• The age pay gap between global financial services non-executives aged 70 and over and those under 70 has grown from 14% to 18% since 2020, indicating increasing value placed on years of experience over other attributes
• Compensation for non-executive directors aged 70 and over has outpaced younger non-executive directors, growing 14% since 2020 compared to 8%
• The widening global age pay gap is compounded by a rising global gender pay gap, which has grown ~2% annually on financial services boards since 2020, and currently sits at 22% (13% when excluding all chair roles)
Non-executive (non-exec) board directors aged 70 and over – particularly men – at global financial services firms are increasingly outearning younger peers, especially across Europe and Asia-Pacific, according to the latest EY Global Financial Services Boardroom Monitor, which tracks board composition and remuneration for a defined universe of listed financial services firms.
Across all regions, the pay gap between financial services non-exec board directors aged 70 and above and those under 70 rose from 14% to 18% between 2020 and 2024 (the latest full year pay data, represented below and throughout as averages). When board chairs and committee chairs – roles that correlate with higher compensation – are excluded from the dataset, non-exec directors under 70 still earn around 15% less than their peers aged 70 and over, averaging $276,634 compared with $326,411.
While the widening age pay gap is a global trend, the size of the gap varies considerably across different regions. In Europe, the gap in earnings between non-exec board directors under and over the age of 69 grew from 22% to 24% between 2020 and 2024, across Asia-Pacific the earnings gap grew from 36% to 43%, and although the it rose at a faster rate in North America – from 3% to 8% – it did so from a much lower base, and, to some extent, is countered by much greater investment in pay and hiring of younger non-exec director cohorts than the other regions. In terms of hiring younger board members, since 2020, North American financial firms have increased the number of non-executive directors under 50 by 27%, while European firms have reduced this cohort by 26%.
Overall pay has risen for all age groups during this period, but compensation for non-exec directors – particularly men – over the age of 70 has outpaced every other age group, growing by 14% since 2020 – from $304,833 to $347,423 in 2024. However, over the same period, global consumer price inflation was far higher, at 20% across advanced economies, while average wage inflation was around 24%.
By contrast, pay growth globally for younger non-exec directors has been markedly slower. Non-exec directors aged 60-69 have only experienced around 4% pay growth, from $290,820 to $303,565, with the pay gap between this group and those over 70 widening from 5% in 2020 to 13% in 2024. The gap is even wider for non-exec directors under the age of 50. In 2024, non-exec directors in this age group (below 50) earned an average of $200,000, which is 42% less than their colleagues over 70. There are regional differences however, and while directors aged 40-49 in Europe have experienced declining remuneration – from $152,261 in 2019 to $145,210 in 2024 – in North America compensation has gone up – from $258,077 in 2019 to $265,998 in 2024.
While length of tenure contributes to higher pay across the director population, age appears to be a stronger driver. Directors aged 70 and over consistently earn substantially more than younger peers with equivalent years of company-level board experience.
Razvan Pirnac, Partner, Financial Services Risk Management, EY Romania: "At the local level, the remuneration of non-executive board members by age categories aligns with international trends indicating significant differences in favor of older members. According to the EY Global Financial Services Boardroom Monitor 2026, in Europe, non-executive directors over 69 years old earn on average about 24% more than those under this age, while globally, directors under 50 receive approximately 42% lower remuneration than their septuagenarian colleagues. This 'age pay gap' suggests that long-standing experience is highly valued and additionally rewarded. Furthermore, European financial companies tend to have fewer young board members, reinforcing the predominance of senior leaders in management. Gender differences also remain visible in local corporate governance. Although major banks in Romania have achieved about one-third female representation on boards (approximately 39% women among the top five banks, compared to around 43% EU average), women continue to be underrepresented in top positions.
The trends highlighted by the Boardroom Monitor emphasize the need for local institutions to promote gender balance and equitable remuneration in leadership structures."
