Gender Equality Global Report & Ranking

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GENDEREQUALITYGLOBAL REPORT& RANKING2022 EDITION

Equileap is the leading organisation providingdata and insights on gender equality in thecorporate sector. Our data enables investorsto enhance responsible investing with agender lens and to focus on the social aspectof ESG policies and practises.We research and rank 4,000 public companiesaround the world using a unique andcomprehensive Gender Equality ScorecardTMacross 19 criteria, including the genderbalance of the workforce, senior managementand board of directors, as well as the pay gapand policies relating to parental leave andsexual harassment.No part of this report may be reproducedin any manner without the prior writtenpermission of Equileap.Any commercial use of this report or anypart of it will require a licence. Those wishingto commercialise the use should contactEquileap at info@equileap.com.

CONTENTSINTRODUCTION.5EXECUTIVE SUMMARY.7KEY FINDINGS & TOP 100.9CANADA.24FRANCE.26SPAIN.28SWEDEN.30UNITED KINGDOM.32UNITED STATES.34JAPAN.36HONG KONG.38FINANCIAL SECTOR.40TECHNOLOGY SECTOR.42ALARM OWLEDGMENTS.50

INTRODUCTIONI am proud to publish our 2022 GenderEquality Global Report and Ranking. As thefirst organisation anywhere to formallymeasure gender equality in the globalworkplace, our fifth year is a good momentto reflect on progress but also to call out howmuch further there is to go.Like every aspect of life, the progresstowards gender equality has been impactedby Covid-19. During the past year I’ve oftenbeen asked whether the pandemic wouldbring improvements or a backlash. I was notreally sure, but I was happy to see that theyear-on-year, slow but steady advancementsof the past have continued throughoutthe pandemic. However, this progress hasto accelerate. We are still far from wherewe should be, and some of our findingscontinue to be shocking. Of the almost 4000companies we researched this year, just 18have achieved gender balance at all levels oftheir workforce and only 19 have closed theirgender pay gap.With a playing field that uneven, and womentypically carrying the burden of care workthe pandemic created, small wonder thatMcKinsey reported that 2021 was thetoughest year ever for working womenand one in three are considering leaving ordownsizing their careers.And yet, I am happy to report that thereare grounds to believe that progress willaccelerate and that a number of companiesare up to the plate. Firstly, we have alwaysbelieved that what gets measured getsmanaged, and adoption of the vitaltransparency that makes that measurementpossible is a clear trend among companies.There is also clear momentum behindgender data disclosure. Ma jor pieces oflegislation such as the EU’s SustainableFinance Disclosures Regulation, and expectednew requirements from the US Securitiesand Exchange Commission will continue todrive gender diversity transparency.And second, if legislation is the stick, genderlens investing is the carrot. Today wecelebrate that gender lens investing hasgrown from USD 645 million to a USD 6billion industry in the last five years. Alsoexciting is how one of the funds that tracksour Equileap Global Gender Equality 100Leaders Index is about to reach USD 1 billionassets under management.When we started out in 2017 there was asignificant gender equality data gap andcompanies, governments and investorsstruggled to align ambitions for genderequality with viable information about thesituation. Today, we have closed that datagap and as the world rebuilds after Covidwe are excited to see unprecedentedengagement with our research and realambition from investors to see positive andlong overdue change for half the world’sworkforce. I look forward to the next fiveyears.DIANA VAN MAASDIJKCEO at EquileapGENDER EQUALITY GLOBAL REPORT & RANKING - 2022 EDITION5

