How poor representation and pay inequity are hampering women’s rise to the top of corporate India

The gender diversity both at board and KMP level at India’s top 1,000 listed companies remains structurally underdeveloped, with a 60.90% zero female KMP rate and the concentration of single-woman, according to a comprehensive analysis by the Indian Institute of Management Bangalore (IIM-B).

Conducted by the institute’s Supply Chain Management Centre, the study evaluated the Business Responsibility and Sustainability Reporting (BRSR) filings submitted to the National Stock Exchange (NSE) for FY 2024-25. The analysis, published last month, evaluated an effective sample of 982 companies with valid filings spanning 22 sectors under the NSE’s standardised framework.

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When it comes to remuneration, Female Board Director and KMP median salaries are lower than their male counterparts across all 22 sectors without exception. The most extreme BoD gender pay gaps are observed in Textiles (male INR 25.7Lakh vs female INR 3.6Lakh) and Media Entertainment (male INR 1.57 crore vs female INR 17.2Lakh for KMP).

Board’s gender diversity

Board gender diversity is concentrated in the 16%–33% band: 460 companies (46.84%) fall in this range — one woman board representation has become the sector norm. Only 28 companies (2.85%) achieve ≥50% female board representation.

34 companies (3.46%) have zero women on their boards. Oil Gas & Consumable Fuels has the highest concentration in the lowest band (17 of 25, 68%) — indicating persistent gender exclusion at the top governance level.

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Female KMP representation is significantly weaker: 598 companies (60.90%) have zero female KMPs — three in five companies have no women in key management roles. Healthcare (18, 22.22%) and Consumer Durables (11, 18.03%) lead on the ≥50% female KMP band

“The 60.90% zero female KMP rate and the concentration of single-woman boards point to a governance model where female participation meets regulatory minimums without reflecting genuine inclusive leadership. As investor scrutiny of board composition intensifies under SEBI’s evolving governance reforms, companies with persistently low female representation at both Board and KMP levels face increasing material governance risk,” says the analysis.

Pay inequity

Executive compensation governance reveals significant gender pay inequity at both BoD and KMP levels, extreme pay stratification in Telecommunication and service-intensive sectors, and a structural pattern where female executives are remunerated below male counterparts across all 22 sectors.

“Disclosure alone does not address underlying pay equity gaps. As SEBI governance reforms evolve and institutional investor scrutiny of pay equity intensifies, companies with persistent gender pay gaps at Board and KMP level face growing reputational and governance risk that cannot be addressed through disclosure alone,” noted the analysis.

The most extreme BoD gender pay gaps are observed in Textiles (male INR 25.7L vs female INR 3.6L) and Media Entertainment (male INR 1.57 crore vs female INR 17.2L for KMP).

Consumer Services and Services sectors show the most extreme management-to-worker compensation inequality outside Telecommunication. Oil Gas shows the most compressed pay ratios across all categories and genders — driven by above-average worker wages rather than constrained executive pay.