Page 31 - Insurance Times April 2020

“India remains well behind other markets that have
targeted at least women representation at 30% of
board composition.”
- Ms. Hetal Dalal
Chief Operating Officer
Institutional Investor Advisory
Services India Limited (IiAS)

Interview of Ms.Hetal Dalal, COO - IiAS 2017 report, 69% of the NIFTY 500
with Mr Praveen Gupta FCII, Chartered companies already had one
Insurer. Mr Gupta is the former MD and Independent Woman Director – on 30
November 2019, 91% of the
CEO of Raheja QBE. A recognised
companies have at least one woman
thought leader, Mr Gupta currently
director. Despite the improvement,
pursues interests in Climate Change, India remains well behind other
Diversity, Tech and Governance. The markets that have targeted at least
interview has been reproduced from women representation at 30% of
his blog www.thediversityblog.com board composition.
with his Permission PG: 'The plethora of well-meaning
men and organisations that have
Ms. Hetal Dalal is the Chief Operating Praveen Gupta (PG): Your last report sprung up to “mentor” and “train”
Officer of Institutional Investor Advisory potential women directors are more
Services India Limited (IiAS), a SEBI- Corporate India: Women on Boards
registered India-based proxy advisory was truly pathbreaking. patriarchal than progressive in their
firm. Her role includes voting prescriptions, reflecting a poor
recommendations published annually by How has been the real progress since understanding of what inclusion is
IiAS on over 800 listed companies that then? really about'.
aggregate over 95% of the total market Hetal Dalal (HD): There has been a lot
capitalisation on Indian exchanges. Also, Any thoughts on this observation by
the oversight of the governance research of progress since our 2017 report on Ms. Rama Bijapurkar?
published under IiAS' that enhances Women on Boards. There are a greater
market participants' understanding of number of women on boards and an HD: I tend to agree with all the
best practices. Hetal leads IiAS' efforts in i n c re a s e i n t h e n u m b e r o f arguments that Ms. Bijapurkar has
working with International Finance directorships being held by women. made in her article. The quota for
Corporation (IFC) and BSE Limited on the Almost 45% of NIFTY 500 companies women is being brought to correct a
Indian Corporate Governance Scorecard, generational or a systemic defect – but
which assesses Indian companies on their now have two or more women on their
corporate governance practices. She boards and there are three companies that does not take away the argument
provided oversight to the ESG assessment that have five women on their boards. of meritocracy. Sure, having training is
framework developed by IiAS: IiAS is the From an overall board composition important – and even companies are
first domestic agency to have created such perspective, 27% of the NIFTY 500 required to conduct 'familiarisation'
an assessment framework. programmes for its directors. But, one
boards have women that comprise
Hetal is a Chartered Accountant and holds can neither be effective nor command
a m a n a ge m e nt d e g re e w i t h a over 20% of the board, up from 11% on the respect of peers because one has
specialisation in finance from NMIMS 31 March 2017. simply undergone a training
Mumbai. It was my pleasure speaking to The regulatory change requiring the
programme. For all directors – not just
her on a host of subjects including Women top 500 companies to have at least one
women – having their own mettle is
on Boards; Corporate Governance; woman director has had limited important.
Fiduciary responsibility; ESG and incremental impact – at the time of our
Sustainability

The Insurance Times, April 2020