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A board’s composition is determined by an interplay between regulatory obligations and a company’s own requirements. Over the last decade, boards have changed in both obvious and less apparent ways. This transformation has been driven by the Companies Act, 2013, the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirement) Regulations, increased pressure from shareholders, and changes that boards themselves have initiated.
The most noticeable change is the presence of women on boards. Just before the new Companies Act was rolled out in 2014, only one in 20 directors was a woman. This ratio is now closer to one in five.
A recent study on board structures and composition for the NSE 500 companies places the proportion of
