Abstract:
In recent years, there has been a growing conversation around the role of women in corporate leadership, especially at the board level. While the presence of women directors is gradually increasing, many of them still face systemic barriers and deeply embedded biases. This paper looks at how women are represented on corporate boards across different countries, what their working environments look like, and what kinds of opportunities and challenges they encounter. By combining real stories, data, and legal analysis, this study aims to paint a realistic picture of women directors navigating the upper echelons of the business world.
This study employs a mixed-methods approach, combining both statistical data and qualitative insight to provide a well-rounded analysis:
· Quantitative Component:
We reviewed board composition data from 100 listed companies in India, the USA, the UK, and Japan between 2015 and 2024. This helped identify trends and patterns in female representation on corporate boards.
· Qualitative Component:
We conducted in-depth interviews with 25 women directors across industries such as healthcare, finance, education, and technology. These conversations offered personal perspectives on challenges, workplace culture, and opportunities.
· Legal and Policy Review:
We examined relevant gender diversity laws such as the SEBI (LODR) Regulations,
2015,Norway’s Gender Quota Law, and UK’s Corporate Governance Code, alongside global ESG (Environmental, Social, and Governance) reporting trends.
This threefold methodology helped ensure both depth and breadth of understanding.
Research Objective:
The primary aim of this study is to explore the role and experience of women directors in the corporate world. The specific objectives are:
- To examine the current representation of women on corporate boards across selected countries.
- To understand the working conditions, professional standards, and expectations placed on women directors.
- To explore the opportunities created for women through legal mandates and corporate reforms.
- To identify the challenges—both visible and invisible—that hinder women’s active participation and progression on boards.
- To recommend actionable strategies for fostering gender-balanced leadership in corporate governance.
Scopeof the Study
- The study focuses on four major economies: India, the United States, the United Kingdom, and Japan.
- It reviews board representation and workplace standards across a ten-year timeline (2015–2024).
- The corporate sector examined includes listed companies, where board data is publicly available and regulated.
- The analysis also spans multiple sectors to reflect varied industrial cultures and gender norms.
While comprehensive, this study has a few limitations:
- Sample Size: The qualitative component includes 25 interviews, which, while insightful, may not fully capture all experiences across industries or regions.
- Geographical Focus: Only four countries are studied; a global overview would require a broader scope.
- Access to Board Members: The ability to speak with women in top-tier positions was limited by availability and confidentiality concerns.
- Cultural Specificity: Social and cultural factors influencing women’s leadership roles can vary widely and may limit generalisations.
- Dynamic Field: Since gender reforms and corporate policies are rapidly evolving, some findings may shift post-publication.
- Introduction
Imagine a corporate boardroom. Now imagine that room filled with powerful voices making decisions that impact thousands, maybe even millions, of lives. How many of those voices belong to women?
The answer is slowly improving—but not enough. Despite increasing awareness and some legal nudges, women are still struggling to get an equal seat at the table. And even when they do, staying there, being heard, and making an impact is another uphill journey.
This research explores that journey—of women who have made it to corporate boards, the paths they took, the standards they uphold, the opportunities they’ve grasped, and the walls they’ve had to climb over. It’s not just about numbers; it’s about stories, struggles, and strength.
2. Literature Review
Across the world, studies have shown that having women on corporate boards brings new perspectives, better ethics, and more thoughtful decision-making. Reports by organisations like Catalyst and McKinsey have linked gender-diverse boards to better financial results. But theories like Rosabeth Kanter’s “tokenism” remind us that one or two women in a sea of men can sometimes feel more symbolic than substantive.
While countries like Norway, France, and Iceland have mandated gender quotas, many others still treat the issue as optional. In countries like India, reforms by SEBI have mandated at least one woman director, but deep-rooted cultural norms still act as roadblocks.
3. Methodology
To understand the reality on the ground, this study used a mix of numbers and narratives:
- Data Analysis: We looked at 100 companies across countries like the U.S., U.K., India, and Japan between 2015 and 2024 to track how many women were on their boards.
- Interviews: We had honest conversations with 25 women directors from various industries, listening to their lived experiences—the good, the bad, and the frustrating.
- Legal Review: We also examined laws and policies promoting board diversity to see what’s working and what’s just paperwork.
4. Analysis and Discussion
In countries like Norway and the UK, women now make up around 35–45% of board members. But in places like India and Japan, the numbers hover below 20%. Industries such as healthcare and finance are more open to women in leadership, while tech and manufacturing remain harder nuts to crack.
Most women directors say that once they are on the board, the expectations are sky-high—which they welcome. But there’s still a glass wall around informal power—those private meetings, side chats, and golf-course deals that often determine real influence. They are expected to prove themselves over and over in ways their male peers are not.
The good news? Things are changing. Legal mandates, like SEBI’s requirement for at least one woman on every listed board, are opening doors. More companies are investing in mentorship programs and leadership training for women. And ESG (Environmental, Social, and Governance) standards are pushing companies to take diversity seriously.
Yet, hurdles remain. Many women still feel like they’re “tokens”—included just to tick a box. Some face subtle biases, like being labeled “too emotional” or “too soft.” Many feel left out of important networks where deals and alliances are formed. And for working mothers, balancing board responsibilities with caregiving remains a constant tug-of-war.
5. Findings
From both the data and personal accounts, some truths became clear:
- Gender-diverse boards aren’t just fair—they’re effective. They improve decision-making, risk management, and company image.
- Legal mandates help—but they’re not enough on their own. True change happens when companies change their culture.
- Mentorship, fair evaluations, and flexible work policies make a big difference in helping women thrive on boards.
6. Conclusion and Recommendations
The journey of women directors in the corporate world is far from over. Many have carved out spaces for themselves in boardrooms once considered off-limits. But to turn isolated stories into a sweeping change, companies need to do more than just follow the law—they need to believe in equality, act on it, and build systems that support it.
What can be done?
- Enforce and strengthen gender diversity laws, with real accountability.
- Build internal cultures that welcome diverse opinions and leadership styles.
- Create sponsorship and mentorship pipelines specifically for women.
- Redesign work environments to accommodate real-life responsibilities—especially those that women often shoulder disproportionately.
- REFERENCES:
- Catalyst. (2020). Women in Leadership: Why it Matters. Retrieved from: https://www.catalyst.org
- McKinsey & Company. (2021). Diversity Wins: How Inclusion Matters.
- SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 – India
- European Commission. (2022). Gender balance on corporate boards.
- Kanter, R. M. (1977). Men and Women of the Corporation. Basic Books.
- Ridgeway, C. L. (2011). Framed by Gender: How Gender Inequality Persists in the Modern World. Oxford University Press.
- MSCI ESG Ratings. (2023). Women on Boards: Progress Report.
- UK Corporate Governance Code (2018), Financial Reporting Council
- Government of Japan. (2020). Women economics Policy Framework.
- Kumar, A. (2022). “Board Diversity in India: Legal Mandates and Practical Gaps.”
Indian Journal of Corporate Law, Vol. 8
THATHA JANVITHA
A61021520056
AMITY UNIVERSITY MADHYA PRADESH, GWALIOR