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According to the fifth Corporate Governance Survey by Excellence Enablers, female directors on the boards fell from 57 in 2021 to 56 in 2022, 54 in 2023 and 53 in 2024. However, the average of women directors as a percentage of total directors remained the same at 20% in the last three years, as per the survey. Meanwhile, women independent directors rose from 101 in 2021 to 133 in 2022, 139 in 2023 and 147 in 2024.
The survey noted that while the presence of female independent directors on boards has been mandated, there is no similar provision for women executives graduating to board positions.
“This can happen only if a sufficient number of competent women are identified and are provided appropriate career progression in the organisation. It is equally important to focus on more women occupying positions of Chair/ MD, as well as being on a number of Board committees, and chairing some of them,” the corporate governance survey suggests.
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The remark comes as 5% of the companies still don’t have any women independent directors on their boards. This includes four public sector undertakings and one public sector bank.
(It must be noted that independent directors are non-executive directors with no material or pecuniary relationships with the company or its promoters. Other directors may include executive directors actively involved in the company’s management and non-executive directors who may have material relationships with the company or its promoters.)
As per the survey, in 2021, and 2022, only two companies had women managing directors and the number went up to five in the following two years. Meanwhile, companies with women chairperson positions increased from two in 2021 to five in 2024.
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The survey report says that given the pace and \nature of change in the economy and corporate world, induction of younger persons on the boards will increase the relevance of boards and make the boards future-ready.
However, the number of young independent directors on the board or those below 50 fell from a peak of 45 in 2022 to 39 at the end of March 2024. Those between 50 and 75 years of age saw a constant increase from 382 in 2021 to 497 in 2024.
In 2021, the youngest independent director was 35 years, and the oldest was 93 years. In 2024, the age of the youngest independent director was 37 whereas the oldest one was 89. The average age of independent directors fell from 64.60 years in 2021 to 63.61 years in 2024.