Pharmaceutical major Cipla is the only company with top tier gender balance amongst all the Nifty50 companies, followed by Tech Mahindra and Infosys. Nestle India tops the gender balance on board of directors, according to a study by myrna labs.
The top tier includes the company’s and the leadership (C suite) and people reporting to the Chief Executive Officer.
Twenty-four out of the 50 companies do not have a single woman on their leadership team while only three companies have more than three women in their leadership teams, the study titled INclude said.
“When it comes to gender balance in the top tier, Nify50 is snoozing,” myrna labs, a company focusing on gender equality, said.
“There is no denying that SEBI directed compulsion of having one woman independent director on boards (for the top 500 listed companies) by April 1, 2019, helped make space for women on boards. But progress on achieving gender balance is stunted, to say the least,” Leena Chakrabarti, founder at myrna labs said.
“We see this as soon as we expand the focus to leadership teams. With an overall gender balance of just 6 per cent on the leadership team, and the fact that almost half of the Nifty50 companies still don’t have one woman in their leadership teams, India Inc’s top brass has a lot of ground to cover,” she added.
Of the 50 companies based on their top tier gender balance, one is balanced (40-60 per cent), none are reaching (30-40 per cent), two are striving (20-30 per cent), 19 are waking up (10-20 per cent), while 28 are snoozing (0-10 per cent), the study said.
With a 43 per cent gender balance, Cipla not only ranks at the top of the list but is also the only company ranked as balanced in the portfolio. At Cipla, the presence of women in leadership roles is not just for support functions but also in core business operations, including manufacturing.
NIFTY50 sectoral gender balance
In the Nifty50 sectoral gender balance, pharmaceutical firms (20 per cent) are leading, followed by IT, financial services and consumer goods. Energy, automobile, metals are still snoozing, each with a top tier gender balance of just about 7 per cent, it added.
The overall gender balance of Nifty50 company boards are at 17 per cent, with a ‘Waking Up’ ranking.