Leaders
Women directors significantly enhance corporate governance by introducing diverse perspectives and fostering inclusive decision-making. Their role on boards goes beyond representation; they cultivate a culture of accountability, ethical leadership, and often champion progressive governance practices that prioritize stakeholder interests and organizational transparency.
Driven by an early interest in business, corporate laws, and governance, Shilpi Thapar, Independent Director at Prudent, Cygnet AA, pursued a degree in commerce before advancing her studies in corporate governance and corporate laws. At just 24, Shilpi established her own practice as a company secretary and corporate lawyer. Her expertise in corporate governance and board/c-suite development & trainings has guided numerous companies in navigating board procedures, regulatory compliance, and governance frameworks.
In an engaging interview with Women Entrepreneur Review magazine, Shilpi shares insights from her journey as a leading figure in the corporate governance landscape. Let’s delve into her story.
What are the prior industry experiences that you bring to the table?
Throughout my career as a corporate governance advisor, I have developed in-depth expertise in business practices and legal frameworks across a wide range of industries, including financial services, manufacturing, technology, telecommunications, and healthcare.
In financial services, I have guided banks and investment firms on regulatory compliance and governance structures, ensuring alignment with industry regulations and mitigating risk. My experience in manufacturing extends to advising on governance frameworks that align with industry-specific standards, fostering sustainable practices and operational efficiency.
Leveraging my extensive background in corporate law & governance, i am committed to leading with integrity, driving strategic growth, & advancing the national mission of 'viksit bharat 2047 by promoting sustainable & inclusive corporate governance practices
In the technology and telecommunications sectors, I have provided strategic counsel on intellectual property management, data protection, and regulatory adherence, enabling companies to stay competitive while maintaining compliance. Additionally, my work in healthcare has focused on navigating complex regulatory environments, ensuring corporate social responsibility, and maintaining stakeholder trust through robust governance.
By integrating corporate governance best practices with sector-specific insights, I have helped organizations enhance their board processes, improve decision-making, and achieve long-term sustainability.
Tell us about the various responsibilities you shoulder as an Independent Director in companies:
As an Independent Director, my core responsibilities encompass overseeing corporate governance practices, ensuring strict adherence to legal and regulatory frameworks, and fostering a culture of ethical behavior across the organization. I actively contribute to shaping long-term strategies, evaluating major investments and conflict of interests if any, and provide an impartial perspective to enhance decision-making processes.
In addition to governance, I am involved in risk management—identifying potential risks, assessing their impact, and ensuring that effective mitigation strategies are in place. Financial oversight is another critical area where I focus on the accuracy of financial reports, monitor performance, and work closely with the audit committee to review both internal and external audits.
A key aspect of my role involves managing compliance programs and addressing conflicts of interest, all while promoting a strong compliance culture. I engage with various stakeholders to ensure that their concerns are considered and serve on multiple board committees, including audit, risk management, and CSR, to further contribute to the organization's governance framework.
What are some of the most critical challenges you encounter in your current role? What steps do you undertake to overcome these roadblocks?
A core challenge is maintaining robust corporate governance in a dynamic regulatory environment. This requires balancing independence with engagement through clear communication and well-defined roles.
Effective financial oversight necessitates stringent internal controls and regular audits. Compliance is ensured through proactive training and a comprehensive framework. Objective evaluation of board and management performance relies on structured methodologies.
Crisis management demands thorough preparation and regular simulations. By staying informed and fostering transparency, we drive the organization's governance and success.
What is the most significant professional milestone you have achieved throughout your professional journey?
A significant turning point in my career has been receiving offers for independent directorship positions from several prestigious Indian companies, including a NIFTY 1000 listed firm, one of India’s largest wealth management companies, and one of the few granted an Account Aggregator license by the RBI. This shift from an advisory role to a leadership position underscores my commitment to corporate governance and highlights my role in advancing high standards of governance and ethical leadership.
How do you foresee the Indian corporate governance landscape evolving going forward?
I foresee a significant transformation in India’s corporate governance landscape, driven by key factors. Stricter regulations from the MCA and SEBI will enhance accountability and transparency. Innovations in blockchain and AI will revolutionize governance practices, improving decision-making and risk management. A heightened focus on ESG criteria will drive businesses toward sustainable practices. Data protection will be prioritized, aligning with global standards and addressing emerging privacy concerns. These advancements, coupled with the vision of ‘Viksit Bharat 2047,’ will foster a more robust and transparent governance framework.
Awards of Recognitions won so far:
I am a Fellow Member of The Institute of Company Secretaries of India (ICSI), a Registered Insolvency Professional, Certified Independent Director, Arbitrator, and Mediator. My qualifications include a law degree and a psychology certificate from Yale University. With over 20 years of legal experience, I have received accolades such as the Doctor of Excellence-Honoris Causa and the Women Appreciation and Achiever 2013 Trophy. I have authored three guidance books, served as an Independent Director for leading companies, and actively lead Board/KMP/C-Suite training programs while contributing to various publications and conferences.
Shilpi Thapar, Certified Independent Director/ Arbitrator & Mediator, Practising Company Secretary
Shilpi Thapar has a strong foundation in Law and Corporate Governance, with over 20 years of experience focusing on Corporate laws, Insolvency & Bankruptcy laws, Corporate Governance , Board Processes/ Trainings and Alternative Dispute Resolution. She is a law graduate, a Fellow Member of the Institute of Company Secretaries of India (ICSI), a registered insolvency professional, and holds certifications as an independent director, arbitrator, and mediator.
A business leader you admire: Indra Nooyi for her transformational leadership at PepsiCo.
Advice for aspiring women entrepreneurs and business leaders: Believe in your skills, see challenges as growth opportunities, and pursue ongoing learning. Lead with integrity, build a strong support network, balance work and life, demonstrate resilience, and use technology to promote diversity and inclusion.
