LSEG Gender Pay
Gap Report 2021
London Stock Exchange Group plc
LSEG Gender Pay Gap Report 2021

CONTENTS

Contents

2

LSEG GENDER PAY GAP REPORT 2021

Our Group

3

Message from our Chief Executive Officer

4

Message from our Executive Committee Sponsor for D&I

6

What the gender pay gap is and how we measure it

8

We’re making progress

10

UK statutory disclosures

12

Methodology

13

Explaining the gaps

14

Our 2022 priorities

17

CONTENTS

Our Group
Who we are

Our purpose

LSEG is a leading global financial
markets infrastructure and data
provider. We play a vital socialand economic role in the world’s
financial system. With our trusted
expertise and global scale, weenable the sustainable growthand stability of our customers andtheir communities.

Driving financial stability, empowering
economies and enabling customers to create
sustainable growth.

We are leaders in data andanalytics, capital formation andtrade execution, and clearing andrisk management.

3

LSEG GENDER PAY GAP REPORT 2021

Our vision
We are a leading global financial markets
infrastructure and data provider. We want toshape the future of our industry to serve ourcustomers and markets better.

Where we operate
LSEG is headquartered in the United Kingdom,with operations in 70 countries across EMEA,
North America, Latin America and Asia Pacific.
We employ 23,000 people globally, more thanhalf of whom are located in Asia Pacific.

CONTENTS“Message from ourChief Executive Officer
Creating an inclusive environment in any
workplace takes commitment, leadership,
action and clear priorities against which
to measure progress. Our workplacechanged beyond recognition in 2021
as we welcomed over 18,000 new
colleagues to LSEG.
David Schwimmer
Chief Executive Officer
London Stock Exchange Group

4

LSEG GENDER PAY GAP REPORT 2021

CONTENTS

Building a culture where everyone feels
they belong
During the year, we also expanded ourcommitment to building a culture whichembraces diversity of every kind and fosters
belonging for everyone.
Our Diversity & Inclusion (D&I) strategy has
four priorities:– Creating a culture that fosters belonging– Building a diverse leadership team– Accelerating the progression ofunderrepresented talent– Shaping inclusion across our industry.

which is reflected in the priorities we haveidentified and the rigour with which we holdourselves to account.

the representation of different groups within our
workforce and inform the action we need to take.
We aim to report on ethnicity pay in Q4 of 2022.

Data is an important part of how we manage thisequation, giving us insight from which we canidentify the most meaningful changes to makeand, just as important, a yardstick against which
we can the measure our progress. Catherine
Johnson, our Group General Counsel and the
Executive Committee Sponsor for D&I, provides
an update on page 6.

Fundamental to the change we are driving
is, of course, our people, over 23,000 acrossthe world, who bring openness, support andunwavering commitment to the culture weare building.

Gender Pay Gap

Our acquisition of Refinitiv created abusiness which, unlike any other, occupies a
unique and growing role at the centre of thefinancial markets.

This report meets our statutory duty to disclose
the gender pay gap among LSEG’s employees
in the UK. While the UK represents a sizeable
proportion of our global workforce (around 18%),
it by no means gives you the full picture. We arealso voluntarily providing an initial view of thegender pay gap in 21 further countries which,
together with the UK, covers almost 96% of
our employees.

We also have an important role as standard
bearer for corporate governance in the market,

Gender and ethnicity do not affect how people
are paid at LSEG; the pay gaps we report reflect

The opportunity LSEG has to effect change,
within our business and across our industry, isgreater now than it has ever been.

5

LSEG GENDER PAY GAP REPORT 2021

Together, we are creating an inclusive
environment for everyone – and everyone at
LSEG recognises they have a role to play.

David Schwimmer (He/Him)
Chief Executive Officer
London Stock Exchange GroupCONTENTS“

Message from our Executive
Committee Sponsor for D&I

Catherine Johnson
Group General Counsel andExecutive Committee Sponsor for D&I
London Stock Exchange Group

6

LSEG GENDER PAY GAP REPORT 2021

While the focus of this report is the UK gender pay
gap, the underlying issue it highlights is that certain
groups are still under-represented in the workplace.
We also recognise that representation affects how
different groups identify themselves at work. We wanteveryone who works at LSEG to see themselvesrepresented in an open, inclusive culture and,ultimately, to feel that they belong here.

