Glencore women earn 28% less

Women working in oil trading at Glencore earn 28% less on average than men and received bonuses that were 57% lower. The income disparity, disclosed by the second-biggest independent oil trader under UK governmentmandated pay gap reporting, underscores the lack of women in senior roles at the largest commodities trading houses.

Women working in oil trading at Glencore earn 28% less on average than men and received bonuses that were 57% lower.

The income disparity, disclosed by the second-biggest independent oil trader under UK government-mandated pay gap reporting, underscores the lack of women in senior roles at the largest commodities trading houses. The vast majority of the 348 employees at Glencore’s London offices work in the firm’s oil trading operations, including the traders themselves and support staff.

Women account for about a third of that number, yet comprise only 16% of the top quartile for pay, the figures show.

A study of the executive committee members of the top 40 commodity trading houses by Bloomberg News showed that women accounted for just 4.2% of the senior executive roles, a level well below US financial institutions and UK blue-chip companies.

The higher level of males seeking careers in commodities 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 with its UK disclosure.

The Baar, a Switzerlandbased commodities trading and mining firm, said it was “committed to supporting women going on and returning from maternity leave” and “taking an equal approach to familyfriendly practices, including flexible working”.

Glencore’s oil-trading business is centred in London and its metals and coal-trading operations are based in Switzerland. Although 40% of its trading employees are women, none of its executive committee members, who lead the group’s day to day operations, is female.

Glencore’s 57% gender gap in oil-trading bonus pay, compares with a 62% gap at the trading unit of Royal Dutch Shell. That compares with a 28% gap for the rest of Shell’s British operations.

Bonus pay for women working at BP was 64% less than for men. The company, however, does not break out separate data for the trading unit.

40% of Glencore’s trading employees are women, yet there are no women on its executive committee which runs the group’s day-to-day operations