The future of Indian corporate governance is changing. WinPE’s “Women on Boards” initiative is reshaping the leadership narrative, putting capable women where they truly belong: At The Top.
Winpe, a non-profit organisation focused on gender diversity, has launched the “Women on Boards” programme to address the low representation of women on corporate boards in India. Supported by British International Investment (BII), this programme aims to increase the number of board-ready women professionals, especially in companies backed by private equity and venture capital.
The programme is designed to increase both the demand for and supply of women directors. It seeks to move beyond regulatory requirements and help companies genuinely value women’s leadership for its strategic contributions.
How the “Women on Boards” Programme Works
The “Women on Boards” initiative is designed to increase both the demand and supply of women directors, encouraging companies to actively seek qualified women board members while simultaneously nurturing and preparing women for leadership roles. On the demand side, Winpe has partnered with leading private equity and venture capital firms. These firms, along with their portfolio companies, have committed to seeking out and appointing qualified women directors.
On the supply side, Winpe is identifying senior women professionals who are ready to step into board roles. These include entrepreneurs, consultants, and business leaders from various functions. The programme will build a detailed database of these professionals and support them through targeted training.
Key components of the “Women on Boards” programme include:
- A Board of Advisors will guide the overall direction of the programme and ensure it stays focused and effective.
- Training for first-time directors will prepare women for board responsibilities.
- A Screening Committee will assess potential candidates and match them with suitable opportunities.
- A Mentorship Panel will connect women leaders with experienced board members for personalised guidance.
- Knowledge-sharing sessions and networking events will give participants access to insights, peer learning, and corporate governance know-how.
Support from British International Investment
Winpe has partnered with British International Investment (BII), the UK’s development finance institution and impact investor, to develop the Women on Boards programme. The initiative builds on insights from BII’s report, ‘How do companies and funds with female owners and leaders support positive outcomes for women?’, which found that businesses led by women are more likely to promote inclusive workplace practices. With BII’s support, Winpe will be able to expand the programme and strengthen its efforts to improve gender diversity in boardrooms.
Shilpa Kumar, Managing Director and Head of India, British International Investment, said, “In India, supporting women in accessing board opportunities is not just about representation; it is about strengthening the foundations of governance, decision-making, and long-term value creation. Our partnership with Winpe reflects our commitment to enabling systemic change by supporting platforms that address structural barriers and unlock leadership opportunities for women across the private equity and venture capital ecosystem.“
Nupur Garg, Founder, Winpe, said in a statement, “We believe that by building a strong ecosystem to support both companies seeking diverse board members and women ready to lead, we can drive better governance and economic growth. While regulatory requirements have moved the needle, the numbers are far from satisfactory. One woman on a board of seven is not enough, real diversity starts when women hold multiple or equal seats at the table and are included for their experience, knowledge and leadership, not just for legal reasons.“
Why India still needs initiatives like this
The Companies Act, 2013, mandates all listed firms in India to appoint at least one woman to their board. Within a year of this requirement, the share of listed firms without any women on their boards dropped from 53% to under 10%. Despite this, Deloitte’s report shows women hold only 18% of board seats in India, still below the global average of 19.7% and far behind countries like France, where the figure stands at 43.2%.
In FY 2022–23, over half of the NSE-listed firms had no women in senior leadership roles such as CEO or CFO, and nearly 10% had only one woman in top management. Which means, almost 600 companies had just one woman on their boards, often to meet the minimum requirement.
India’s regulatory framework mandates at least one woman director on corporate boards. However, compliance alone has not created real change since many companies continue to view this as a checkbox. Winpe’s initiative aims to shift that mindset, ensuring women are appointed for their leadership, expertise, and the value they bring to governance.
The Board of Advisors for the “Women on Boards” initiative comprises professionals: Deepak Kapoor, Former Chairman and CEO, PwC India; M Damodaran, Chairperson, Excellence Enablers, and Ex-Chairman, SEBI; Naina Lal Kidwai, Former Chairperson, HSBC Group, and Padma Shri Awardee; and Zia Mody, Co-Founder and Managing Partner, AZB & Partners.
Women on Boards: A real shift or just a numbers game?
The presence of one woman on a board may meet a mandate, but it does not reflect true inclusion. India has taken regulatory steps, but the data shows there’s still a long way to go. Companies must move away from token appointments and start looking at women leaders as essential contributors to governance, growth, and decision-making. At the same time, women must have access to the tools, networks, and mentorship needed to step confidently into these roles. That is what WinPE is working to bring in, and that’s why initiatives like “Women on Boards” are absolutely necessary.
At Changeincontent, we believe that boardrooms should not be echo chambers of sameness. Real governance begins with real inclusion.
Also Read: The glass ceiling above unicorns: Why women in C-suite roles remain a rare sight.
Disclaimer: The views expressed in this article are based on the writer’s insights, supported by data and resources available both online and offline, as applicable. Changeincontent.com is committed to promoting inclusivity across all forms of content. We broadly define inclusivity as media, policies, law, and history, encompassing all elements that influence the lives of women and marginalised individuals. Our goal is to promote understanding and advocate for comprehensive inclusivity.
