The CFA Institute and CFA Society India's "Mind the Gender Gap" report reveals that women make up less than 20 per cent of the workforce and hold only 10 per cent of key managerial personnel (KMP) positions in India, while female directors account for only 18.4 per cent of board positions. Based on the insights from 300 Indian companies, the report is a comprehensive study, derived from their Business Responsibility and Sustainability Report (BRSR) disclosures.
The report reveals a gender pay disparity in the IT sector, with female directors earning only 44 per cent of the median salary of male counterparts. Female KMPs receive less than 25 per cent of the remuneration paid to male KMPs. The IT sector employs the highest percentage of women (34 per cent), followed by consumer discretionary (25 per cent), and financial (24 per cent). The utilities sector has the lowest female participation at just 4 per cent. The report also highlights a more equitable gender distribution in the Real Estate, Information Technology, Consumer Staples, Health Care, and Consumer Discretionary sectors.
Arati Porwal, CFA Institute Country Head, India mentioned "There is a pressing need for stronger gender equality initiatives withing Indian corporate structures. While there has been significant progress, the data reveals persistent gaps in the senior positions, which require immediate attention from both companies and policymakers." She added, to achieve this, Indian companies must foster an inclusive culture by attracting and retaining female talent, ensuring fair remuneration practices, and CFA Institute reports on BRSR parameters.
