WOMEN ON CORPORATE BOARDS: MAPPING THE WAY AHEAD

Abstract

Contemporary times are witnessing women making their presence felt across domains which were traditionally male-dominated. Women have challenged the strong patriarchal mindset and proved themselves across professions which includes the corporate world. However, despite their rising presence in the corporate world, they continue to remain underrepresented on corporate boards. This underrepresentation has prompted governments across the globe to adopt  different strategies to promote gender parity. In India, Section 149(1) was introduced under the Companies Act 2013 to promote gender diversity and inclusivity in corporate governance. This section mandated certain classes of companies to appoint at least one female director. Against this backdrop, the present paper is an attempt to evaluate the role of legislation in ensuring gender diversity on corporate boards and  increasing women’s representation. The findings based on a survey of 565 insurance sector employees and insights from individuals who have served on corporate boards support legislation through gender quotas as an initial step to improve board diversity. However, they also recognise the need for voluntary approaches like ‘comply or explain’. But in the long-term they view merit-based progression as the way forward. The study thus provides practical implications for policymakers and corporate leaders by pointing towards the need to balance regulatory intervention with sustainable approaches to ensure gender parity on corporate boards.