Tuesday, April 7, 2015

No breaking glass ceiling? 32 PSU units are without woman directors

AT A time when the government is taking about empowerment of women, as many as 32 public sector units including GAIL, ONGC, NTPC, SAIL and Punjab National Bank have not been able to comply with Sebi’s norms...
to appoint at least one woman director on their respective boards.
Bharat Electronics, Bharat Petroleum Corporation, Container Corporation of India, Power Finance Corporation, Rural Electrification Corporation are among other PSUs that have been non-compliant with Sebi directive, Prime Database said. Prime database is India's leading database dedicated to the primary capital market covering fund raising by the Indian corporate sector and the government through equity, debt or securitisation, in India or abroad.
A total of 180 NSE-listed companies have not appointed a woman director on their respective boards within the due date.
"As many as 180 out of a total relevant 1,456 NSE- listed companies or nearly 12 per cent of the companies, had still not appointed a woman director," Prime Database managing director Pranav Haldea was quoted as telling a news agency.
All listed firms were mandated to have at least one woman director on their boards from April 1, this year, as per a new Sebi directive, as also under the Companies Act, 2013.
As on April 1, this year, about 832 women have been appointed to 912 directorship positions in 872 companies.
Of these 872 companies, 43 companies already had a woman on the board before the Sebi guideline was announced but appointed a second woman director on their board.
"The hope of another deadline extension appearing dim, there was a last minute rush to appoint women," Haldea said.
Data further showed that across all 1,456 NSE-listed firms, after the recent appointments of women, there are now 1,222 women presently occupying 1,431 directorship positions.
"Of these, more than half (671 women) are holding 713 non-independent directorship positions," Haldea said.
The 1,431 women directorships represent 12 per cent of the total 11,935 directorship positions, up from 5 per cent in February 2014, Haldea said.

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