CONTENTS

We are making good progress across LSEG:– On the way to achieving our target of 40%
women in senior leadership roles by endof 2022– Changing our hiring practices to proactively
seek out and recruit diverse talent– Setting targets and commitments around raceand ethnicity– Appointing executive sponsors to champion
and grow each of our employee inclusion
networks.
Looking specifically at gender, we are focusedon increasing the number of women in seniorleadership roles. We are expanding the
population measured by a gender target to thenext level of leadership, which we will launch
in 2022.

7

LSEG GENDER PAY GAP REPORT 2021

This level, which we define as our Group
Directors, comprises around 500 people
across LSEG.
We have also taken proactive steps to identify,
develop and grow our pipeline of emerging
talent, which includes women who already workat LSEG and prospective new joiners.
The launch of targeted initiatives such as the
LSEG Returner Programme, which we are pilotingwith Women Returners, is also addressing thegender gap at the middle management level andabove, helping us to build a sustainable pipelineof diverse talent.
Professionals returning to the workforce afteran extended career break – many of whom are
women – bring a diverse mix of skills which arevalued at LSEG.

Being open is fundamental to what we standfor at LSEG. Every day, I see the willingness of
our people to learn, to understand anotherperspective and, ultimately, to drive
positive change.
Although we have much more to do, I am proudof the progress we are making towards building
an inclusive culture where everyone feels
they belong.

Catherine Johnson (She/Her)
Group General Counsel andExecutive Committee Sponsor for D&I
London Stock Exchange GroupCONTENTS

What is the gender pay gap?
The gender pay gap shows thedifference in the average pay
between all men and women in aworkforce, irrespective of their roleand level in the organisation. It is
not the same as equal pay.

8

LSEG GENDER PAY GAP REPORT 2021

Equal pay examines the pay
differences between men andwomen who carry out the samejobs, similar jobs or work ofequal value.

In many of the markets we operatein, including the UK, it is unlawful topay people unequally because of
their gender.

CONTENTS

Holding ourselves to account throughregular and transparent reporting
At LSEG, we understand our success depends on our people, and creating
a diverse and inclusive organisation is fundamental to the way we deliveron our promise – and our purpose. To hold ourselves accountable, we haveshared a clear D&I strategy across the business and with our stakeholders
highlighting the targets we strive to achieve. To monitor our progress towards
these targets, we conduct detailed D&I reporting, and performance incontributory areas including representation at all levels and across functions,talent pipelines, performance ratings distribution and attrition. We also trackgender proportionality when we make headcount reduction decisions.

We report on mean and median pay gaps. The mean is the total of allhourly rates divided by the number of people.
The median is the midpoint of all hourly rates when placed in order fromthe lowest to the highest. This is the best representation of the ‘typical’
gender difference because it reduces the impact of extreme values, so if
one or two people are paid much more or less than the norm, the impactof these is lessened by taking the median value, rather than the mean.

9

LSEG GENDER PAY GAP REPORT 2021

How we measure the mean gap

GBP

GBP

GBP

Number of
employees thatare menMean
avarage pay
for men

GBP

GBP

GBP

Number of
employees thatare women

Meanavarage pay
for woman

How we measure the median gap

£

£

£

£

£

£

£

£

£

£

£

£

£

£

£

Median hourly
pay for women

The median gap is the percentage
difference between the two figures

Male

Female£ = GBP

£

£

£

£

£

£

Median hourly
pay for men

CONTENTS

We’re making progress
In the UK for 2021, there was a reduction in our
median and mean salary pay gap compared to 2020.
We have provided a single median pay gap figure
for 96% of our global population, as many globalorganisations have done.
This figure is calculated by taking the average ofthe median pay gap of each country, weighted byheadcount. We are aware of the limitations of thismethodology due to the different gender profiles ineach country.
While gender pay gaps are a reflection of a numberof factors, they are primarily driven by fewer females
than males in senior roles in each country.
We understand that a blended global figure will notgive a representative picture of the underlying drivers
behind the pay gap and in the coming year, we arecommitted to understanding the driver behind ourcountry pay gaps.

