Women directors in corporate India, c. 1920–2019

Abstract

This paper provides a historical background of women’s representation on Indian corporate boards. It studies directory lists for benchmark years of the past century and other sources, to ascertain the trends and challenges over time. Women directors comprised less than 1% of all directors in the 200 leading firms of India until the 1990s, after which the share rose to 2% by 2000 and 5% in 2010. Due to a regulatory push in 2013, women’s representation on the boards of listed firms rose above 16% in 2019. The sharp reduction in board interlocks over time and the rise of public sector units, especially in banking, are some of the factors highlighted in bringing about more gender diversity in Indian corporate boardrooms before 2013. However, the principal mechanism through which women entered corporate boardrooms in India was through family ties, bound within specific castes and communities.