In its fourth edition, the Excellence Enablers' Survey on Corporate Governance sheds light on the evolving landscape of gender representation within corporate leadership.
While strides have been made, the report underscores persistent challenges and the need for concerted efforts to ensure equitable opportunities for women across all levels of the corporate hierarchy.
The survey notes that while the presence of women independent directors (IDs) on boards has been mandated, a lack of similar provisions for the progression of women executives to board positions. It emphasises the need to identify competent women and provide them with appropriate career advancement opportunities within organisations.
Key findings from the survey include:
Increased proportion of women directors: Over the past five years, the proportion of women directors in the top 100 companies has risen from 19% to 26%, showcasing a notable upward trend in gender representation at the board level.
Rise in companies with multiple women independent directors: The number of companies with two or more women serving as independent directors has surged to 61 in March 2023, compared to just 20 five years ago, signifying a significant diversification of board compositions.
Growth in women holding managing director positions: The survey reveals a positive shift, with six companies appointing women as Managing Directors by March 2023, compared to merely three two years prior.
Stagnation in women chairing companies: While there has been progress in several areas, the number of companies with women serving as Chairpersons has remained relatively unchanged, with only four companies reporting such appointments.
Increase in women independent directors: The number of women serving as independent directors has seen a significant uptick of 36% in the last five years. However, the survey also highlights a concerning trend, with a 13% decline in the number of women occupying roles that are not independent directorships.
Uptick in women holding key managerial positions: Encouragingly, the number of companies with women in key managerial positions, such as CxOs or positions one level below directors, has risen to 27 in 2023 from 19 in 2021.First Published: Mar 13, 2024 9:20 AM IST