GENDER EQUALITY GLOBAL REPORT & RANKING - 2022 EDITION6

EXECUTIVE SUMMARYThe top three companies this year areAustralian property developer Mirvac with ascore of 79%, followed by DNB (Norway) andNational Grid (UK), both scoring 74%, out ofthe 3,895 companies researched.Women at the top are still very rare. Aminority of 5% companies globally have afemale CEO, 13% have a female CFO and 7%have a female chair of their board. Lookingat representation from the top to the bottom,women represent 26% of board members,18% of executives, 25% of senior managementand 37% of the total workforce. Genderbalance across a company is rare, with only18 companies globally achieving 40-60%of women at all levels (board, executive,management, and workforce.)Only 17% of the companies globally publishtheir gender pay gap, and less than 1% haveclosed their pay gap (i.e. published a mean,unadjusted gender pay gap of 3% or less,overall or in bands). Disparities in genderpay gap transparency between countriesare huge: 92% of Spanish companies publishtheir gender pay data, while 92% of U.S.companies don’t.Five years after the beginning of the #MeToomovement, 2021 was the first year duringwhich more than half of companies globallyhad an anti-sexual harassment policy (53%).Countries that are leading the way on thisare Spain followed by Italy, France andCanada.When it comes to paid parental leave, manycountries, including Australia, Canada, NewZealand, the UK, and the U.S., offer limitedor no statutory leave. In these countries,some companies are stepping in and offeringmore generous parental leave, led by Abrdn(formerly Standard Life Aberdeen) whichoffers 9 months of fully paid parental leaveto all parents. At the same time, in 2021,some countries, like Spain, France, Italy, andBelgium, implemented higher paid paternityleave provisions.As in previous years, companies in countrieswith strong legislation on gender equalityissues tend to perform better. The bestcountries for gender equality are France,Spain, Italy, the UK, and Sweden; at theopposite end of the spectrum are Japan,Hong Kong and the U.S. The glass ceilingbetween the workforce and leadership isworse in some countries than in others, inparticular in Switzerland, Germany and HongKong.This research is based on the in-depthanalysis of 3,895 publicly-listed companies,representing 102 million employees globally.Companies are researched on 19 genderequality criteria including gender balancefrom the board to the workforce, as well asthe pay gap and policies relating to parentalleave and sexual harassment (Scorecard,page 49).GENDER EQUALITY GLOBAL REPORT & RANKING - 2022 EDITION7

GENDER EQUALITY GLOBAL REPORT & RANKING - 2022 EDITION8

KEY FINDINGSTOP 100 COMPANIESMETHODOLOGYFor this report, Equileap researched3,895 publicly listed companies basedon 19 gender equality criteria, includinggender balance from the board to theworkforce, as well as the pay gap andpolicies relating to parental leave andsexual harassment, among other topics(Scorecard, page 49).These companies represent 102 millionemployees globally. Each of them has amarket capitalisation of USD 2 billion orgreater or is listed on a ma jor index in23 developed markets.This report analyses Equileap’s 2021dataset, for which research was carriedout throughout the calendar year, andwas closed on 22 December 2021.The best performing company globallythis year is Mirvac, an Australian propertydeveloper, with a score of 79%, followedby DNB (Norway) and National Grid (UK),both scoring 74%. This shows significantimprovement in the leading companies,as the best companies globally for the twoprevious years did not surpass 74%.The average score of the top 100 companiesglobally has increased from 64% in last yearto 66% this year, while the threshold to makeit to the top 100 has also increased,from 61% last year to 63%. As in previousyears, companies in countries with stronglegislation on gender equality issues tend toperform better than those with little nationalregulation.Australian companies continue to dominatethe top 100 ranking, with 23 companiesrepresented, including the number one spot.The Australian government’s WorkplaceGENDER EQUALITY GLOBAL REPORT & RANKING - 2022 EDITION9

Gender Equality Act of 2012 has contributedto improved company transparency acrossmany criteria.This year, we have seen UK companiesoutperform as well, occupying 19 of the top100 positions, including 5 of the top 10. Inthe UK, The Equality Act on gender pay gapreporting has been in effect since 2017.While the U.S. and Japan are the mostrepresented countries in the dataset, theyeach have a relatively poor showing in thetop 100: the U.S., with 1,455 companies,only has 14 companies in the top 100, andJapan, with 617 companies, has no companiesin the top 100.Countries with relatively smaller representation in the research universe also made anevertheless notable showing in the top 100:Spain, where a legislative decree enactedin 2019 has implemented progressivelyequalised paternity leave, gender payreporting, and gender equality plans (49companies, 4 top 100),Italy, where the 2021 Equality Bill amendsthe existing Equal Opportunties Code andadresses gender discrimination, includingrequired gender pay gap reporting, and theGender Parity Law was amended in 2020 toenforce female board quotas (62 companies,5 top 100), andFrance, where the law “for the freedomto choose one’s professional future” (2018)covers gender pay gap reporting, and thereare existing female board quotas (2011 CopéZimmermann law) and upcoming femaleexecutive quotas (121 companies, 15 top 100).TABLE 1 / RANKING OF THE TOP 100 COMPANIES FOR GENDER EQUALITY GLOBALLY1 Companies ranking first in their countries.GLOBAL COMPANYRANKGENDEREQUALITY SCORECOUNTRYSECTORAustraliaReal Estate79%NorwayFinancials74%United KingdomUtilities74%1Mirvac2DNB3National Grid4Admiral GroupUnited KingdomFinancials73%5NielsenUnited States of America Industrials72%6WPPUnited Kingdom72%7Procter & GambleUnited States of America Consumer oUnited KingdomConsumer Staples70%10AstraZenecaUnited KingdomHealth Care70%11MedibankAustraliaFinancials70%12Viva EnergyAustraliaEnergy70%13DanoneFranceConsumer Staples69%14L'OréalFranceConsumer Staples69%15Johnson MattheyUnited KingdomMaterials69%16CastellumSwedenReal Estate68%17EnelItalyUtilities68%18Wolters ials68%20Schneider ls68%22General MotorsUnited States of America s2021/202268%GENDER EQUALITY GLOBAL REPORT & RANKING - 2022 EDITION10

