Dow Jones International Limited (London)

April 2019

Dow Jones International Limited (London)

Gender Pay Gap Report 2018

We are publishing this report as part of a Government initiative that requires UK companies with 250 or more staff to publish data on their gender pay gap. Dow Jones International Limited (London) falls into this category.

Dow Jones International Limited (London) is the UK subsidiary of Dow Jones & Company Inc., an operating unit of News Corporation. Dow Jones International Limited (London) has around 300 colleagues working across our professional information business and media brands, including The Wall Street Journal, Dow Jones Newswires and MarketWatch, out of more than 4,000 colleagues globally. The data does not include our Factiva and eFinancialNews subsidiaries in London, both of which have fewer than 250 employees, and in combination make London Dow Jones' fourth largest office globally.

We fully endorse the need to eliminate the gender pay gap and continue to improve gender equality within our organisation.

Our UK gender pay gap statistics have been independently reviewed by Willis Towers Watson.

Results summary

The chart below shows the mean and median gender pay gap as of 5th April 2018, as well as mean and median bonus figures for the previous 12 months, for Dow Jones International Limited (London). This report focuses on one of our three UK entities and the data represents less than 7% of Dow Jones's global workforce.

April 2018

April 2017

Median Gender Pay Gap

28.3%

19.6%

Mean Gender Pay Gap

34.2%

31.0%

Proportion of Females and Males receiving a bonus in 2018* Median bonus Gender Pay Gap

Females: 38.8% Males: 42.9% 41.8%

Females: 30.9% Males: 42.5% 17.1%

Mean bonus Gender Pay Gap

57.6%

44.4%**

* Note that Bonus pay calculations are not adjusted for employees working part time. ** As re-stated

Proportion of females and males in each pay quartile Below we show the proportion of females and males in the four pay quartiles, with each quartile showing the gender distribution across the overall pay range. They are calculated by ranking the hourly pay for all employees, dividing this ranked list into four equal groups (i.e. quartiles), and then calculating the percentage of men and women in each quartile. The pay quartiles are not the same as pay/salary bands.

Lower quartile Lower middle quartile Upper middle quartile Upper quartile

56% F; 44% M 62% F; 38% M 42% F; 58% M 25% F; 75% M

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Considerations

Dow Jones is organized along functional lines, all of which report into New York. As a result of this there are more senior leadership roles based in New York, rather than London. However, we recognise that there are a disproportionate amount of males in senior roles that are based in London, and that needs to be addressed.

Currently, in aggregate, over 40% of our Senior Leadership roles globally are occupied by women across Dow Jones. This includes the role of Chief Financial Officer, Chief Communications Officer, Chief of Staff, Chief Revenue Officer, Chief Strategy Officer and Chief Marketing & Membership Officer, all of which are based in New York.

The gender pay gap compares the mean and median salaries of all men and women employed by Dow Jones International Limited (London). It is a fundamentally different analysis than pay equity, which compares the salaries of men and women in the same roles. All employees globally are included as part of Dow Jones' annual pay equity review, which we have conducted for four consecutive years.

Importantly, the data in this report was captured in April 2018. At this point in time, none of the programs or changes implemented as a result of last year's report had come into effect or had the opportunity to drive measurable impact.

While change will not happen overnight, we are actively recruiting and progressing female talent and achieving a more equal representation of women and men across job levels globally. As further discussed below, we also plan to address any gender pay gaps in our key regional hubs through a global action plan.

Positive steps that are making a difference

We are taking a number of actions, in London and globally, to reduce the pay gap, increase diversity and create a more inclusive work environment. These include:

Global Pay Gap Action Plan We will appoint leads in our key regional hubs to drive greater transparency and accountability around the gender pay gap. These leads will work closely with our People team, and report findings directly to our CEO William Lewis, to help oversee our leadership representation efforts and formulate internal goals, to be agreed in the coming weeks. These leads will help oversee the development of balanced leadership pipelines in their respective offices. They will be instrumental in providing oversight of the infrastructure, goals and reporting mechanisms needed to drive meaningful change.

We will extend our company-wide goal of 40% women in leadership to our key regional hubs, and run regular leadership representation and pay analyses for each of these offices.

Progress will be reported as part of our first global Diversity & Inclusion (D&I) scorecard. This scorecard is designed to create accountability among executive leadership through clear metrics assigned to each team to improve advancement, reduce attrition and increase retention of female leaders.

Leadership Development IGNITE and ACCELERATE, Top Talent Development Programs We have recently concluded our inaugural women's development program, IGNITE, an annual global initiative that is designed to accelerate the progress of 25 trailblazing women across Dow Jones every year. One of the aims of IGNITE is to help promote women into, and through, the upper quartile positions. The IGNITE program won a Brandon Hall Gold award for the Best Advance in Women's Female Leadership Development.

This year, top performing female talent, both in London and globally, have also had the opportunity to apply to ACCELERATE, an executive development program aimed at building leadership and strategic decisionmaking skills.

News Corp Programs We are taking part in News Corp's Rising Leaders Program, an inaugural six-month comprehensive leadership development program series for mid-level female global employees consisting of workshops

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and monthly one-on-one executive coaching sessions. We are also part of News Corp's Women's Industry Network Group Mentoring Scheme, which aims to support the development of future women leaders through a cross-country mentoring alliance. Global Diversity and Inclusion LEADERSHIP: In June 2018, Smita Pillai was appointed as our Chief Diversity and Inclusion Officer to lead global D&I efforts and ensure the necessary infrastructure and accountability metrics are in place. Feedback and ideas have been gathered from employees across the globe to enable us to drive D&I across various parameters including gender equality. ANNUAL PAY EQUITY REVIEWS: We have continued our annual global pay equity review, now in its fourth year, which covers all Dow Jones employees globally. We plan to update employees on the results of our latest pay equity review by the end of the fiscal year. AWARENESS & EDUCATION: We are currently in the process of implementing Unconscious Bias Conscious Inclusion training for all people managers globally. DIVERSITY RECRUITMENT: We have signed up with Mogul, a global platform for diverse talent sourcing, to improve gender balance in recruitment at all levels. DIVERSE PIPELINE TALENT DEVELOPMENT: We are preparing to launch a junior-mid level talent development program focused on multicultural women with the aim of developing a more diverse talent pipeline. INCLUSIVE CULTURE: We have implemented a global framework for our employee Inclusive Resource Groups. Each resource group has an executive sponsor with clear accountability for their group's success metrics. INCLUSIVE BENEFITS: In 2018, we updated our Parental Leave Policy to allow eligible employees who are Primary Caregivers (mother/father) to take up to 20 weeks paid leave at their current base salary, and Secondary Caregivers (mother/father) to take up to 3 weeks of paid leave at their current base salary. Globally, we also introduced our Personal Leave Policy to accommodate extended leave requests for personal or family reasons. At Dow Jones we are committed to providing equal opportunities for all of us to thrive, regardless of gender, race, or background, and we are taking tangible steps to build a diverse and inclusive culture across our organisation. While we acknowledge the challenges ahead, we remain absolutely committed to delivering change and ensuring that Dow Jones provides a fair, inclusive and flexible workplace for all employees ? today and in the years to come. I confirm that the data reported is accurate and meets the requirements of the Equality Act 2010 (Gender Pay Gap Information) Regulations 2018.

Michael Kiley Chief People Officer

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