5/24/2018 NSE companies: Top NSE companies will have to take 336 women on board - The Economic Times

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By , ET Bureau | Updated: Mar 31, 2018, 10.07 AM IST

Corporate governance experts see this

as a positive development in ensuring

gender diversity.

Top NSE companies will have to take 336women on board

MUMBAI: Nearly 33% of the top 1,000 listed companies onthe National Stock Exchange will have to appoint a womanindependent director to meet new norms, following thedecision by the Securities and Exchange Board of India(Sebi) to accept the Uday Kotak committee’srecommendation on the matter. Prime Database data, shared exclusively with ET, showthat 336 of the top 1,000 NSE-listed entities by marketcapitalisation will have to appoint a woman independentdirector by April 1, 2020, while 155 of the top 500 will have

to do so by April 1, 2019. Corporate governance experts see this as a positive development in ensuring genderdiversity. “It is an important step forward to improve gender balance at the board level. Thisis likely to open up at least 100 more board positions for independent women directors inthe next 12 months,” said Arun Duggal, chairman of ICRA. “We now start to advocate for 2-2020, i.e., at least two women directors from 2020,” addedDuggal, cofounder of the Women on Corporate Boards mentorship programme, which hasproduced about 100 boardready women. Women from this programme are serving onabout 150 board positions.

Rica Bhattacharyya

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5/24/2018 NSE companies: Top NSE companies will have to take 336 women on board - The Economic Times

https://economictimes.indiatimes.com/markets/stocks/policy/top-nse-companies-will-have-to-take-336-women-on-board/articleshow/63540487.cms 2/

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In October, the Uday Kotak-led Sebi panel on corporate governance had recommendedthe inclusion of at least one “independent” woman director at all listed companies. OnWednesday, Sebi accepted many of its recommendations, some with modifications, whilerejecting others.

Sebi, in compliance with the Companies Act 2013, had previously made at least onewoman on a board compulsory from October 2014. Many companies picked a woman fromthe promoter family to meet the requirement. That’s led to a growing view that such adirector should be independent, so that observing the rule doesn’t become mere lipservice. “This will encourage companies to bring at least two women directors on boards ofcompanies. It can make the board atmosphere so much more positive,” said ShaileshHaribhakti, chairman of audit and accounting firm Haribhakti & Co. Corporate governanceexperts said there are enough qualified women to join boards, rejecting contentions to thecontrary. ‘ENOUGH BOARD-READY WOMEN' Naina Lal Kidwai, the chairman of the India Advisory Board of Advent International PrivateEquity, said: “Every guy who gets on to a board for the first time is also a first-timer. Butthat question is never asked.” There are enough board-ready women at senior levels incorporates but not enough companies are approaching them, said Kidwai. “Indian promoters are being extremely lazy in finding women for boards,” former Sebichairman M Damodaran said at a panel discussion on the issue at the ET Women’s Forumearlier in March. “In a country which has our kind of population, where we are talking aboutthe power of half a billion people, finding a few hundred women to be on boards can neverbe difficult.” There is a need to widen the search pool. Kidwai said senior professional women in toproles such as head of legal, HR, marketing, etc, who are ready to join boards, should belooked at.

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5/24/2018 NSE companies: Top NSE companies will have to take 336 women on board - The Economic Times

https://economictimes.indiatimes.com/markets/stocks/policy/top-nse-companies-will-have-to-take-336-women-on-board/articleshow/63540487.cms 4/

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