JSE Top 40 companies lag in gender pay gap disclosures
Johannesburg Stock Exchange JSE Only 13 of the JSE Top 40 companies disclose any measurable gender pay gap data, a new briefing by Just Share reveals.
Image: Gianluigi Guercia / AFP
Only 13 of the JSE Top 40 companies disclose any measurable gender pay gap data, a new briefing by Just Share reveals.
Companies that disclosed gender pay were: Anglo American (UK only); Anglo American Platinum; British American Tobacco; Clicks; Discovery; Gold Fields; Impala Holdings; Investec plc, Investec ltd, MTN, Nepi Rockcastle and Vodacom.
Despite making up 46% of South Africa's economically active population, women earn on average 30% less than men, and South Africa's largest listed companies appear to be doing little to change that.
Just Share said even among these, transparency is inconsistent and often limited to international operations where disclosure is mandatory. Fourteen companies offer only vague commitments to 'fair pay', while 13 fail to mention gender pay at all.
International compliance
While the JSE's Sustainability Disclosure Guidance acknowledges the importance of this issue, recommending that companies report the "ratio of the total annual remuneration of women to men, and by race group, for each employee category, by significant location of operations", disclosure is currently not enforced. This guidance aligns with international reporting standards and reflects growing investor expectations around transparency and accountability.
By contrast, several international jurisdictions, including Australia and the UK in which several JSE-listed companies operate, have established legislative frameworks to enhance gender pay transparency.
In the United Kingdom, the Equality Act 2010 (Gender Pay Gap Information Regulations 2017) mandates that employers with 250 or more employees must annually publish their mean and median gender pay gaps. Employers are also required to report gender distributions across pay quartiles and disclose disparities in bonus payments.
Similarly, Australia's Workplace Gender Equality Amendment (Closing the Gender Pay Gap) Act 2023 requires employers to report both average and median remuneration differences between men and women. Additionally, organisations must outline the specific measures they have implemented to address and reduce these disparities.
However, for JSE Top 40 companies with a presence in the EU, the forthcoming EU Pay Transparency Directive will introduce comprehensive requirements including gender pay gap analysis and disclosures, mandatory audits, and employee access to pay data. Member states must transpose this directive into national legislation by June 2026.
Pay equity as a critical lever
"Pay equity is a critical lever for addressing the deep-rooted inequalities that continue to shape South Africa's labour market and broader society. While there has been notable progress in women's economic and political participation, formal employment, and educational attainment, the gender pay gap remains a persistent and systemic issue," Just Share said.
Just Share said not only is the gender pay gap a significant barrier to achieving gender equity, but evidence shows that it persists despite growing recognition that a comprehensive approach to pay equity can enhance employee engagement and strengthen overall human capital management. Fair and transparent pay practices also signal an inclusive workplace culture, help close diversity gaps, and enhance long-term organisational competitiveness.
To meaningfully address the gender pay gap, Just Share said organisations must begin by measuring and disclosing it. Transparency is the first step toward accountability and reform. However, public disclosure of gender pay data in South Africa is voluntary. The Companies Amendment Act of 2024 mandates the disclosure of vertical wage gaps, the pay gap between a company's highest- and lowest-paid employees, but not gender-based wage disparities.
"This leaves a glaring accountability gap, particularly as several JSE-listed companies already comply with mandatory gender pay reporting in jurisdictions like the UK and Australia, yet choose not to do so in South Africa. This omission contributes to the inconsistent and non-comparable nature of pay equity data across companies," it said.
Just Share recommends: Employers have a responsibility to proactively identify and address
gender -based pay disparities within their organisations. Conducting regular internal
gender
pay gap analyses should not be viewed as a strategic imperative that supports inclusive, sustainable business growth. The Companies Amendment Act should be further revised under the duty to prepare a remuneration report to require the disclosure of
gender
pay gaps, aligning with global best practices. Institutional investors should publicly endorse best-practice on pay transparency, and include
gender
pay gap disclosure as a priority engagement topic with investee companies.
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