GENDEREQUALITY SCOREGLOBAL nServices68%24StocklandAustraliaReal Estate68%25SanofiFranceHealth Care68%26Publicis ConsumerDiscretionary68%28National Australia oupUnited KingdomConsumerDiscretionary67%30SSEUnited KingdomUtilities67%31VodafoneUnited KingdomCommunicationServices67%32ITVUnited KingdomCommunicationServices67%33Wells FargoUnited States of America Financials67%34BurberryUnited KingdomConsumerDiscretionary67%35Yara InternationalNorwayMaterials67%36Standard CharteredUnited KingdomFinancials67%37UnileverUnited KingdomConsumer Staples67%38Origin EnergyAustraliaUtilities67%39CitiUnited States of America Financials67%40CIBCCanadaFinancials67%41TAG ImmobilienGermanyReal Estate66%42British Land CompanyUnited KingdomReal Estate66%43REA NorwayFinancials66%45CovivioFranceReal CommunicationServices66%48DowUnited States of America Materials66%49EDPPortugalUtilities66%50Yum neUnited KingdomHealth Care66%52Red EléctricaSpainUtilities66%53DexusAustraliaReal Estate66%54Strauss GroupIsraelConsumer Staples66%55AccentureUnited States of America InformationTechnology65%56Nordic Meta (ex-Facebook)United States of America ls65%59Commonwealth BankAustraliaFinancials65%60CumminsUnited States of America Industrials65%61Severn TrentUnited 21/2022GENDER EQUALITY GLOBAL REPORT & RANKING - 2022 EDITION11

GENDEREQUALITY SCOREGLOBAL COMPANYRANKCOUNTRYSECTOR63HalmaUnited KingdomInformationTechnology65%64AGL dustrials64%66Sydney AirportAustraliaIndustrials64%67Citi alth Care64%69HSBCUnited KingdomFinancials64%70MercialysFranceReal Estate64%71VerizonUnited States of America CommunicationServices64%72JPMorgan ChaseUnited States of America 74StorebrandNorwayFinancials64%75AVEVAUnited ancials64%77Royal Bank of CanadaCanadaFinancials64%78Bank of scretionary64%80MetcashAustraliaConsumer Staples64%81AXAFranceFinancials64%82Bank of AmericaUnited States of America Financials64%83XeroNew %85BlackmoresAustraliaConsumer CommunicationServices63%89Goldman SachsUnited States of America Financials63%90Poste ItalianeItalyFinancials63%91Domain ndustrials63%93EnagásSpainUtilities63%94Societe als63%96Treasury Wine EstatesAustraliaConsumer Staples63%97LillyUnited States of America Health Care63%98Air New ZealandNew R EQUALITY GLOBAL REPORT & RANKING - 2022 EDITION12

