“You are not in the boardroom because you are a woman. You are there because you know something, because you worked hard, you read your minutes, and you are on top of your game.”
This is one of the insights that emerged during interviews with 40 women independent directors across India. It features in the research paper, Presence to Influence: Advancing Women in Indian Boardrooms, which we are excited to launch this week — the result of a collaboration between Aon, Khaitan & Co. and Ladies Who Lead.
Diversity is vital in the boardroom as it can mitigate groupthink, improve decision-making and corporate governance, drive financial performance, and enhance company reputation. But, do companies walk the talk?
The research paper, which draws on data from Nifty 500 and BSE 200 companies, highlights key figures:
→Women’s board representation in Nifty 500 has grown from 6% in 2013 to approximately 21% in 2025. The growth outpaces Brazil, China, Mexico, and Turkey, but falls short of Norway, France, Belgium and Malaysia.
→Among BSE 200 companies, women’s representation on boards stands at 18.5%, as of March 2024. 98% of BSE 200 companies have at least one woman director, while 59% have two or more women directors, and only 22% have 3 or more women directors.
→In BSE 200 companies, only 11% of women directors are executive directors, limiting their impact in decision-making. At the chairperson level, only 7% of BSE 200 and 5% of NSE 500 board chairpersons are women.
Though some women have their foot in the door, 30% of women report bias in boardrooms. Several directors spoke of systemic barriers that prevent women from acquiring critical exposure early in their career. And 3 in 10 women directors spoke of microaggressions, recounting moments where their authority was undermined or their expertise called into question — often based on age, appearance, or presumed inexperience.
Interestingly, 97% of women directors spoke of the importance of networks for gaining boardroom entry. However, this also pinpoints the need to reform board appointment processes to prioritise merit and experience.
For aspiring women directors, the research paper has some suggestions:
→Network intentionally and invest in meaningful connections.
→Develop strategic competencies and domain fluency that boards value.
→Proactively pursue and showcase leadership accomplishments.
→Establish yourself as a thought leader beyond internal corporate circles.
→Stay professionally engaged across different life stages.
Sustainable board diversity will require organisations to invest in building strong internal pipelines of women leaders, ensuring they are driving core business decisions at par with their male counterparts.