S2 Gender-based Pay Ratio

Reykjavik Energy Group places great emphasis on gender equality. The Group received the Equal Rights Award from the Equal Rights Council in 2014, as well as the Motivation Award from the Confederation of Icelandic Enterprise in 2015. Reykjavik Energy Group is a member of the United Nations Convention on Gender Equality. In 2017, Reykjavik Energy Group adopted a new model which analyses the impact of every single wage decision on gender-based wage differences. This enabled the Group to eliminate unexplained gender-based pay gap. This milestone was achieved in 2017, and since then, unexplained gender-based wage difference has been statistically insignificant.

Reykjavik Energy Group's Equal Wage Management System received Equal Pay Certification in 2018. This certification confirms that the model, used by the company, fulfils the provisions of Act No. 56/2017 on gender equality. The system is used to ensure that there are no gender-based wage discrepancies within Reykjavik Energy Group.

Unexplained gender-based pay gap at Reykjavik Energy 2006-2020

In the graph above, numbers higher than 0 depict wage differences in favour of men, and numbers lower than 0 depict wage differences in favour of women. In the middle of 2017, Reykjavik Energy Group started to conduct monthly measurements of unexplained gender-based wage gap in the company.