*Yum China is listed in the U.S., but has been evaluated as a Chinese company; Xero is listed in Australia, but has beenevaluated as a New Zealand company. All 3,895 companies in our research universe are listed in the 23 developed markets. When the country of exchange (listing) doesn’t match the country of headquarters and incorporation, we choose acountry of evaluation based on a combination of factors. These factors include the country of exchange, headquarters,incorporation, country of risk and where the ma jority of the workforce/operations are. As a result, somefinal «country ofevaluation» choices fall outside of the 23 developed markets.Any commercial use of this report or any part of it (including but not limited to the Top 100 companies) will require a licence. Those wishing to commercialise the use should contact Equileap atinfo@equileap.com.CASE STUDY / MIRVACMirvac is the top-performing companyglobally, with a gender equalityscore of 79%. The company achievedgender balance at the board, seniormanagement, and workforce levels(between 40% and 60% of women/men), and came close at the executivelevel (37.5%). The company discloses itsgender pay gap and strategy to close it,offers 20 paid weeks of primary carerleave and 4 paid weeks of secondarycarerleave,andflexibleworkarrangements (hours and locations). Itpublishes seven out of the eight policiesthat Equileap looks for which promoteworkplace gender equality, missinga supplier diversity programme thatincludeswomen-ownedbusinesses.Mirvac has further demonstrated itscommitment to gender equality bybecoming a signatory to the UnitedNationsWomen’sEmpowermentPrinciples, and receiving a gender auditcertification (WGEA’s Employer of Choicefor Gender Equality Citation).GENDER EQUALITY GLOBAL REPORT & RANKING - 2022 EDITION13

GENDER BALANCEWOMEN AT ALL LEVELS OF THE WORKFORCEGender balance from the board to theworkforce is a key component of companies’gender equality performance. Glenmede’s2020 analysis of gender lens investing foundthat Russell 1000 companies in the top quintileof Equileap’s Category A (Gender Balance inLeadership and Workforce) experienced onaverage greater return ( 2.6%) and less riskthan companies in the bottom quintile.1 Multipleresearch papers have corroborated thefinding that gender-diverse companiesoutperform their less diverse peers.2The ma jority of companies are transparentabout the gender composition of their board,and 94% of companies have at least onefemale board member. But, while havinggender balance on a board is a great firststep, it is by no means representative ofwhether the company is doing well when itcomes to gender equality. The overall genderequality scores of companies with genderbalanced boards ranges broadly from 11% to79%.30Percentage of companies(out of total dataset)Equileap researches the gender balance ofcompanies at four levels (board of directors,executive, senior management and workforce)and assesses the progression of women tosenior levels of the company (Scorecard,criteria 1-5, page 49). We look for balancednumbers of men and women (between 40%and 60% women).FIGURE 2 / FEMALE BOARD MEMBERSCompanieswith agenderbalancedboard2520151050WOMEN AT THE TOPWomen at the top are still very rare. Aminority of 5% companies have a femaleCEO. A small fraction of 13% companies havea female CFO; and less than 1% of companiesglobally have both a female CEO and CFO.At the board of directors, 7% of companieshave a female chairperson. In 2021, onlyone company out of 3,895 globally had awoman in all three top positions: HalozymeTherapeutics (U.S.).0%-9%30%-39%40%-60%We are far from reaching gender balanceglobally at any level. Female representationis low and increasing at a very slow pace.Women represent 26% of board members (upfrom 25% in 2021), 18% of executives (up from17%), 25% of senior management (up from24%), and 37% of the workforce (unchanged).FIGURE 3 / FEMALE EMPLOYEES AT ALL age of women on the Board (%)FIGURE 1 / FEMALE CEOSof companies globally h ave a female CEO10%-19%37%MaleCEO95%Board74%Executives82%Senior ManagementWorkforce75%63%of companies globally h ave a male CEOGENDER EQUALITY GLOBAL REPORT & RANKING - 2022 EDITION14

TABLE 2 / BEST COMPANIES GLOBALLY FOR GENDER BALANCEOnly 18 out of 3,895 companies globally achieved gender balance at all four levels (listedbelow). While this is a small number (0.5% of all companies), it is an improvement from the tencompanies in 2020 and just one in iral GroupUnited KingdomFinancials73%Wolters KluwerNetherlandsIndustrials68%Nordic Entertainment GroupSwedenCommunication Services65%MercialysFranceReal Estate64%XeroNew ZealandInformation Technology63%WihlborgsSwedenReal Estate63%National Bank of CanadaCanadaFinancials63%RightmoveUnited KingdomCommunication Services62%Hang Seng BankHong KongFinancials61%ETSYUnited States of AmericaConsumer Discretionary60%WallenstamSwedenReal Estate59%CloroxUnited States of AmericaConsumer Staples58%PagerDutyUnited States of AmericaInformation Technology57%AssuraUnited KingdomReal Estate55%Walt DisneyUnited States of AmericaCommunication Services55%CotyUnited States of AmericaConsumer Staples54%Choice Properties REITCanadaReal Estate50%GENDER EQUALITY SCOREGENDER BALANCE AROUND THE WORLDFIGURE 4 / FEMALE EMPLOYEES (IN %)North America is the region where womenare better represented throughout theworkforce, while Asia Pacific lags behind.Europe leads for female representation atthe board level, as some countries havelegislation which requires companies to haveat least 30% or 40% female board members.5550Gender Balance4540403534353027292726252037 eniorManagementNorth AmericaEuropeWorkforceGlobalGENDER EQUALITY GLOBAL REPORT & RANKING - 2022 EDITION15

