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

Manmohan Singh favours ‘time-tested measures’ for economy

The much hyped ‘double engine’ model of governance on which the BJP is seeking votes has utterly failed, and Mumbai and Maharashtra have had to face some of the worst effects of economic slowdown, former prime minister Manmohan Singh has said. A lot of problems facing Maharashtra

“If the oppn is weak you can’t blame the govt for that”

A three-term Rajya Sabha member, Sanjay Raut is the Shiv Sena spokesperson and its voice in parliament. He is also the executive editor of Marathi newspaper Samana, started by Shiv Sena founder Bal Thackeray. Raut spoke with Geetanjali Minhas on his party’s seat-sharing agreement

Ashish Shelar of BJP says, “We are very confident of victory”

Ashish Shelar, 47, was the president of the Mumbai city unit of the BJP, before he became the minister of school education, sports and youth welfare in the Maharashta government this year. He has represented the Vandre West constituency in the state assembly and seeking re-election. In a chat with

Nobel for economics goes to `global fight against poverty`

The Nobel Prize in economics for 2019 goes to Abhijit Banerjee, Esther Duflo and Michael Kremer "for their experimental approach to alleviating global poverty." The prize, known as “The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel”, was announc

Modi-Xi script a new chapter in bilateral relations

Prime minister Narendra Modi has accepted president Xi Jinping’s invitation to visit China in 2020 for their third informal summit after Wuhan and Mamallapuram, indicating both sides’ realization of the importance of the mechanism which gives the two leaders of the Asian giants an opportunity t

Dharma as the original Idea of India

Dharma: Hinduism and Religions in India By Chaturvedi Badrinath Edited by Tulsi Badrinath Penguin, 194+ xiii pages, Rs 499 How to live: That is the most fundamental question of human existence.



Archives

Current Issue

Video

CM Nitish’s convoy attacked in Buxar

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter