India’s Boardrooms Still Struggle to Empower Women Directors

Report by Khaitan & Co, Aon and Ladies Who Lead spotlights gap between compliance and inclusion

New Delhi, 7^th October 2025 — While Indian companies have taken measurable strides to appoint women on corporate boards as mandated under the Companies Act 2013, new report finds that progress toward meaningful representation and impact remains limited. According to the joint study by Khaitan & Co, Aon, and Ladies Who Lead—“Presence to Influence: Advancing Women in Indian Boardrooms” —98% of BSE-200 companies now include at least one woman director on their boards. However, despite this progress, the report finds that women’s participation is often symbolic, with many directors lacking substantive roles in boardroom decision-making.

The report combines board composition data from BSE 200 companies (FY 2023–24) with insights from interviews with 40 women Independent Directors, offering a rare, dual-lens view of progress and challenges. It concludes that, “having a seat at the table doesn’t guarantee a voice at the table,” highlighting that 77% of BSE 200 companies have only 1–2 women on their boards, limiting diversity of thought and meaningful participation, a trend that persists even in larger boards with 15 or more members.

Sukanya Hazarika, Director, Khaitan & Co said, “India’s progress is undeniable with women making up nearly one-fifth of directors in leading companies. Regulatory mandates from India’s Companies Act, 2013 and SEBI helped kickstart diversity, yet sustaining diversity at boards will require us to go beyond compliance. Our research shows that companies need to build a stronger leadership pipeline for women, foster inclusive work culture, and amplify women’s influence in decision making. Our report proposes frameworks for organisations to build inclusive boards,  and for women directors to strengthen their impact and lead effectively at the board level. Companies that embrace this shift are not just ticking the DEI box, they are unlocking stronger governance, innovation and long-term competitive advantage.”

Key highlights of the report

• Symbolic Representation and Limited Influence at the Top: Only 11% of women directors in BSE 200 companies hold executive positions, compared to 65% of men. This stark disparity highlights the ongoing exclusion of women from key strategic and operational decision-making roles. Further, the underrepresentation is even more pronounced at the chairperson level, with only 7% of BSE 200 and 5% of NIFTY- 500 board chairpersons being women. These positions are crucial for guiding strategic decisions and driving board culture and the limited presence of women in these key positions, highlights the gap between representation and real influence. Even in board committees, women remain underrepresented, holding 23% of NRC and CSR seats, but only 14% on Risk Management committees, down from nearly 30% in 2023.

Shilpa Khanna, Associate Partner, Talent Solutions at Aon said, ““Boardrooms are powerful spaces where key decisions are made and people in the room have the power to influence change. While our report shows progress in increasing gender diversity on boards in India, true inclusion, through active participation and meaningful presence, is still lacking. To achieve genuine gender inclusion at the top, organizations must boldly rethink their strategies and focus on ways to build critical mass of representation while also harnessing the power of inclusion to ensure women’s participation is substantive and impactful.”

Over-reliance on networks for boardroom entry: As per the findings, the progress is constrained not only by numbers but by structures. With 97% of women directors relying on networks to secure their first board role, entry pathways remain narrow and exclusionary.

Persistent Biases and Microaggressions Undermine Women’s Impact: Over 1 in 3 women directors report dismissive attitudes, stereotyping and tokenism, ranging from trivialisation of their presence to subtle questioning of their qualifications and commitment. The report highlights that women directors demonstrate remarkable resilience, often working harder than their male peers to overcome bias and contribute meaningfully to the board.

Positive influence of Women CEOs on boardroom & workforce diversity: The report highlights a notable link between women CEOs and more gender-diverse boards. BSE 200 firms led by women CEOs have an average of 31% female board representation, nearly double the 17.7% seen in male-led firms. Yet, women CEOs account for only 6% of leadership, highlighting the urgent need to accelerate advancement of women in top executive roles. Our research also indicates that companies with 4–6 women directors tend to report higher overall gender diversity and make sustained progress in equitable workplace policies.

Abha Bakaya, Founder & CEO Founder & CEO – Ladies Who lead added, “Speaking to more than 40 senior women leaders on their experiences and impact over the years, the report shares a comprehensive insight into where we have seen improvement in participation, and the challenges that still need to be worked on collectively. The most critical part is the action plan, which calls for all ecosystem players to create dialogue around where we want to see change, and what actions can be taken to create lasting impact. We strongly believe this will have a positive outcome for company growth and the larger ecosystem.”