The aim of this study is to analyze whether a gender wage gap exists in the boards of directors (BD) of companies listed on the Madrid Stock Exchange from 2004 to 2011. We hypothesize that the percentage of female directors on a BD, the presence of female directors on the Nomination and Compensation Committee, the presence of well-qualified independent women directors on BD, the sector, and the geographical region, have an effect on the gender wage gap. The results show that the percentage of female directors on a BD and the geographical region have no effect on the gender wage gap. On the other hand, the finding reports that women's presence on the Nomination and Compensation Committee increases the gender gap in pay, and it is reduced when there are independent female directors who have gained a degree on the BD, and when the company operates in the finance and real estate services sector. In addition, the results also demonstrate that the seniority of the female directors decreases the gender gap in pay, while there is a rise when the companies are bigger and the size of the BD and the return on assets increase. These conclusions should encourage regulatory bodies to adopt forceful rules to mitigate the gender gap in pay.
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