10 LSEG GENDER PAY GAP REPORT 2021

CONTENTS

Our commitment is to accelerate the pace of change across our global business by prioritising initiatives to increase female representation, particularly in seniorleadership. We are committed to building female talent and succession pipelines across all career levels. We are confident this focus will positively impact our
future gender pay reporting.

Global median salary pay gap

17%*Calculations are based on
96% of our global population

Percentage of employees
by gender (global)
58%
58%
Male
Male

42%
42%
FemaleFemaleColleague
Colleague numbers
numbers as
as ofof April
April 2021
2021
1%
undisclosed
1% undisclosed

Median Salary Pay Gap (UK)15%(from 17% in 2020)

Percentage of employees
by gender (UK)
66%
66%
Male
Male

Mean Salary Pay Gap (UK)13%(from 15% in 2020)

11

LSEG GENDER PAY GAP REPORT 2021

33%
33%
FemaleFemaleColleague
Colleague numbers
numbers as
as ofof April
April 2021
2021
1%
undisclosed
1% undisclosed

Global gender snapshot
LSEG Plc
LSEG
Board
Plc Board
LSEG Plc
LSEG
Board
Plc Board
LSEG Plc Board

Executive
Executive
Committee
Committee
Executive
Executive
Committee
Committee
Executive Committee

54% 54%
54% 54%
Male54%Male

64% 64%
64% 64%
Male64%Male

46% 46%
46% 46%46%
FemaleFemale36% 36%
36% 36%36%
FemaleFemale

Male

Male
Male

Female Female
FemaleSenior Senior
Leadership
Leadership
Senior Senior
Leadership
Leadership
Senior Leadership

Male

Male
Male

Female Female
FemaleManagerManagerand Seniorand Senior
ManagerManagerand Seniorand Senior
Professionals*
Professionals*
ManagerandProfessionals*Senior
Professionals*
Professionals*

67% 67%
67% 67%
Male67%Male

68% 68%
68% 68%
Male68%Male

33% 33%
33% 33%33%
FemaleFemale32% 32%
32% 32%32%
FemaleFemale

Male

Male
Male

Female Female
Female

Male

Male
Male

Female Female
FemaleData asDataof Decas of2021
Dec 2021
Data asDataof Decas of2021
Dec 2021
Data as of Dec 2021
*Colleague*Colleaguealignedaligned
to the Manager,to the Manager,
Director
Directorand Group
and Group
Director
Directorcareer career
stages stages*Colleague*Colleaguealignedaligned
to the Manager,to the Manager,
Director
Directorand Group
and Group
Director
Directorcareer career
stages stages*Colleague aligned to the Manager, Director and Group Director career stages

CONTENTS

UK statutory disclosures
The table shows LSEG’s and Refinitiv’s UK statutory disclosures for our four legal entities covered by the regulation for the reporting period 6 April 2020 to 5 April
2021: LSEG Employment Services Limited (LSEG ESL), London Stock Exchange plc (LSE plc), LCH Limited (LCH Ltd) and Refinitiv Limited. Variable pay includes Long
Term Incentive Plan (LTIP) awards, which are used to align senior leadership roles to long-term goals and strategic growth of LSEG.

