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Nirmala Sitharaman urges women entrepreneurs and corporate leaders to take up leadership roles in large numbers

New DelhiFinance Minister Nirmala Sitharaman on Friday urged women entrepreneurs and corporate leaders to take up leadership roles in large numbers. Addressing a women directors’ conference at BSE Headquarters here, she said that there are not enough women leaders in the corporate world as they are unhappy with an inherent feeling that they need to prove themselves time and again in leadership roles. . And the only way is to mentor, and there are more women to be board members.

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According to the data, the average number of women on the boards of domestic companies was 1.03, and 58 percent of them are independent directors, while 42 percent are non-independent. Urging corporates to have more women on their boards, she said that it has been proven globally that companies that have more women leaders on their boards are more profitable and more inclusive.

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Statistics show that companies that have women on their boards make more profit, the finance minister said, adding, “If you want profit, bring us in. You can’t ignore us now.” Underlining the existing regulatory framework on the presence of women directors on the boards of large listed companies, the minister said, while the total number of women directors has gradually increased, there are still many companies, including public sector banks and undertakings, which do not I have a single female director, and are still paying the penalty.

So now it’s up to the companies concerned to talk. The government can’t put more pressure on companies to get more women on board. It has to come from the corporate world and from within the society itself, Sitharaman said.

She also acknowledged that there is a need to widen the pool of women corporate leaders as today many of them are on the boards of many companies. The minister also said that Nifty 50 companies often keep the same women on their boards. “14 women are five to six directors in NSE-listed companies, while seven have seven directors – a very revealing number. It should not be so focused.”

The Corporate Affairs Ministry is monitoring the efforts of companies to evade the provisions of the Companies Act with regard to appointment of women directors, he said.

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