Report: Women CEOs Outearn Men, and Companies Increase CEO Security Packages

Women CEOs at large US public companies once again outearned their male counterparts in 2025. They earned 11% more than male CEOs in the S&P 500 and about 3% more in the Russell 3000. Despite outearning them, women’s representation at the top remains minimal: They hold 7% of CEO positions in the S&P 500 and 6% in the Russell 3000.

Moreover, at a time of heightened security concerns in corporate America, companies are putting more resources into protecting their leaders: 25% of S&P 500 CEOs received personal and home security benefits compared to 18% in 2024.

These findings come from a new report by The Conference Board, ESGAUGE, FW Cook, and Ropes & Gray LLP. The report also provides analysis on compensation trends, say-on-pay scrutiny, equity design practices, performance measurement, and perks.

Report findings are based on proxy statements by Russell 3000 and S&P 500 companies filed through September 7, 2025, covering fiscal year 2024 compensation decisions.

Gender Pay and Representation

Female CEOs outearn their male counterparts, but they remain significantly underrepresented:

• S&P 500: Female CEOs earned $18.5 million at the median, 11% more than their male counterparts.
  • 35 CEOs (7%) are women.
• Russell 3000: Female CEOs earned $7 million at the median, 3% more than their male counterparts.
  • 189 CEOs (6%) are women.

“Women CEOs continue to earn slightly more than their male counterparts at the median, but they remain vastly underrepresented. The data show that compensation parity is not the core challenge. The real issue is access—ensuring more women reach the CEO level in the first place,” said Andrew Jones, coauthor of the report and Principal Researcher at The Conference Board Governance & Sustainability Center.

Total CEO Compensation

Reported CEO compensation rose in 2025, fueled by strong markets, equity awards, and bonuses:

• S&P 500: Median reported total compensation increased 7%, reaching $16.5 million.
• Russell 3000: Median total compensation increased 11.8%, reaching $6.7 million.
  • As these disclosures reflect the grant-date value of pay packages, they do not necessarily reflect what CEOs ultimately take home.

“Investors are pressing harder for transparency around performance goals, and boards should anticipate tougher engagement and rising skepticism. The bar has been raised—and staying above it requires a willingness to provide detail and demonstrate rigor,” said Dana Etra, Managing Director at FW Cook.

Compensation gains for Russell 3000 CEOs are broad-based but vary significantly by industry:

• Largest gains: IT had the highest median CEO compensation at $8.7 million, up 21 % from last year.
  • Financials (+24%) and healthcare (+22%) showed the largest increases.
• Only decline: Consumer discretionary was the only sector to decline (–4%).

Perquisites and Security

Safety and travel are among the top perquisites for CEOs:

• Security benefits: In the S&P 500, 25% received personal and home security benefits vs. 18% in 2024.
• Corporate aircraft usage: 44% received this perquisite, unchanged from 2024.
• Small slice of pay: Perquisites accounted for about 2% of total S&P 500 compensation.

“As risks to executives escalate, benefits like personal security and travel support are shifting from perks to necessities. Companies should clearly explain these costs in their proxy disclosures,” said Umesh Chandra Tiwari, Executive Director of ESGAUGE.

Compensation Structure and Elements

Performance-based equity remains central to CEO pay packages:

• Performance-based stock awards: Up 7% in the S&P 500 and 9% in the Russell 3000.
• Discretionary bonuses: Rose 43% in the S&P 500 and 11% in the Russell 3000.
• Base salary: Small increases—2% in the S&P 500 and 3% in the Russell 3000.

"The rise in CEO compensation, particularly in performance-based equity awards, largely mirrors the strong market gains of the past year and the emphasis boards place on rewarding measurable company performance," said Jonathan Reinstein, Counsel at Ropes & Gray LLP.

“Looking ahead, boards face the challenge of attracting and retaining executives in a competitive environment while making sure that compensation programs stand up to governance pressures, investor expectations, and heightened scrutiny from proxy advisors,” said Paul Hodgson, coauthor of the report and Senior Advisor to ESGAUGE.

Named Executive Officer (NEO) Compensation

Compensation is increasing, albeit more slowly, for other non-CEO senior executives:

• S&P 500: Median compensation rose 4%.
• Russell 3000: Median compensation rose 8%.
• Largest increases by role:
  • CHROs: Compensation rose 33.5% in the S&P 500 and 14% in the Russell 3000, reflecting a heightened focus on talent.
  • CMOs: Pay rose 27% in the S&P 500 but dipped in the Russell 3000, likely tied to sectors where marketing and brand leadership are central.