LSEG ESL

MeanMedianLSE plc

MeanMedian

LCH Limited

MeanMedianRefinitiv Limited

MeanMedianHourly pay gap

14%
37%

8%
1%

Hourly pay gap

19%
43%

7%
12%

Hourly pay gap

22%
41%

15%
38%

Hourly pay gap

9%
14%

13%
19%

Male

FemaleMale

FemaleMale

FemaleMale

Female% receiving variable pay

80%

83%

% receiving variable pay

89% 92%% receiving variable pay

87%

89%

% receiving variable pay

93%

93%

% in each pay quartile

Male

Female% in each pay quartile

Male

Female% in each pay quartile

Male

Female% in each pay quartile

Male

Female

Q4

79%
75%
75%
59%

21%
25%
25%
41%

Q4

66%
59%
56%
54%

34%
41%
44%
46%

Q4

80%
86%
78%
64%

20%
14%
22%
36%

Q4

73%
71%
65%
54%

27%
29%
35%
46%

Male

FemaleMale

FemaleMale

FemaleMale

FemaleVariable pay gap

Q3
Q2
Q1

Headcount502 195697

12 LSEG GENDER PAY GAP REPORT 2021

Variable pay gap

Q3
Q2
Q1

Headcount

290 204
494

Variable pay gap

Q3
Q2
Q1

Headcount

397

119
516

Variable pay gap

Q3
Q2
Q1

Headcount1407 756
2163

CONTENTS

Methodology
Hourly pay gap:
– As per the regulation, the reported figures are based on the snapshot
date of 5 April. As such, any awards received outside of the month ofApril, including bonus and Long Term Incentive Plan (LTIP) awards, must be
excluded from the statutory hourly pay gap figure.

Variable pay gap:
– Our statutory disclosures are based on the government gender pay gap
regulation and accompanying ACAS guidelines.
– However, it should be noted that there are aspects of the methodologythat do not align to our business practice. Notably, the regulations
exclude employees who received a zero bonus from the variable pay gap
calculation; and only include pay received in April in the hourly pay gap
calculation, which omits a large number of compensation awards, including
annual bonuses, which LSEG pays in March.
– Furthermore, the statutory calculations are based on pay received which, inthe case of LTIP awards, relates to historical management decisions madeat least three years prior.

13 LSEG GENDER PAY GAP REPORT 2021

CONTENTS

Explaining the gaps
The gender pay gaps are due
to several factors, the key ones
being that we have more men
than women in senior, as well as
technical and client-facing roles.
In the UK, mean pay gap is at 13%
which is a reduction from 15%
recorded in 2020 while the median
pay gap is at 15%, an improvementfrom 17% reported in 2020.
This reduction can be partly
attributed to continued focus
to encourage and provide
opportunities for women to take on
senior leadership roles during theyear with 33% of the roles being
held by women.

14 LSEG GENDER PAY GAP REPORT 2021

We are committed to understanding the drivers
behind our pay gaps in all locations where wehave significant presence. In many countries,
such as in India, the pay difference within eachcareer level is small.
However, the overall pay gap is quite large – themean pay gap is 28%, with a median pay gap of
27% largely due to having senior roles comprising
78% men and 22% women in India.
In Sri Lanka, the pay difference at each careerlevel is high and this contributes to an overall
higher gender pay gap – a mean pay gap of 34%,
with a median pay gap of 37% where 89% of thesenior leadership is male.
Our approach for gender parity and creating aculture of equity is to drive an evidence-based
approach in the way we embed and sustain
inclusion. We focus on leadership behaviours
as well as integrating inclusion best practice ineverything that we do.

CONTENTS

Prioritising D&I
Ownership and accountability towards commitment to improve theGroup’s diversity and foster an inclusive environment for all our people
sits with everyone.
Our Chief Executive Officer and Executive Committee (ExCo) members
have continued to make positive strides in having visible roles to reinforce
the importance of an inclusive culture to our business and holding leaders
accountable for making progress. The launch and application of ourperformance enablement approach linked to pay and reward is one such
example. We recently established the LSEG D&I Working Group comprisingsenior leadership nominated by ExCo members as the accountable leaders todeliver D&I change in each part of the business.
We are implementing the LSEG Inclusive Leadership Programme (ILP)
across our businesses. These sessions will equip leaders to understand any
misalignment between their good intent and actual impact, what they can doevery day to lead with more inclusivity, and how they create development
opportunities, every day, for all our people, not only those with whom weshare strong positive affinities. This approach shifts us away from ‘fixing’
groups that are under-represented in senior leadership, to ‘fixing’ the impactof the decisions that we make every day.

