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Landsvirkjun Awarded the Gold Standard by PWC for Wage Equality

November 8, 2013

Gender wage gap at Landsvirkjun decreases from 12.0% to 1.6% within ten years.

The gender wage difference at Landsvirkjun is only 1.6% according to the audit carried out by PWC. The fixed salary rate for women is generally slightly higher than that of men, whereas the overall salary is slightly higher for men. The difference is well below the 3.5% requirement set out by PWC, in order to achieve the Gold Standard.

Landsvirkjun has been actively involved in auditing gender wage differences in the last few years in order to prevent inequality. The first audit in 2003 revealed a 12% difference, whereas the figure has now dropped to 1.6% in 2012.

Hörður Arnarson, CEO of Landsvirkjun made the following statement: “We are proud to achieve such progress and will continue along this pathway by offering both women and men the opportunity to work within a competitive and rewarding working environment.”

Landsvirkjun made the decision to actively work toward achieving the PWC Gold Standard in 2013. The audit reveals that the base salary (the fixed amount of money paid in return for work executed) for women is 0.8% higher than the base salary for men. The fixed salary (the sum of basic monthly salary and fixed monthly allowances) for women is 2.3% higher than the fixed salary for men. However, the overall salary (base salary and allowances with overtime) for men is 1.6% higher than that of women.

Minimal gender wage gap a result of a commitment to gender equality

Landsvirkjun’s commitment to its Gender Equality Policy has proved successful and the number of women in positions of expertise and management has increased.

Landsvirkjun’s policy is to secure gender equality and that equal opportunities are afforded without discrimination. This policy is in keeping with national legislation but also ensures that the Company is utilising its human resources in the most successful manner.

Landsvirkjun strives to balance gender distribution within the Company’s divisions. Equality is maintained by ensuring that responsibility and any involvement in staff workshops, boards and committees is equally divided and Landsvirkjun maintains an equal pay for equal responsibility policy. Landsvirkjun made a commitment to wage equality in 2011 when it signed the UN Women agreement on gender equality.

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