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India Board Index 2015

The 2015 India Board Index examines many of the key indicators that reveal the state of corporate governance in the BSE-100 companies. We examine major trends in board composition, structure and compensation.

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Here are some highlights from our research:

  • Female directors: There has been a significant increase in the percentage of female directors on the Indian boards. This is mainly due to Clause 149 in Companies Act 2013 which states that all listed companies should have at least one woman director on their boards. In 2015, 94% of companies had at least one female director on their boards, up from 64% in 2014. However, women still account for only 12.3% of all directors in India.
  • Remuneration of independent directors: There has been four-fold jump in remuneration of independent directors since 2009, increasing from INR 0.54 mn to INR 2.2 mn. This could reflect the need to retain the right individuals on boards, especially since there is a limited talent pool of high-quality independent directors in India.

Throughout our analysis we compare practices in India with those of the US and the UK, drawing on data from the most recent Spencer Stuart Board Indexes from both these countries, which cover the S&P 500 and FTSE 150, respectively.

In addition to the usual analysis of data on composition, remuneration and board committees, this edition contains articles on “What boards need to know about corporate culture” and “Diversity — a shareholder’s view.”

We have also incorporated a short comparison that shows how Indian companies compare with companies in other markets on a range of key governance measures.

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