Breakout Period for CFO Female Leaders: Spearhead Growth and Pay Surge of 24%

In our 2023 ASX300 CFO Remuneration Report, the findings highlight the growing recognition of female leaders within the traditionally male-dominated realm of financial stewardship with more women CFOs ascending to the leadership of some of Australia’s largest companies. Around 1 in 5 of the ASX100 have Chief Executive Officers who were CFOs and more than 50% of those CFO to CEO transitions occurred since the start of the pandemic. Over this same period, around half of ASX100 companies changed their CEOs.

There is more CFO movement in the ASX200 than any period over the past two decades. It’s a breakout period for CFOs.

The 24% rise in pay for ASX200 CFOs is a reflection of their expanding responsibilities and strategic impact on business operations. CFOs today are increasingly involved in driving growth, shaping corporate strategies, and managing risks and hence are strong candidates for CEO succession.

The median pay for women CFOs in ASX300 companies is around $1.45m, 34% higher than that for men at $1.08m. One of the key reasons for the pay gap is that women work for bigger companies (which is good news in itself). The pay gap largely disappears if we adjust the salaries based on the company size but is the closest to pay equality we have seen.

As featured in The Australian Financial Review

On the Rise: 1 in 5 ASX 100 CEOs were CFOs

Changing business conditions, either positive or negative, as well as changing expectations of the CFO skillset, inevitably focuses the lens on the CFO and are potential catalysts for CFO transition. The demand for strong CFOs has also placed significant upward pressure on CFO remuneration.

Read the full article by The Australian Financial Review: Top finance women drive 'breakout period' for CFOs as pay jumps 24%

__________________________________________________

For further insights or more about our CFO Practice, please get in touch with Phil McCann, at phil.mccann@odgersberndtson.com.