Record Growth in Women’s Representation and Pay Equity on German DAX Boards in 2025

In 2025, German DAX-listed companies have achieved a milestone in gender diversity and pay equity with women holding a record 101 board positions across DAX, MDAX, and SDAX indices, according to consulting firm EY. This is a notable increase from 88 female board members in 2024 and just 33 in 2013, demonstrating sustained progress in female representation at the highest corporate levels.

Women now make up 30% of board members in DAX companies, with slightly lower figures in MDAX (28%) and SDAX (18%). Alongside the rise in representation, female board members earned an average salary of €2.20 million in 2025, marking a 2.4% increase from the previous year. Meanwhile, their male counterparts’ average salary decreased by nearly 2% to €2.23 million, significantly narrowing the gender pay gap.

The salary difference between men and women board members shrank sharply from €121,000 to just €26,000 in 2025. This represents a continuing trend of pay equity improvements, as the gender pay gap has also decreased over the last decade from 22.3% to 15.6% in the previous year. EY’s Jens Massmann attributes this positive change to the growing number of women in leadership roles, which has shifted compensation factors to be based more on department, experience, and company size rather than gender.

He noted that while salary gaps remain more pronounced in smaller companies, the overall trend points toward further convergence of pay across all indices. These developments highlight Germany’s progress towards greater gender diversity and fairness in executive compensation within its largest publicly traded firms.

This data underscores a significant shift in the German corporate landscape, as DAX companies increasingly embrace gender balance among their boards, contributing not only to diversity but also advancing pay equity among executives.