Gender Diversity and Inclusion on Indian Boards: Post the Introduction of the Mandate in 2015 and 2019

The purpose of this study is to investigate the impact of quota requirements on the proportion of women serving on corporate boards in India. By examining not just the numbers but also the composition of women directors, including their profiles—age, education and professional experience, directorship type, appointment nature, industry representation—as well as patterns in their participation in board committees, compensation, tenure, and reasons for leaving, the study aimed to understand the extent to which boards have leveraged the presence of women on boards. The study includes all 1944 National Stock Exchange (NSE)-listed companies to whom the mandate applies. The results show an increase in the number of women on boards after the quota mandate; however, there is also a rise in the same women serving on multiple boards around the date of compliance to the quota mandate, suggesting symbolic inclusion of women on boards. Symbolic management was also evidenced in a few women holding chairperson positions, and proportionately, women’s leadership in committees such as audit committees being lower than their board presence. This research offers insights into the actions of Indian corporates to comply with the mandate and yet uphold the status quo, thus being symbolic in meeting the mandate.