Glencore discloses gender pay gap in oil trading

GENEVA • Women working in oil trading at Glencore earn 28 per cent less on average than men, and receive bonuses that are 57 per cent lower.

The income disparity, disclosed by the second-biggest independent oil trader under British government-mandated pay gap reporting, underscores the lack of women in senior roles at the largest commodity trading houses.

The vast majority of the 348 employees in Glencore's London offices work in the firm's oil trading operations, including the traders themselves and their support staff. While women account for about a third of that number, they comprise only 16 per cent of the top quartile for pay, the figures show.

A study of the executive committee members of the top 40 commodity trading houses this week by Bloomberg revealed that women account for just 4.2 per cent of the senior executive roles, a level well below United States financial institutions and British blue-chip companies.

The higher level of males seeking careers in commodity trading "has led to a greater number of men than women in senior and other positions that attract a higher level of pay", Glencore said in a report accompanying its British disclosure.

The Swiss-based firm said it is "committed to supporting women going on and returning from maternity leave" and "taking an equal approach to family-friendly practices, including flexible working".

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A version of this article appeared in the print edition of The Straits Times on March 24, 2018, with the headline 'Glencore discloses gender pay gap in oil trading'. Print Edition | Subscribe