The 2025 Spencer Stuart India Board Index provides a comprehensive overview of governance practices in India's largest publicly listed companies by market capitalization. This index analyzes data published by companies listed in the BSE 100 and BSE 200 indices between July and August 2025.
This report also includes a spotlight section where we share the findings from our 2025 global survey of CEOs and board members, highlighting the expertise boards will need to remain effective in the next three years. These include adding more specialized skills to the board — such as digital and AI — while enhancing board knowledge and foresight in creative ways and building a courageous mindset around refreshment.
Highlights from the 2025 India Spencer Stuart Board Index include:
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Average board size is shrinking. In 2025, the average board size was 9.8, down from 11.3 in 2019 — a 15% decrease.
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Gender diversity continues to improve. Women represent 20.4% of all directors in BSE 100 companies, up from 16.3% in 2019. More than half (55%) of companies analyzed have two or more women on their boards.
- Remuneration of independent directors and independent board chairs increased. The average remuneration for independent directors and independent board chairs has increased by 90% and 121% respectively since 2019.