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

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.

 

Comments

 

Other News

Modi’s forward-looking I-Day speech lays down 5-year agenda

Contrast prime minister Narendra Modi’s first Independence Day speech in 2014 with his latest, the first in the second term, and you know the difference. His first speech was less about future and much about the basic needs like Swachch Bharat (clean India). His speech on Thursday, on the other hand,

Better cities require active citizen engagement

With Mumbai city battling myriad civic issues and annual flooding year after year, stakeholders and experts came together to discuss ways of dealing with these issues as community work. The discussion was held at the TEDxVersova Salon- Vibrant Civic Participation, an independent TED event organized by the

Independence Day: PM underlines new beginnings

Addressing the nation from the ramparts of the Red Fort for the first in his second term, prime minister Narendra Modi highlighted the new beginnings his government has made in recent days, and underlined the hopes of a new India in the making. “Things that could not happen in the past

Kashmir decision “sole prerogative of the country”

India has told China that the legislation changing the status of Jammu and Kashmir was “an internal matter. External affairs minister S Jaishankar, visiting China Monday, told foreign minister Wang Yi that the legislative measures were aimed at promoting better governance and socio-ec

To fight climate change, pay attention also to land

When considering climate change, one of the greatest threats before the humanity, discussions usually focus on air and water, but land too is affected by and in turn affects global warming as much as those two elements. A new report from the Intergovernmental Panel on Climate Change (IPCC), out early Augus

Mumbai witnesses jump in bus ridership after fare cut

To revive bus ridership, the BMC-run Brihanmumbai Electric Supply and Transport (BEST) reduced its bus fares in Mumbai to minimum Rs 5 for non-AC buses as against Rs 8 earlier for the first five kilometres and capped maximum fare at Rs 20. For its AC buses the minimum fare has been brought down from Rs 20



Current Issue

Current Issue

Video

CM Nitish’s convoy attacked in Buxar

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter