pay dynamics that have played out historically. As boards plan for succession, representation and fair remuneration need to be considered alongside the experience and skills firms require from their directors.”

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Data is accurate to June 2026, covering FY2025 reported public company remuneration data:

• Total number of firms tracked across Europe: 91
• Total number of European non-executive board directors monitored: 758
  • Total number of male non-executive board directors monitored: 417
  • Total number of female non-executive board directors monitored: 341
• Total number of firms tracked across North America: 105
• Total number of North American non-executive board directors monitored: 1,041
  • Total number of male non-executive board directors monitored: 639
  • Total number of female non-executive board directors monitored: 402
• Total number of firms tracked across Asia-Pacific: 21
• Total number of Asia-Pacific non-executive board directors monitored: 175
  • Total number of male non-executive board directors monitored: 107
  • Total number of female non-executive board directors monitored: 68
• Age cohorts of directors tracked (note that directors who have not disclosed age are excluded):
  • Total number of board directors aged under 40: 10
  • Total number of board directors aged 40-49: 73
  • Total number of board directors aged 50-59: 417
  • Total number of board directors aged 60-69: 1,016
  • Total number of board directors aged 70 and over: 438
• Average overall 2025 remuneration:
  • Global: $329,798
  • Europe: $314,148
  • North America: $350,847
  • Asia-Pacific: $273,006
• Remuneration growth year over year (YoY):
  • Global: 6.4%
  • Europe: 10.0%
  • North America: 4.5%
  • Asia-Pacific: 4.7%
• Insurance sector – global average remuneration comparison:
  • Europe: $306,692
  • North America: $350,459
  • Asia-Pacific: $275,265
• Wealth and asset management sector – global average remuneration comparison:
  • Europe: $397,266
  • North America: $349,805
  • Asia-Pacific $150,849
• Banking sector – global average remuneration comparison:
  • Europe: $284,588
  • North America: $351,366
  • Asia-Pacific: $278,400
• Female pay as a percentage of male pay in 2025, by region:
  • Europe: 61.1%
  • North America: 92.9%
  • Asia-Pacific: 69.8%
• Percentage of board directors receiving non-cash remuneration in 2025, by region:
  • Europe: 9.3%
  • North America: 85.0%
  • Asia-Pacific: 14.9%
• Regional pay in 2025 as a percentage of North America pay:
  • Europe: 89.5%
  • Asia-Pacific: 77.8%

Notes to editors:

• This is the second launch of the EY Global Financial Services Boardroom Monitor, following seven previous publications of the EY European Global Financial Services Monitor since 2022.
• Remuneration data reflects the latest reporting period to June 2026 and only covers non-executive directors.
• The EY Global Financial Services Boardroom Monitor does not track the race and ethnicity of board members, as there is no standardized format for directors to disclose against.
• Global wage inflation is calculated using averages across US, Canada, UK, France, Germany, Spain, Italy and Australia.
• Board compensation in shares remains far more prevalent in North America than in other regions. In 2025, financial services non-executive directors in North America received 50% of their total pay in shares, down one percentage point from 2024. In contrast, share-based pay accounted for just 4% of total remuneration for non-executive directors in Asia-Pacific, and 9% in Europe. This level was unchanged year-on-year in Asia-Pacific, while Europe saw a modest decrease from 11% in 2024.

About the EY Global Financial Services Boardroom Monitor

• The EY Global Financial Services Boardroom Monitor tracks the renumeration, age and gender of board members across a defined universe of financial services firms to create a broad picture of the gaps in pay and possible pressure points within the listed global financial services markets.
• The EY Global Financial Services Boardroom Monitor is comprised of disclosable, publicly available data on board appointments at listed banks, wealth and asset managers, FinTechs and insurers across Europe, North America and Asia-Pacific.
• For Europe, entities in the MSCI European Financials Index comprise the core universe. For North America, all entities tracked are North American-headquartered and included in the MSCI World Financials Index. For Asia-Pacific, all firms tracked are Asia-Pacific-headquartered entities in developed markets only from the MSCI World Financials Index.