Boardroom diversity in India is improving—albeit at a slower pace—as the momentum of new appointments has faltered in the last three years.
Among the Nifty 500 companies, women held nearly 18% of directorships as of March 2022, according to a study conducted by Institutional Investor Advisory Services, along with the Netherlands’ pension provider, APG.
Although the number of women directors is increasing, the pace of new appointments has faltered, with an aggregate 1% increase over the last three years, as highlighted in the study, titled Corporate India: Women on Boards.
“Based on these current rates, it will take India until 2058 to achieve 30% gender diversity on boards,” it said.
Women chaired the boards of 22 Nifty 500 companies, as of March 2022, compared to only 18 in March 2020. Of the 22 women board chairs, 12 are promoters or promoter/family representatives, and 10 are professionals, according to the study.
At a global level, boardroom diversity continues to improve, with an average of almost 24% female representation in corporate boardrooms.
Europe and North America are above the global average, with women making up 34.4% and 28.6% of company boards, respectively. Country-wise, France leads the pack with 44.5% female representation on boards in 2021.