Gender Pay Gap
From 6 April 2017 employers in Great Britain with more than 250 UK-based staff have been required by law to publish data on the following:
- Gender pay gap (mean and median)
- Gender bonus gap (mean and median)
- Proportion of men and women in each quartile of the organisation’s pay structure
- Proportion of men and women receiving bonuses
Gender pay gap is a company-wide comparison, across the pay of all men and all women, regardless of their level or role. An equal pay gap is an individual measure, comparing the pay of a man and a woman in the same or a similar role.
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Prior to 2020, we were not required to report our data, but decided nonetheless to be transparent about our gender pay gap numbers to help build awareness of the subject.
Mean hourly pay gap
34.4%
This is the difference between average hourly pay for all our female employees in the UK compared to the average hourly pay for all our male UK employees as at 5 April 2023.
The median hourly pay gap is 30.8%.
Proportion of women and men at each hourly pay quartile
Upper
Upper middle
Lower middle
Lower
This is based on ranking the hourly pay for all our UK employees and dividing this ranked list into four equal groups (quartiles). This information helps us understand what is driving our hourly pay gaps as it highlights in which quartiles we have more women than men and vice versa.
Mean bonus pay gap
74.3%
This is the difference between the average bonus pay for all female employees in the UK compared to the average bonus pay for all UK male employees in the twelve months to 5 April 2023.
The median bonus pay gap is 64.3%
Proportion of men and women receiving a bonus
This is the proportion of men and women who received a bonus in the 12 months to 5 April 2023.
Hourly pay and bonus gaps
Both the pay and bonus gaps have decreased marginally during the financial year as shown in the table below.
There has been an increase in women in all parts of the Group and promotions as a percentage of the overall population have been marginally higher for women than for men. However, we note that given our relatively small headcount, small year-on-year changes in headcount at senior levels can have a significant impact on our gender pay gap.
We also note that the vast majority of high-paying awards are highly deferred in the form of DSA, PLC Equity Awards and DVB. Therefore, our year-on-year gender pay gap comparison can change significantly as a function of long-term incentives granted several years ago and only being paid out now. As a result, whilst the underlying make-up of the firm continues to evolve towards greater balance, this is not necessarily reflected in the gender pay gap.
Mean hourly pay gap
| 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
| 39.8% | 33.6% | 28.9% | 26.2% | 30.9% | 35.7% | 34.4% |
Mean bonus pay gap
| 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
| 81.7% | 67.7% | 78.3% | 66.6% | 68.8% | 77.2% | 74.3% |
ICG's commitment to addressing our gender pay gap
What are we doing about our gender pay gap?
We are progressing a number of initiatives to support our aims to improve the gender balance at all levels of the organisation and impact our gender pay gap. Several of these initiatives are now well established.
Showing our commitment
- In 2018, we joined the Women in Finance Charter and set a target to have 30% of senior roles held by women by 2023, a goal we were delighted to have reached in September 2021 and maintained each year since. We continue to build on this and reached 36.3% as of 31 March 2024.
- Colleagues take part in100 Women in Finance, a global initiative to increase the pool of talented women in our sector. ICG is also a sponsor and active participant in Level 20, which provides mentoring and development support to women in investment positions.
Increasing talent diversity
Ensuring diversity in our recruitment processes is key to helping us deliver on our DEI aims:
- Inclusive Recruitment training and guidance is available to anyone involved in hiring. It focuses on fostering objective, fair and inclusive recruitment through consistently applied best practice at all stages: from job description to making hiring decision.
- We continue to work with external recruitment partners to extend the reach of our search and selection activities to bring in the best talent regardless of demographic or background. We work with executive search firms that are signatories to the standard voluntary code of conduct: executive search firms.
- We request a balanced candidate shortlists for all roles and encourage diversity on our interview panels.
Fostering a culture of inclusivity
At ICG, we are focused on creating a culture in which every colleague is able to fulfil their individual potential as well as contribute to our collective goals.
We have a range of resources to create greater awareness of diversity and inclusion in how we manage our talent. An example of this is our Leadership Attributes framework, which includes role modelling inclusive behaviours.
All new joiners are also given an opportunity to explore what an inclusive culture looks like in practice and the role everyone has in maintaining and enhancing it. This is done through facilitated discussions, which are part of the required Onboarding Programme.
Being able to bring one’s full self to work is a core part of having an open working environment. In light of this, we have introduced policies to enable more employees to balance their work and family lives, including family building, carers leave, menopause leave and pregnancy loss policies.
We recognise that wellbeing at work is an integral contributing factor to the success of ICG, and we partner with leading external professionals to help our people navigate issues of physical and emotional health through an ongoing series of seminars and webinars, in addition to established flexible working policies that are in place.
We are not complacent about the work we need to continue to do to ensure that we are truly diverse and open across the markets that we operate in. More information about how we are creating an inclusive environment, including our policies and details on our employee initiatives and networks can be found within the DEI Hub.
DEI is included as a measure of leadership success and features as a KPI for our Executive Directors. We are committed to working together to make ICG a more diverse and inclusive organisation that we can all be proud of.
We recognise that some of these actions may mean that our gender pay gap numbers fluctuate in the short term as more women take on roles across the organisation, but our goal is to ensure that we achieve sustainable change to our diverse representation over the longer-term.
We confirm that all the information we have disclosed is accurate and our statistics have been calculated according to the requirements of The Equality Act 2010 (Gender Pay Gap Information) Regulations 2017. Figures reviewed and verified by Willis Towers Watson.
Benoît Durteste
Chief Investment Officer and Chief Executive Officer, ICG plc
Gender Pay Gap reports and annual statements
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