Of the 829 companies, which have complied with the requirement after the SEBI order, as many as 278 did so in the month of March, with a high of 55 on 30th March and 76 on 31st March
Despite directions from market regulator Securities and Exchange Board of India (SEBI), almost 180 or 12%, out of the 1,456 listed companies (excluding 27 exempted from this requirement) on National Stock Exchange (NSE) still do not have a woman director on the company boards.
According to Prime Database, of the 180 non-compliant companies, there are as many as many as 32 public sector units (PSUs) and public sector banks (PSBs). Here is the list of some non-compliant PSUs:
As on 31 March 2015, the last date for the compliance, across all 1,456 NSE-listed companies, after the recent appointments of women, there are now 1,222 women presently occupying 1,431 directorship positions, representing 12% of the total 11,935 directorship positions, up from 5 per cent in February 2014. Of these, more than half i.e. 671 women are holding 713 non-independent directorship positions.
Among women directors, Renu Sud Karnad and Ramni Nirula have the maximum number of board positions at seven followed by Renu Challu, Geeta Mathur, Ireena Gopal Vittal at six (all of which are as an independent director). Only 33 companies have a woman chairperson/ co-chairperson, of which only one is an independent director. The companies with the highest number of women directors are Apollo Hospitals Enterprise, Indraprastha Medical Corp. and Monte Carlo Fashions at four each, the report says.
Over a year has now passed since the SEBI board meeting on 13 February 2014 when this stipulation was announced. From then till 1st April 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.
Within these 829 companies, 789 women have been appointed to 861 directorship positions. At least 363 of these 861 directorship positions have been filled by non-independent women. According to Pranav Haldea, Managing Director, PRIME Database, these women shall have the same voice as the promoter, defeating the very purpose of genuine (independent) gender diversity.
Some companies with women relatives on their Boards
Haldea says that there could be an argument that there is nothing wrong in appointing relatives on the board in case they are competent, but then such women should have found a place on the boards irrespective of the SEBI guidelines.
According to Prime Database, the hope of another deadline extension appearing dim, there was a last minute rush to appoint women. Of the 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, Haldea added.