Women's Rise in Independent Directorship

By: Rachita Sharma, Managing Editor | Monday, 1 December 2025

Representation is crucial, especially for business. Not only is it the ethically right thing to do, but is also a business imperative. McKinsey’s report, "Women in the Workplace," emphasizes the enormous financial benefits of gender diversity in business. According to the report, companies with considerable female participation in senior positions can generate up to 50% greater earnings and share performance.

As a consequence, various countries are actively working towards policy change that mandates companies to onboard female board-members.

In India the Companies Act 2013 mandates that every listed company must have at least one woman serving as an independent director. This move has prompted a positive shift in women’s representation in company boards. From six percent representation in 2014, the number jumped to 18 percent in 2022.

Women’s representation is independent directorship roles is higher than over all director roles. Data from primeinfobase.com showcases that women make up 24.7% of all independent directors as compared to 19.7 percent of overall directorship roles.

Despite affirmative action being taken, women’s representation still remains low and a lot needs to be done to improve representation to reach true gender equity,

In the current edition of Women Entrepreneurs Review magazine, we spotlight some of India’s top Independent Directors in insurance. In this edition meet Chhaya Palrecha. Gaining momentum through a career spanning nearly three decades in finance and governance, Chhaya has built a reputation for steering organizations through growth and transformation. Serving as an Independent Director at Universal Sompo General Insurance Co, she brings justice to every role that she undertakes. Chairing the audit committee, she leverages her deep expertise in compliance, MIS, and financial strategy.

We also spotlight Usha Sangwan, Independent Director at LIC. She is a veteran in the insurance sector and was the first female to be appointed as Managing Director for LIC.

Read more about these women leaders and know more about their professional lives.

Your thoughts are welcome.