The gender pay gap among top executives at S&P 500 companies grew to the widest it's been since 2012, and the C-suite will not see gender payment parity until 2060 at the current rate, according to a new report from Morningstar.
For the report, financial services firm Morningstar analyzed compensation data from public companies' annual regulatory filings. The report looked at payment data for CEOs, CFOs and the next three highest paid executives.
In 2020, women in the C-suite at S&P 500 companies earned 75 percent of what their male peers earned, according to the report. This is the widest gap in nine years and is a retreat from the narrowest gap reported — 88 percent — in 2018.
The widening pay gap in 2020 was largely driven by male executives' outsized gains from the stock market. In 2020, men outperformed women by 30 percentage points.
The report also found there were more women in the highest paying jobs at the S&P 500 companies than in the past and the salaries are on par with men in similar roles. However, the majority of executive pay comes from stock market incentives.
The report also found equity-based pay has been driving up C-suite payments overall, but the largest went to men. Of the 18 executives earning more than $50 million in 2020, only one was a woman.
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