Nirmala Sitharaman Bats For More Women In Power At Women Directors' Conclave, BSE

On September 16, 2022, Finance Minister Nirmala Sitharaman spoke at the Women Directors' Conclave at the Bombay Stock Exchange.

She emphasised on the importance of gender balance on company boards. She said that “attaining gender balance in company boards is important but the balance of ideas more so.” She added, “There is a need to widen the pool of women directors. Why do women need to prove they are worthy of being on company boards? Women don't need patronising… many women have proved themselves and have been recognised.”

She also cited research done on a sample of about 1000 companies operating in 12 different countries. It showed that companies with diverse boards had an average increase in profitability of 43%, while those without diverse boards had a 29% decline, reported Economic Times.

She added, “We are not asking for more inclusivity or gender parity, if you want profit get me (women) in”.

Gender Pay Parity

Sitharaman further discussed the issue of pay parity. She stated that unequal pay and disparity in wages and treatment of male and female employees is absolutely 'unacceptable'.

Bursting the notion that women are fine with drudgery, she said, “women are now being employed in high precision, monotonous jobs, but it is unfair to assume women are okay with drudgery. Payment, removal of monotony should be a focus of employers,” she added.

Women In The Corporate World

Speaking of PSUs and having women in high positions, the FM said, “Some public sector banks, undertakings have yet to find women directors and few people may still hold prejudices against women; but women should cross the threshold in the corporate world.”

She added, “By implementing schemes like Ujjwala, Beti Bachao Beti Padhao, Swachh Bharat, etc, PM Modi has shown the way for women-led development in India. He has shown that he trusts women in leadership roles.”

By 2047, Indian women should be in remarkable positions

Sitharaman said that the government cannot do any more nudging on getting more women on boards, pressure needs to come from society itself. According to her, “By 2047, Indian women will be in remarkable positions.”

We Need More Mithalis In Boardrooms

Sitharaman also said that she heard that former Indian women's cricket team captain Mithali Raj had said that she looked up to Sachin Tendulkar growing up because there were no women cricketers then. She added, "Mithali became that icon. There should be more Mithalis in the boardroom."

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