'Women's representation on top 100 co boards shows significant progress'

PTI New Delhi: The representation of women on the boards of India's top 100 companies has significantly improved over the past four years, with only five firms lacking a woman independent director as of March 2024, according to a survey released on Monday. The 5th Annual Corporate Governance Survey by Excellence Enablers are based on the annual reports and website disclosures of Nifty 100 companies. As of March 31, 2024, five companies, including four public sector undertakings (PSUs) and one public sector bank (PSB), did not have a woman independent director on their boards.

While this is an improvement compared to 21 such companies in FY 2021, the persistent lapses highlight the need for stricter enforcement, the survey revealed. While having at least one woman independent director (ID) on boards has been mandated under Section 149 of the Companies Act, 2013, and Sebi's LODR regulations, there is no similar provision to ensure that women executives are nurtured to graduate to board positions, according to the survey. "This can happen only if a sufficient number of competent women are identified and are provided appropriate career progression in the organisation," it added. The survey highlighted the progress and persisting challenges in achieving gender diversity in leadership roles, representation on boards, and compliance with governance norms. The representation of women in top leadership roles remains low but shows signs of improvement.

The number of companies with women Managing Directors (MDs) increased from two in FY2021 and FY2022 to five in FY2023 and FY 2024. However, only three companies consistently had women MDs across these two years. Also, the representation of women as chairpersons has similarly grown, with five companies reporting women Chairs in FY 2024, compared to two in FY 2021.