Understanding pay gaps Speech given by Andrew G Haldane Chief Economist Bank of England Co-authors: Zahid Amadxarif, Marilena Angeli and Gabija Zemaityte Joint Bank of England, Federal Reserve Bank and European Central Bank conference on Gender and Career Progression Frankfurt 21 October 2019  The views expressed here are not necessarily those of the Bank of England or the Monetary Policy Committee. I would like to thank Will Abel, Shiv Chowla, Julia Giese, Brian Hallissey, Sam Juthani, Tomas Key, Clare Macallan, Jen Nemeth, Doug Rendle and Ratidzo Starkey for their comments and contributions. This work contains statistical data from ONS which is Crown Copyright. The use of the ONS statistical data in this work does not imply the endorsement of the ONS in relation to the interpretation or analysis of the statistical data. This work uses research datasets which may not exactly reproduce National Statistics aggregates. 1  All speeches are available online at www.bankofengland.co.uk/speeches  Section 1: Introduction “Pay gaps” measure the difference in pay between people with different demographic characteristics doing identical jobs. They are considered to be a good approximation of inequality in workplace rewards (EHRC (2018)). Under the Equality Act 2010, it is against the law to discriminate on the basis of protected personal characteristics. When it comes to pay, this means people should earn the same wage for the same work, irrespective of their gender, race, religion, disability, or other protected characteristics. In other words, no “pay gap” should exist across any of these characteristics.
Adnan Zaylani Mohamad Zahid: Leaders setting the direction for change Opening remarks by Mr Adnan Zaylani Mohamad Zahid, Assistant Governor of the Central Bank of Malaysia (Bank Negara Malaysia), at the Sustainability Leadership Programme for Financial Institutions, 14 July 2021. * * *  Introduction Good afternoon and a very warm welcome to all. Thank you to IBFIM and the University of Cambridge Institute for Sustainability Leadership (CISL) for this invitation to deliver the opening remarks. At the recent Joint Committee on Climate Change (JC3) Conference held last month, in his address, Sir David Attenborough somewhat laid down the gauntlet, in particular for us in the financial industry. “All of us, no matter who we are, have the responsibility to care for the planet. The future of all humanity now depends on us and on none more than you in the world of finance. You have the fate of the whole world in your hands.” With this in mind, it is quite apt that we are here, senior leaders in the industry, participating in this Sustainability Leadership Programme over the next two days. Over the past 18 months, many have felt the economic and social impact caused by the global health crisis. At the same time, the world has not been spared from natural catastrophes due to climate change. The latest being the mudslide in Atami, Japan. In Malaysia, more than 25,000 people were displaced from their homes due to severe flooding in several states between November 2020 and January 2021.