Transatlantic compensation differs in structure
Board compensation in shares remains far more prevalent in North America than in other regions. In 2024, financial services non-executive directors in North America received 49% of their total pay in shares, up one percentage point from 2023. In contrast, share-based pay accounted for just 4% of total remuneration for non-executive directors in both Asia-Pacific and Europe; this level was unchanged year-on-year in Asia-Pacific, while Europe saw a modest increase from 3% in 2023.
Europe lags other global markets when it comes to gender pay equality
The age pay gap phenomenon in global financial services boardrooms is compounded by rising inequity in gender representation within older age cohorts, and a growing gender pay gap at all ages (currently rising ~2% per annum globally, and 9% in absolute terms since 2020).
Europe – the region with the largest difference in pay between male and female non-exec board directors – saw its gender pay gap widen at financial services firms by three percentage points between 2023 and 2024. Female non-exec board directors at financial services firms in Europe earned 62% as much as men in 2024, compared with 65% in 2023.
In both North America and Asia-Pacific, the pay gap remained unchanged over the same period. In Asia-Pacific, female non-exec board directors at financial services firms earned 74% as much as their male counterparts in both 2023 and 2024. In North America, where the gender pay gap is narrowest, female non-exec board directors at financial services firms earned 94% as much as men in both years.
At a global level, female board directors at financial services firms were paid 22% less than their male counterparts in 2024: $252,672 compared with $325,402. The gap has remained largely unchanged over the past five years, widening by one percentage point from 21% in 2020.
When looking at non-exec directors aged 70 and over, in all regions except North America, male non-exec directors significantly outearned their female counterparts – by 40% in Europe and 48% in Asia-Pacific, vs just 1% in North America.
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About EY Romania
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Quick remuneration data overview as at 31 December 2024 (latest reported public company data):
• Total number of firms tracked across Europe: 91
• Total number of European non-executive board directors monitored: 891
- Total number of male non-executive board directors monitored: 482
- Total number of female non-executive board directors monitored: 409
• Total number of firms tracked across North America: 104
• Total number of North American non-executive board directors monitored: 1,101
- Total number of male non-executive board directors monitored: 686
- Total number of female non-executive board directors monitored: 415
• Total number of firms tracked across Asia-Pacific: 18
• Total number of Asia-Pacific non-executive board directors monitored: 161
- Total number of male non-executive board directors monitored: 95
- Total number of female non-executive board directors monitored: 66
• 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: 82
- Total number of board directors aged 50-59: 494
- Total number of board directors aged 60-69: 1,109
- Total number of board directors aged 70 and over: 432
• Average overall 2024 remuneration:
- Global: $294,104
- Europe: $258,387
- North America: $328,946
- Asia-Pacific: $257,053
• Remuneration growth year over year (YoY):
- Global: 1.2%
- Europe: 1.3%
- North America: 1.5%
- Asia-Pacific: (1.0%)
• Insurance sector – global average remuneration comparison:
- Europe: $250,186
- North America: $315,652
- Asia-Pacific: $269,005
• Wealth and asset management sector – global average remuneration comparison:
- Europe: $367,646
- North America: $322,458
• Banking sector – global average remuneration comparison:
- Europe: $230,407
- North America: $338,592
- Asia-Pacific: $252,272
• Female pay as a percentage of male pay in 2024, by region:
- Europe: 62% (38% pay gap)
- North America: 94% (6% pay gap)
- Asia-Pacific: 74% (26% pay gap)
• Percentage of board directors receiving non-cash remuneration in 2024, by region:
- Europe: 4%
- North America: 84%
- Asia-Pacific: 16%
• Regional pay in 2024 as a percentage of North America pay:
- Europe: 79% (same as 2023)
- Asia-Pacific: 78% (80% in 2023)
Notes to editors:
• This is the first launch of the EY Global Financial Services Boardroom Monitor, following seven launches of the EY European Global Financial Services Monitor since 2022.
• Remuneration data reflects the latest reporting period to 31 December 2024 and only covers non-executive directors.
• Remuneration data of board members analysed across parameters including region, sector, age, gender and size of entity across global financial services firms is current as at 31 December 2024.
• 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.
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 the 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.
