Women on FTSE 100 boards are on average paid 73% less than their male counterparts, new research shows.

Analysis by New Street Consulting Group found that female directors at the UK’s biggest listed companies are paid an average £237,000.

That compared to £875,900 for men.

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It represents a gender pay gap which is much bigger than the 15.5% disparity across the UK workforce as a whole.

The gulf in pay is explained by the fact that 91% of women on FTSE 100 boards hold non-executive roles, the report said.

These roles oversee and hold the business to account rather than running it on a day-to-day basis, which is the function of an executive.

Yet even when accounting for this, women were paid less.

The average non-executive director at a FTSE 100 firm was paid £104,800, compared to £170,400 for men, the research found.

For executive directors, the average pay for women of £1.5m compares to £2.5m for men.

Figures published earlier this year by the government-backed Hampton-Alexander showed a rise in the number of female directors at top listed companies over recent years meant its target of at least a third of such roles to be held by women had been met.

Claire Carter, director at New Street Consulting Group, said despite the “great progress”, the latest research showed there was more work to do.

“Focusing solely on the percentages of directors that are women is not enough when trying to approach equality,” she said.

“Most businesses want to end the old boys club that exists at the top.

“The key to doing that will be ensuring that women have more executive responsibilities and are trained and prepared properly for taking on that responsibility.”

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