SUSTAINABILITY | 08.03.2023
The proportion of women on MAPFRE’s Board of Directors is well over 40%
The company will eliminate the gender pay gap in 2024
- MAPFRE has 17,300 female employees, accounting for 55.4% of the workforce.
- 42% of leadership positions are held by women.
- In 2022, 54.7% of new hires were women.
- Its objectives include eliminating the gender pay gap and increasing the percentage of women in management positions to 35%.
- MAPFRE is the only Spanish insurance company on the Bloomberg Gender Equality Index in 2023.
MAPFRE believes that the real progress has been made in recent years, that many steps have been taken, but that further progress is needed to close the existing inequality gaps in society in general. Women account for half of the world’s population, and no country can afford to overlook that talent. Men and women are stronger together, and a fairer society makes us all better.
This is one of the messages that MAPFRE is disseminating today in observance of International Women’s Day and through its #ClosingGapsTogether campaign, which aims to help bridge the inequality gap.
In this context, the multinational expressed satisfaction with the fact that 42% of its leadership positions are held by women. Furthermore, if the Annual General Meeting, to be held this Friday, March 10, approves the two proposed appointments of new board directors, the number of women on the Board of Directors will be near parity (47%), with 7 women and 8 men.
More leadership and management positions
With more than 17,300 female employees, accounting for more than 55.4% of the workforce, the company has had an Equality Plan since 2010 and a Diversity and Equal Opportunities Policy, approved in 2015, which allows it to progress and fulfill its commitments in this area, such as increasing the percentage of women in management positions to 35%. Last year, 54.7% of new hires were women.
Female leadership and STEM professions
The insurance group conducts pay analyses to correct any pay gaps identified between members of the same group, and it is currently close to its target (+/- 1%), at 1.86% globally. This imbalance that is being corrected originates in the past of the insurance industry, which was highly male dominated.
MAPFRE has been taking specific actions for years that have made the group a benchmark and enabled it to continue strengthening the role of women in companies. An example is the Women’s Leadership Networks in Spain, Mexico, the United States, Brazil, Peru and Turkey, which aim to contribute to the effective equality of women and men, with a special emphasis on increasing the presence of women in management positions. They also organize workshops and internal meetings for women to identify key issues that favor their professional promotion, initiatives to promote STEAM professions among girls, and strengthen co-responsibility with measures to make schedules more flexible to facilitate work-life balance, among others.
An insurance company committed to equality
MAPFRE is now one of the companies doing the most to foster equality in the world. The multinational is the only Spanish insurance company on the 2023 Bloomberg Gender Equality Index and is 69th in the global ranking of 485 companies. It is also committed to the UN Women’s Principles and the Target Gender Equality, a global movement to accelerate SDG 5 (Gender Equality).