FSC Empower Women is committed to reducing the gender pay gap across Aotearoa’s financial services sector. Our first step is gaining a clear understanding of the gap that exists within FSC member organisations.
At our launch event on 31 October 2025, the Minister for Women, Hon Nicola Willis, addressed the sector and highlighted a significant challenge: the gender pay gap within financial services sits at 23%, compared with the national average of 5% in New Zealand. This reinforces the importance of increasing transparency and building a shared understanding of the current state before meaningful progress can be made.
To support this mahi, FSC members are encouraged to calculate their organisational gender pay gap by 31 March 2026, using the Ministry for Women’s Gender Pay Gap Toolkit. This collective effort will form the foundation for targeted action and long-term change across the sector.
The FSC will not publish individual member data, only an aggregated benchmark.
FSC Board endorsement
The FSC Board has endorsed the initiative to drive change and progress in the sector:
Nick Stanhope, CEO of AIA New Zealand:
“Gender Pay Gap reporting is critical for the financial services industry because transparency builds trust, strengthens our reputation, and drives accountability for equity. As a Board member, I see this as a governance imperative where closing pay gaps is not only the right thing to do but essential for attracting and retaining diverse talent and delivering sustainable performance. Our organisation is proud to champion this initiative and we encourage all member organisations to join us in leading change. Together, we can set the standard for fairness and inclusion in our sector.”
Campbell Mitchell, CEO of Fidelity Life:
Diversity is a strength in our business, and gender diversity is a priority we actively champion. We are committed to creating an environment where all people have equal opportunity to be heard, to grow, and to lead. When our workforce reflects the communities we serve, we are better equipped to succeed together.
Nick Astwick, CEO of Southern Cross Health Society:
Gender pay gap reporting is foundational to continuing to strengthen trust in the financial services sector. Transparency builds credibility - with our people, our customers, and the communities we serve.
As Board members and industry leaders, we have a responsibility to look honestly at the data, understand what it’s telling us, and act on it. Reporting isn’t about blame but is about accountability and progress. When organisations are open about where they stand, it creates the conditions for meaningful change and a more sustainable, trusted sector.
At Southern Cross, we see gender pay gap reporting as an essential part of building trust, it reflects our commitment to fairness, transparency and doing the right thing for our people.
The case for action
Watch the replay of the launch event with Minister for Women Hon Nicola Grigg and panel discussion with Chief Executive of Ministry for Women, Kellie Coombes, KPMG NZ Chief People and Inclusion Officer, Evan Bateup and Human Resources Business Partner at Partners Life, Bron Thompson.
