Introduction
As we celebrate International Women’s Day 2025, it is an opportune moment to reflect on the progress made in advancing women’s leadership in board membership as well as corporate governance. Distinctly, this time marks the 10th anniversary of the applicability of the Companies Act, 2013, a landmark piece of legislation in India that also mandated publicly listed companies to have at least one woman director on their board of directors. This reform, effective from April 1, 2015, represented a significant step forward in fostering gender diversity at the highest levels of corporate decision-making.
Background
The Companies Act, 2013 was a transformative piece of legislation that sought to modernize corporate governance in India. It introduced reforms pertaining to compliance, board leadership, audit, corporate secretarial among several other areas. One of the most progressive features of this Act was the provision requiring listed companies to appoint at least one woman director to their boards. This provision, outlined under Section 149(1)(b) of the Act, was an early DEI (diversity, equity, and inclusion) initiative designed to ensure that women were represented in corporate leadership roles. Today, almost 10 years on, this provision has had a transformational impact with one in five board members being a woman compared to one in twenty board members being a woman earlier.
A Conversation with Ms. Neera Saggi
About
Ms. Neera Saggi is a distinguished leader with extensive experience in public and private sectors as well as global non-profits. A retired Indian Administrative Service (IAS) officer, she currently serves on the boards of several prominent corporates and non-profits. Ms. Saggi made history as the first woman president of the Bombay Chamber of Commerce and Industry (BCCI). Her board affiliations include organizations such as Tata Projects, Maithon Power, Tata Realty, Tata Consulting Engineers, GE T&D, Honeywell Automation, Mahindra Integrated Business Solutions, Adani Green and KEC.
Additionally, Ms. Saggi chairs the Roads INVIT InterRise, set up by Canadian Pension Fund Investments and is on the global board of The Hunger Project and the managing committee of the Indian Cancer Society. She has played key roles in the infrastructure sector particularly in ports, SEZs, power and real estate and has been involved in significant projects like India’s largest Transit-Oriented Development (TOD). As BCCI President, she launched “Fempower,” an initiative to enhance women’s participation in the workforce, continuing her advocacy for gender inclusivity.
Recognized earlier by the Economic Times among the top six women independent directors, Ms. Saggi brings a wealth of expertise in strategic governance, regulatory environments, and public-private partnerships, making her an invaluable contributor to our discussion on women’s leadership and corporate governance.
The Conversation
Q: As we mark the 10th anniversary of the Companies Act, 2013, and its provision to mandate at least one-woman director on the boards of listed companies, how do you evaluate the progress made in terms of gender diversity in corporate leadership over the last decade?
Ms. Saggi: The Companies Act, 2013 was a transformative milestone for corporate governance and over the last 10 years, we have seen a noticeable shift. While the
initial phase was about fulfilling the mandatory requirements, today, we are seeing women not only in boardrooms but also taking up leadership positions such as committee chairs and leading key strategic initiatives. The statistics reflect this change—around 20% of board members today are women, compared to just 5% a decade ago. Also, with the growing use of technology like board meetings software, it has been a great enabler and there is now more seamless collaboration, which has further enabled diverse teams to function effectively.
Q: As a woman leader who has led multiple leadership positions, what challenges did you face early on in your career and how have these challenges changed for women aspiring to join and lead boards today?
Ms. Saggi: Earlier, there were comparatively fewer women in the corporate governance landscape and even fewer who were seen as decision-makers with the requisite expertise. However, with regulations as well as increasing awareness of the benefits of diversity, the landscape has changed. There’s greater recognition today that women leaders bring unique perspectives that enrich decision-making. Despite the progress, challenges still exist, such as balancing work and other responsibilities and sometimes dealing with unconscious bias.
Q: Similar to diversity, the past decade has also seen growth in the use of technology in corporate governance. How do you see technology enhancing women’s participation in decision-making at the board level?
Ms. Saggi: Technology has deeply impacted board management, corporate governance as well as women’s participation. For women who may juggle multiple responsibiities or travel extensively, technology offer flexibility. Virtual participation, board portal software, digital signatures – these are different areas of technology which have certainly made participation easier for women. Ultimately, technology has removed many obstacles that previously existed including gaps related to time, geography and information, which ultimately makes it easier for women to engage meaningfully.
Q: You’ve had a distinguished career in both corporate governance and public administration. How do you see the role of women leaders in shaping policies in these sectors, particularly in terms of sustainability?
Ms. Saggi: Women’s leadership is crucial in sectors like infrastructure, health and rural development, where sustainability is key. Women can bring a holistic approach considering the implications of policies on communities as well as marginalized groups. For example, during my tenure with infrastructure projects, including the largest Transit-Oriented Development (TOD) in India, we focused not just on economic returns but also on community well-being and environmental sustainability. We can also use action tracking technology which supports real-time project tracking, transparent reporting and streamlined communication.
Q: As an advocate for gender inclusivity and empowerment, what steps should boards take to ensure that women are not just included but continue to have a meaningful role and influence?
Ms. Saggi: It’s essential that boards move beyond regulations and create environments where women can truly influence decision-making. This requires intentional efforts—such as transparent roles, mentorship programs, clear performance evaluation, and creating pathways for women to rise through the ranks. Board members should be evaluated based on their skills as well as expertise, not gender, and boards can actively seek out women with deep expertise in governance, strategy and industry knowledge based on the nature of the board’s operations.
Conclusion:
The last decade has witnessed meaningful strides toward gender diversity in corporate India, thanks to the provisions in the Companies Act, 2013. However, as Ms. Neera Saggi aptly points out, this is just the beginning. Moving forward, it is crucial to ensure that women’s participation in corporate governance is not only about representation but also about empowerment and real influence. As we celebrate International Women’s Day 2025, let’s continue to push for a future where women lead with authority, insight and impact at every level of corporate decision-making.
About Dess
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