France and Italy - both countries withmandatory board quotas - lead the wayon gender balance on boards. France hasan average of 44% women represented onboards followed by Italy with 40%. Sweden,with a soft quota follows closely with 37%women at this level.The countries to have achieved genderbalance in the workforce are France, HongKong, New Zealand, Singapore, and the U.S.(each with 40% women or greater). Australia,Switzerland, and the UK come in closebehind with 39% in each country. Spain hasan average representation of 38% womenin the workforce. Countries with femalerepresentation in the workforce at or belowthe global average of 37% include Japan(28%), Sweden (34%), the Netherlands (34%),Canada (35%), Germany (36%), and Italy(37%).Countries are recognising the effectivenessof quotas at the board level andimplementing them at the executive levelnow too. Both Germany and France havepassedlegislationrequiringminimumpercentages and numbers of women onexecutive teams, going into effect in thecoming years.FIGURE 5 / FEMALE REPRESENTATION PER COUNTRY (IN %)BoardExecutivesSenior France44232940Germany32142036Hong 162434New n37272934Switzerland27132239United Kingdom35203039USA27223041For instance, in Australia, women represent 32% of boardmembers, 24% of executives, 30% of senior managementand 39% of the workforce.Note: Only countries with 49 or more companies in thedataset have been included.01020304050GENDER EQUALITY GLOBAL REPORT & RANKING - 2022 EDITION16

New Zealand and Singapore are leadersin female representation at the executive,senior management, and workforce levels.At the same time, Singapore is one of onlythree countries to have less than 20% womenat the board level.The glass ceiling is worse in some countriesthan in others. For instance, Switzerland,Germany and Hong Kong have no lack ofwomen in the workforce but stand out fornot promoting women at the same ratio thanmen (i.e. have low female representation inleadership).Japan stands out as having extremely lowaverages of female representation across alllevels of companies. With an average of 12%of women on boards, 4% at the executivelevel, 10% in senior management, and 28%in the workforce, it falls far below theperformanceoftheothercountriesresearched.GENDER BEYOND THE BINARYAt Equileap, we recognise that gender isnot binary, and that the categoriesof woman/man and female/male donot cover the full spectrum of genderpresentations and identities or biologicalreality that exists in society.As a data provider that bases ourevaluationonpubliclyavailableevidence, we are limited to thecategories used by companies to reporton their workforce diversity, which mostoften fall into the above dichotomies.This widespread data enables us tomake comparisons between companies,sectors, and countries, identifying thosethat put gender equality into practice,versus those that do not.We encourage companies to gather anddisclose workforce statistics that coverall genders represented in theirworkforce. This will allow the collectionof broader gender data and expandtransparency to workforce equality.GENDER EQUALITY GLOBAL REPORT & RANKING - 2022 EDITION17

