Women hold just 5% CEO roles at India's listed firms
What's the story
A recent report by Primeinfobase has revealed that women are still underrepresented in top leadership roles at India's listed companies. The study found that women occupy just 5% of CEO or MD positions and a mere 10% of executive directorships. The data highlights the persistent structural barriers and widening gender gap in senior corporate leadership and pay.
Hierarchical decline
'Leaky bucket' phenomenon
The report shows that women make up 23% of the workforce in listed companies. However, their representation declines sharply as one moves up the corporate ladder. Women account for only 14% of Key Management Personnel (KMPs), 10% of executive directors, and a mere 5% of managing directors or CEOs. Pranav Haldea, Managing Director at PRIME Database Group, described this trend as a classic "leaky bucket" phenomenon where women gradually drop out from leadership roles.
Policy intervention
Need for supportive policies
Haldea stressed the need for policies and supportive practices to prevent women from leaving their jobs mid-career due to childcare and other caregiving responsibilities. He emphasized that these measures are crucial in retaining female talent in the corporate sector. The report also noted an improvement in board-level representation over time with 98% of companies listed on the NSE main board having at least one woman director as of February 23, 2026.
Regulatory impact
Regulation's role in improving board representation
Haldea noted that regulation played a key role in improving board representation. However, he also observed that the pace of progress has slowed after companies largely complied with the regulatory mandate. He further pointed out that when this rule was introduced in 2014, many firms appointed women relatives of promoters or those known to them which diluted the objective of gender diversity.
Increasing diversity
Gradual shift toward gender diversity
Despite the challenges, the number of companies with two or more women directors has increased from 35% in March 2021 to 47% currently. About 88% of companies now have at least one independent woman director while those with two or more women independent directors have risen from 10% to 21% during the same period. This indicates a gradual but positive shift toward greater gender diversity in corporate leadership roles.
Pay disparity
Gender pay gap persists
The report also highlights a significant gender pay gap in corporate India. The median remuneration of male executive directors was ₹120 lakh in FY25, about 74% higher than the ₹69 lakh for women. Among non-promoter executive directors, the gap was even wider with men earning a median of ₹104 lakh compared to just ₹43 lakh for their female counterparts.