Report finds that progress has been made, yet women still occupy less than one-fifth of senior leadership roles in the global energy industry.
S&P Global released a special report titled #ChangePays in Energy, which brings together essential data and insights to examine gender diversity in the global energy sector. The report finds that while women’s representation in senior leadership roles has increased over the last decade, there is still significant progress needed to reach gender equality.
If growth in women’s representation in the C-suite in the energy sector continues at the current rate, it would take until the 2090s for global energy C-suites to reach gender parity, the report found.
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This special report was done as part of #ChangePays, an element of S&P Global’s “Vital Statistics” Corporate Responsibility initiative, providing essential intelligence on the benefits of women in the workforce and powering thriving global communities.
Other key findings of the report include:
- Growth in women’s representation on boards, in the C-suite and in senior management roles feeding the C-suite has accelerated in the global energy industry in the past 10 years. However, women still occupy less than one-fifth of senior leadership spots.
- The share of female board members and women in the C-suite has almost doubled since 2000, reaching 15% and 13% in the global energy sector, respectively.
- If growth in women’s representation on boards continued at the current rate, energy boards would attain 50-50 gender parity by 2058. It would take more than 70 years for global energy C-suites to reach gender parity based on the current growth in women’s leadership in the energy sector.
- The US maintained a small lead over the global average in C-suite representation, at about 2% higher since 2000. It also exceeds the global average for boards.
“If there is a bottom line, it’s positive: women’s participation in boards and senior executive roles in the energy industry is accelerating,” said Alexandra Dimitrijevic, Global Head of Research, S&P Global Ratings and Chair, Women’s Research Council, S&P Global, who spearheaded this research. “But there’s still more work to be done. We hope this research provides the data, analytics and insights needed to set intentions, take action and make change.”
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The data also highlights significant differences by region, with Thailand, the Philippines and Malaysia among markets with the highest percentages of women holding C-suite roles, and Singapore, Thailand, the Philippines, Malaysia and Hong Kong leading for representation on boards and among senior managers. The U.S. maintains a small lead over global industry averages for women’s representation in the C-suite and for women’s board membership.
The findings are based on original research conducted by S&P Global Platts Analytics and S&P Global Market Intelligence, which analyzed 799 companies across 30 countries with the largest sample size in the dataset in the S&P Global BMI Energy (Sector) Index and S&P Global BMI Utilities (Sector) Index. Complementing the data analysis, S&P Global Platts interviewed more than 12 female executives about their perceptions of gains, hurdles and efforts underway related to gender parity. Many of these interviews, including with the CEOs of Avangrid Renewables, CMS Energy, Exelon Utilities and OMV Petrom, are included in the report.
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