Holding ourselves to accountWe use targets as one of our levers for change:
Senior Leadership, comprising ExCo and Group Leaders:– Gender – 40% women in senior leadership by end of 2022
– Ethnicity – 25% people from ethnic minorities by end of 2025
We are now designing gender and ethnicity targets for the next level ofleadership – Group Director level – to strengthen pipelines into seniorleadership and build talent pipelines further across the organisation.

15 LSEG GENDER PAY GAP REPORT 2021

CONTENTS

Talent Development and Performance Enablement

Employee Listening

We embed principles of proportionality throughout our Talent Development
and Performance Enablement processes, with regular reporting on gender
impact analysis. We train and equip our people leaders and HRBPs to spot
and challenge bias.

During 2021, we focused on developing a strong foundation for listening
and launched engagement surveys to understand our people’s sentimenton diverse topics including our integration journey, our culture and our plans
for the future. We will continue to build on these foundations of listening
and measure the progress we are making to create a culture of connecting,creating opportunity and delivering excellence. Taking action on the insights
will strengthen engagement and drive performance and retention acrossthe business.

Talent Acquisition
We equip leadership to embed best practice and track progress in TalentAcquisition. We insist on diverse slates and utilize diverse and structured
interview panels. Our search firms are contractually required to provide
robust, diverse slates and we track their performance. There is open andtransparent posting of all roles, and we continue to strengthen our efforts toproactively build diverse external pipelines.

Location strategy
We have initiated work to understand how we leverage our location strategy
to disperse leadership roles across our global business not only to build local
expertise but pipelines into leadership roles as well.

LSEG Inclusion Networks
Our LSEG Women Inspired Network (LSEG WIN) helps us build momentum
internally and also connects to similar networks in the market which helps toimprove our brand recognition with female talent.

16 LSEG GENDER PAY GAP REPORT 2021

Building our brand in the market
We continue to strengthen our work with key strategic partners in the market
to influence inclusion in our sector, expand the impact of our work beyond
LSEG, and exchange ideas and best practice. We ensure global presence bypartnering with organisations such as HM Treasury Women in Finance Charterand Women in Banking and Finance (UK), Community Business (Asia),
The Wall Street Women’s Alliance (US).

Impactful communications strategy
We continue to evolve our internal and external messages to createawareness about what we stand for as a business, including our commitment
to gender equity, and in the market to help build our attractiveness withkey talent.

CONTENTS

Our 2022 priorities
Creating behavioural change takes
time, leadership commitment,
meaningful integration of inclusion
best practice into everything that
we do, and a learning approachthat allow us to evolve what we dobased on evidence.

17

LSEG GENDER PAY GAP REPORT 2021

We will continue to build on the work we are doing, paying attention to:– Expanding our targets for women in senior roles to Group Director level– Strengthening the D&I Working Group to deliver the D&I strategy– Continuing to equip leaders to lead more inclusively every day– Embedding inclusion best practice more deeply and more widely– Strengthening our D&I reporting and accountability for D&I progress
We believe that with continued effort and meaningful progress tracking, we will reach our goal.

CONTENTS

Declaration
I confirm that the data and information presented in this report are accurate and meet the requirements of
the UK Equality Act 2010 (Gender Pay Gap Information) Regulations 2017.

David Schwimmer
Chief Executive Officer
London Stock Exchange Group18 LSEG GENDER PAY GAP REPORT 2021

LSEG is more than a diversified global financial
markets infrastructure and data business.
We are dedicated partners to our customers, with an open model and commitment to excellence. Withextensive experience, deep knowledge and global presence across financial markets, we enablebusinesses and economies around the world to fund innovation, manage risk and create jobs. It’s
how we’ve contributed to supporting the financial stability and growth of communities and economies
globally for more than 300 years.

Discover more at lseg.com

LSG1569754/2-22