Even after a decade since the passage of the Companies Act 2013, which mandated at least one-woman director on company boards, in Nifty-500 companies an average of one in five board members is a woman (223 Nifty-500 companies have only one- woman director).

The Companies Act, 2013 mandated the following category of companies to appoint at least one-woman director:

• Every listed company
• Every other public company with either:

           - Paid-up share capital of INR 1 billion (approx. US$12 million) or more; or
           - Turnover of INR 3 billion (approx. US$36.02 million) or more

In addition, SEBI- LODR requires that the top 1000 listed companies in India need an independent director, who is a woman. As of March 31, 2024,there are nearly 7,500 companies (out of which 5,326 are listed) that need women directors on their boards . In addition, in 2024 and thereafter every year, a significant number of women directors would be finishing their terms, which would present new opportunities for next-generation women leaders (Source: CMIE)

 

The reform has the potential to create a sea of opportunities, both at individual and societal level. It opens a career path for qualified women who can take up board positions. The reform, implemented in its true spirit, has the potential to make Indian society more inclusive and break gender barriers when it comes to decision making in the top echelons of one of the world’s most dynamic economies.

For women aspiring to take up these opportunities, Women Excel on Boards (WEB) program is the ideal intervention. With its comprehensive approach, it will equip participants with indispensable skills, insights and tools to master corporate governance and leadership complexities and help them navigate the demanding path to board positions with confidence and effectiveness.