Money & Banking

SBI wants more women directors on its board

PTI Mumbai | Updated on January 23, 2018


Pitching for greater gender diversity on its board, SBI’s Chairperson Arundhati Bhattacharya today said the bank wants some more women directors and has already suggested a few names to the government.

This comes in sharp contrast to an overall reluctance shown by the listed companies across the board in run-up to a regulatory deadline, which expired yesterday, for appointing at least one woman director.

SBI was already in compliance with the requirement with its chairperson itself being a woman.

“Right now, with me, the bank is compliant with the Companies Act (and SEBI norms). But we want some more women directors on board,” Bhattacharya told reporters here today.

“We have initiated the process and have also suggested some names to the government,” she added.

To ensure gender diversity in corporate board rooms, all listed companies are required to have at least one woman director as per capital markets regulator SEBI’s guidelines and under the provisions of the new Companies Act.

A number of companies are believed to have failed to meet the deadline and they may soon face penal action by Sebi, as also by the Corporate Affairs Ministry.

While the norms were announced more than a year ago and a six-month extension was also given in September 2014, hundreds of companies finally appointed women directors in the last few days.

Published on April 02, 2015

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