GENDER PAY GAPThe gender pay gap is the difference betweenthe average salaries of all women and all menin a company. According to various sources,the global wage gap between women andmen is estimated to be between 23%3 and37%4. Although these estimates vary, whatsources agree on is that progress to close thegender pay gap is going slowly. The WorldEconomic Forum predicts, in their 2021 GlobalGender Gap Report, that the COVID-19 crisiswill exacerbate income disparities as womenreduce their work hours to take on moreunpaid labour, due to school closures inparticular.5Equileap researches both the overall genderpay gap and the pay gaps at three or morelevels in a company. Companies are evaluatedon disclosure (whether they have publishedgender-disaggregated pay information, overalland in all pay bands), on performance (howlarge the mean, unadjusted6 pay gaps are),and whether they have a strategy to close anysuch gaps.FIGURE 6 / COMPANIES DISCLOSING THEIRPAY GAP15%17%2021202285%83%Disclosing pay gapNot disclosing pay gapFIGURE 7 / COMPANIES HAVING CLOSEDTHEIR GENDER PAY GAP0.5%99.5%No pay gapWith pay gapCompanies not disclosing their gender pay gap have beenincluded in the category of companies with a pay gap.The pay gap remains a key issue wheredisclosure is particularly low. The vastma jority (83%) of companies globally didnot publish any information on differencesbetween the salaries of male and femaleemployees, compared to 88% last year.Disclosure is lowest in North America, where92% of companies do not publish genderdisaggregated pay information, followedclosely by Asia-Pacific, where the figure is91%. Disclosure is highest in Europe, where61% of companies do not report on the genderpay gap.Ideally, companies should publish both anoverall pay gap and the gap in all bands, inorder to give a complete picture. However,of the 17% of companies that do disclosegender-disaggregated information, only 30%publish in bands, and the remaining 60% onlypublish an overall gender pay gap (averagepay women/average pay of men) or in theform of a pay equity figure (equal pay forequal work).Out of the 17% of companies which havedisclosed their gender pay gap, less thanhalf have a strategy to close it: only 8% ofcompanies globally have a strategy to closethe gender pay gap.GENDER EQUALITY GLOBAL REPORT & RANKING - 2022 EDITION18

TABLE 3 / COMPANIES WITH NO GENDER PAY GAPCOMPANYCOUNTRYSECTORSCORENational GridUnited KingdomUtilities74%Johnson MattheyUnited KingdomMaterials69%TAG ImmobilienGermanyReal Estate66%HeraItalyUtilities66%DowUnited States of AmericaMaterials66%GlaxoSmithKlineUnited KingdomHealth Care66%Yum ChinaChinaConsumer Discretionary66%EniItalyEnergy63%Poste ItalianeItalyFinancials63%Royal MailUnited KingdomIndustrials61%ElektaSwedenHealth Care58%WeirUnited KingdomIndustrials55%Rio TintoAustraliaMaterials55%Oil SearchAustraliaEnergy53%National InstrumentsUnited States of AmericaInformation Technology52%Rolls-RoyceUnited KingdomIndustrials47%CNH IndustrialItalyIndustrials47%China GasHong KongUtilities42%Ocado GroupUnited KingdomConsumer Staples39%Only 19 companies globally have closedtheir gender pay gap, four more than lastyear. One of them in particular stands outfor having no gender pay gap in all of itspay bands: China Gas (i.e. published a mean,unadjusted pay gap of 3% or less in all paybands of the company).Three countries lead the way in genderpay gap reporting practises thanks to recentlegislations: Spain, the United Kingdom andItaly. In Spain, 92% of companies publishgender-disaggregated pay information; inthe UK, 75% of companies publish; and inItaly, 63% of companies publish. In each ofthese countries, legislation has been passedon gender pay gap reporting requirements.France also has gender pay gap reportinglegislation, but public reporting is notmandatory, and this is reflected in a lowerdisclosure rate of 34% (up from 27% last year).FIGURE 8 / COMPANIES PUBLISHING GENDERPAY INFORMATION PER ew n16%Netherlands13%Germany12%US8%Hong Kong7%Japan4%Note: Only countries with 49 or more companies in thedataset have been included.Gender pay gap reporting is particularlylow in Germany (12% of companies), the U.S.(8%), Hong Kong (7%) and Japan (4%).GENDER EQUALITY GLOBAL REPORT & RANKING - 2022 EDITION19

PARENTAL LEAVEThe provision or lack of paid parental leaveis a key issue that disproportionately affectsworking women. While working mothershave always faced challenges, according toMcKinsey,7 mothers in the workplace havenever experienced a year tougher than 2021.Due to the widespread gender imbalancein care work, the heavier housework andcaregi

GENDER EQUALITY GLOBAL REPORT & RANKING - 2022 EDITION 5 INTRODUCTION I am proud to publish our 2022 Gender Equality Global Report and Ranking. As the first organisation anywhere to formally measure gender equality in the global workplace, our fifth year is a good moment to reflect on progress but also to call out how much further there is to go.

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