Women directors lacking substantive roles in India’s Boardroom
While Indian companies have taken measurable strides to appoint women on corporate boards as mandated under the Companies Act 2013, a new report finds that progress toward meaningful representation and impact remains limited.
Around 98% of BSE-200 companies now include at least one woman director on their boards according to the joint study by Khaitan & Co, Aon and Ladies Who Lead —“Presence to Influence: Advancing Women in Indian Boardrooms”. However, despite this progress, the report finds that women’s participation is often symbolic, with many directors lacking substantive roles in boardroom decision-making.
The report combines board composition data from BSE 200 companies (FY 2023–24) with insights from interviews with 40 women independent directors. It highlights that 77% of BSE 200 companies have only 1–2 women on their boards, limiting diversity of thought and meaningful participation, a trend that persists even in larger boards with 15 or more members.
The report found that only 11% of women directors in BSE 200 companies hold executive positions, compared to 65% of men, pointing to the ongoing exclusion of women from key strategic and operational decision-making roles. The underrepresentation is even more pronounced at the chairperson level, with only 7% of BSE 200 and 5% of NIFTY- 500 board chairpersons being women. These positions are crucial for guiding strategic decisions and driving board culture and the limited presence of women in these positions, highlights the gap between representation and real influence. Even in board committees, women remain underrepresented, holding 23% of NRC and CSR seats, but only 14% on Risk Management committees, down from nearly 30% in 2023.
Over 1 in 3 women directors report dismissive attitudes, stereotyping and tokenism, ranging from trivialisation of their presence to subtle questioning of their qualifications and commitment. The report highlights that women directors demonstrate remarkable resilience, often working harder than their male peers to overcome bias and contribute meaningfully to the board.
