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The report by New York-based GMI Ratings, a corporate governance consulting firm, is based on an analysis of salaries of more than 1,900 CFOs at Russell 3000 Index (RAY) companies with a market value of $100 million to $25 billion in 2010. About 150 of the CFOs were women.
“There is real discrimination, but nobody wants to deal with it," said Eleanor Bloxham, CEO of Value alliance Co. Female CFOs received on average $1.32 million a year in total compensation, compared with $1.54 million for their male counterparts, according to a model based on the analysis. Compensation included base salary, bonuses, grant-date value of stock awards and stock option grants and retirement benefits.
The firm said its model accurately predicted a CFO’s gender. The lower the salary, the more likely the CFO would be female.