Despite making up 46% of South Africa’s economically active population, women earn on average 30% less than men, and South Africa’s largest listed companies are doing little to change that. A new briefing by Just Share reveals that only 13 of the JSE Top 40 companies disclose any measurable gender pay gap data. Even among these, transparency is inconsistent and often limited to international operations where disclosure is mandatory. Fourteen companies offer only vague commitments to “fair pay”, while 13 fail to mention gender pay at all.
Pay equity is a critical lever for addressing the deep-rooted inequalities that continue to shape South Africa’s labour market and broader society. While there has been notable progress in women’s economic and political participation, formal employment, and educational attainment, the gender pay gap remains a persistent and systemic issue.
Not only is the gender pay gap a significant barrier to achieving gender equity, but evidence shows that it persists despite growing recognition that a comprehensive approach to pay equity can enhance employee engagement and strengthen overall human capital management. Fair and transparent pay practices also signal an inclusive workplace culture, help close diversity gaps, and enhance long-term organisational competitiveness.
To meaningfully address the gender pay gap, organisations must begin by measuring and disclosing it. Transparency is the first step toward accountability and reform. However, public disclosure of gender pay data in South Africa is voluntary. The Companies Amendment Act of 2024 mandates the disclosure of vertical wage gaps, the pay gap between a company’s highest- and lowest-paid employees, but not gender-based wage disparities. This leaves a glaring accountability gap, particularly as several JSE-listed companies already comply with mandatory gender pay reporting in jurisdictions like the UK and Australia, yet choose not to do so in South Africa. This omission contributes to the inconsistent and non-comparable nature of pay equity data across companies.
Although the JSE’s Sustainability Disclosure Guidance recommends reporting gender pay ratios by employee category and location, adoption has been poor. The lack of disclosure means stakeholders cannot assess the extent of gender pay disparities or hold companies accountable for potentially discriminatory remuneration practices.
Just Share’s report includes a detailed analysis of disclosures as of March 2025, along with responses to direct inquiries sent to non-disclosing firms. Most said they would only publish gender pay data if legally required to do so.
Just Share’s recommendations:
- Employers have a responsibility to proactively identify and address gender-based pay disparities within their organisations. Conducting regular internal gender pay gap analyses should not be viewed as a compliance exercise or reporting burden, but rather as a strategic imperative that supports inclusive, sustainable business growth.
- The Companies Amendment Act should be further revised under the duty to prepare a remuneration report to require the disclosure of gender pay gaps, aligning with global best practices. This would build on the Act’s existing provisions mandating the disclosure of vertical wage gaps.
- Institutional investors should publicly endorse best-practice on pay transparency, and include gender pay gap disclosure as a priority engagement topic with investee companies. This is also an opportunity to use disclosure as a risk indicator, both in relation to investee companies approach to gender equity, and in the context of increasing regulatory requirements for gender pay gap disclosures in several jurisdictions, and increasing expectations of transparency by other stakeholders.
