New Delhi: While Indian companies have made measurable progress in appointing women directors as mandated under the Companies Act 2013, a new report reveals that true inclusion in boardroom decision-making remains limited. The joint study by Khaitan & Co, Aon, and Ladies Who Lead, titled “Presence to Influence: Advancing Women in Indian Boardrooms”, finds that although 98% of BSE-200 companies now include at least one woman director, most still lack genuine gender balance and meaningful participation.
The report, which combines board composition data from FY 2023–24 and interviews with 40 women Independent Directors, underscores a key insight — “having a seat at the table doesn’t guarantee a voice at the table.” It finds that 77% of BSE 200 companies have only one or two women on their boards, limiting diversity of thought even among large boards with 15 or more members.
Sukanya Hazarika, Director, Khaitan & Co, said, “India’s progress is undeniable with women making up nearly one-fifth of directors in leading companies. Regulatory mandates from India’s Companies Act, 2013 and SEBI helped kickstart diversity, yet sustaining diversity at boards will require us to go beyond compliance. Our research shows that companies need to build a stronger leadership pipeline for women, foster inclusive work culture, and amplify women’s influence in decision making. Our report proposes frameworks for organisations to build inclusive boards, and for women directors to strengthen their impact and lead effectively at the board level. Companies that embrace this shift are not just ticking the DEI box, they are unlocking stronger governance, innovation and long-term competitive advantage.”
Key findings from the report include:
- Symbolic representation at the top: Only 11% of women directors in BSE 200 companies hold executive roles, compared to 65% of men. Women hold just 7% of chairperson roles in BSE 200 and 5% in NIFTY 500 companies.
- Underrepresentation in key committees: Women occupy 23% of NRC and CSR committee seats, but only 14% in Risk Management committees, down from 30% in 2023.
- Barriers to entry: 97% of women directors relied on personal networks to secure their first board position, highlighting a lack of structured pathways for board inclusion.
- Enduring biases: More than one in three women directors report experiencing dismissive attitudes, stereotyping, or tokenism in boardrooms.
- Positive correlation with women CEOs: BSE 200 companies led by women CEOs report 31% female board representation, nearly double that of male-led firms.
Shilpa Khanna, Associate Partner, Talent Solutions, Aon, commented, “Boardrooms are powerful spaces where key decisions are made and people in the room have the power to influence change. While our report shows progress in increasing gender diversity on boards in India, true inclusion, through active participation and meaningful presence, is still lacking. To achieve genuine gender inclusion at the top, organizations must boldly rethink their strategies and focus on ways to build critical mass of representation while also harnessing the power of inclusion to ensure women’s participation is substantive and impactful.”
Abha Bakaya, Founder & CEO, Ladies Who Lead, added, “Speaking to more than 40 senior women leaders on their experiences and impact over the years, the report shares a comprehensive insight into where we have seen improvement in participation, and the challenges that still need to be worked on collectively. The most critical part is the action plan, which calls for all ecosystem players to create dialogue around where we want to see change, and what actions can be taken to create lasting impact. We strongly believe this will have a positive outcome for company growth and the larger ecosystem.”
The Presence to Influence report serves as a timely reminder that representation alone cannot drive inclusion. For Indian boardrooms to achieve balance, companies must commit to empowering women with influence — not just presence.
