In a corporate landscape traditionally dominated by men, Indian women are rewriting the script. Armed with determination and a thirst for change, they are enrolling in specialized programs designed to make them “board-ready.”
These initiatives, offered by academic institutions, consulting firms, and private organizations, provide essential skills, mentorship, and networking opportunities.
The Rise of Women on Boards
Over the years, women’s representation on corporate boards has seen significant growth.
According to Primeinfobase.com data, as of August 20, women held 26.73% of independent director positions across NSE-listed companies—a remarkable increase from the 13.56% recorded in March 2015.
However, challenges persist, particularly in diversity and inclusion. While progress has been made, Indian boards still grapple with diversity.
Most board appointments occur through informal networks that often favor male candidates. Additionally, a small group of women holds directorships in multiple companies, limiting the appetite for fresh faces.
As Madhura Dasgupta Sinha, CEO of Aspire For Her (AFH), aptly puts it, “The appetite for experimentation with new members is rather low.”
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Success Stories
Several women have broken through the glass ceiling and secured board positions:
Neeta Mukherji now serves as an independent director at Fino Payments Bank.
Ramya Suresh holds a directorship at Mylan Laboratories.
Nupur Mukherjee contributes her expertise to Capri Global Capital.
Professor Ananya Mukherjee, vice-chancellor of Shiv Nadar University, Delhi-NCR said, “Male domination of boards is a fact, globally. And it is a small number of women who have the opportunity, training, ability, and willingness to take on board roles.”
“Our goal with this program is simple: to bring together learners, teachers, practitioners, and scholars who believe in the value of a well-governed, diverse economy,” she added.
Programs for Aspiring Women Executives
Women on Boards 3.0 (AFH and Indian Institute of Corporate Affairs): AFH, in collaboration with the Indian Institute of Corporate Affairs, launched the Women on Boards 3.0 program.
Senior professionals from companies like Amazon, Meta, Google, HSBC, and Microsoft participate. The program equips them with the skills needed to navigate board conversations and secure independent director positions.
Women Excel on Boards (WEB) at Shiv Nadar University: WEB, spearheaded by Roshni Nadar Malhotra (chairperson of HCLTech), targets women with 15-20 years of professional experience.
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Whether aiming for their first board seat or seeking to enhance their effectiveness as directors, participants benefit from practical insights and hands-on support.
Ananya said, “The most in-demand skillset is technology related-cybersecurity, AI, etc, as well as ESG. Technology is one of our focus areas as we are working closely with HCL.”
She added, “While all directors are not technology experts, they need to make decisions on the potential impact of evolving technologies on the company. Hence a deep, multi-perspective, societally aware understanding is required.”
Sanjay Kallapur, professor of accounting at Indian School of Business, cited an EY Report.
He said, “The programs aim to break down structural barriers that hinder women leaders, providing them with the necessary tools, mentoring, and networking opportunities to succeed.”
Summing Up!
‘Diversity in the Boardroom: Progress and the way Forward’ says gender-diverse boards have proven to drive organisations towards better decision-making, greater profitability, improved transparency, and increased accountability, as well as disruptive innovation.
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