180 companies including 32 PSUs still do not have women directors -Governance Now

180 companies including 32 PSUs still do not have women directors

The new Companies Act makes it mandatory for companies to provide for women’s representation on their boards.

Jasleen Kaur | April 7, 2015

#company act #companies act #women on board #women directors

A week past the deadline to have at least one woman director, 180 listed companies including 32 public sector undertakings (PSUs) and public sector banks (PSBs) are still non-compliant. These include maharatna companies like Steel Authority of India, ONGC, GAIL and NTPC and banks like Punjab National Bank.

READ: Boards of central PSUs or all-boys clubs?

The new Companies Act makes it mandatory for companies to provide for women’s representation on their boards. The Act requires every listed company to have at least one woman director within a year, the deadline of which was March 31. Others reporting minimum revenue of Rs 300 crore have three years to comply. Securities and Exchange Board of India (Sebi), the stock market regulator, incorporated this law into its norms in February 2014.

READ: Boardroom blues for women atop PSU hierarchy

According to PRIME Database, which lists information on capital market offerings, 12 % of the total relevant 1,456 NSE- listed companies have still not appointed a woman director. And of those which have been appointed, 42% are non-independent directors and 25% companies complied in last 1 week alone.

Non-compliant PSUs and PSBs

(Source: PRIME Database)

Pranav Haldea, managing director, PRIME Database, in a press note said “Over a year has now passed since the SEBI board meeting on 13th February 2014 when this stipulation was announced. From then till April 1, 2015, 832 women have been appointed to 912 directorship positions in 872 companies. Of these 872 companies, 43 companies already had a woman on the board before the SEBI guideline was announced (and appointed a second woman director on their board), implying that 829 companies have since complied with the requirement.”

Some companies with women relatives on their Boards

Director Name	Company Name
ANITA MANI	JUST DIAL LTD.
LAKSHMI VENU	TVS MOTOR CO.LTD.
NAWAZ GAUTAM SINGHANIA	RAYMOND LTD.
NITA MUKESH AMBANI	RELIANCE INDUSTRIES LTD.
VASAVADATTA BAJAJ	BAJAJ CORP LTD.
SUNANDA SINGHANIA	JK TYRE & INDUSTRIES LTD.

(Source: PRIME Database)

He further added within these 829 companies, 789 women have been appointed to 861 directorship positions. And at least 363 of these 861 directorship positions have been filled by non-independent women. He said, “These women shall have the same voice as the promoter, defeating the very purpose of genuine (independent) gender diversity.”

Out Of 829 companies, which have complied with the requirement after the SEBI diktat, as many as 278 did so in the month of March, with a high of 55 on 30th March and 76 on 31st March.

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