SBI bats for more women directors on its board

This comes in sharp contrast to an overall reluctance shown by the listed companies across the board in run-up to a regulatory deadline, which expired yesterday, for appointing at least one woman director.

hidden April 02, 2015 20:53:54 IST
SBI bats for more women directors on its board

Mumbai: Pitching for greater gender diversity on its board, state-run banking giant SBI's chairperson Arundhati Bhattacharya today said the bank wants some more women directors and has already suggested a few names to the government.

SBI bats for more women directors on its board

State Bank of India chairperson Arundhati Bhattacharya. PTI

This comes in sharp contrast to an overall reluctance shown by the listed companies across the board in run-up to a regulatory deadline, which expired yesterday, for appointing at least one woman director.

SBI was already in compliance with the requirement with its chairperson itself being a woman.

"Right now, with me, the bank is compliant with the Companies Act (and Sebi norms). But we want some more women directors on board," Bhattacharya told reporters in Mumbai today.

"We have initiated the process and have also suggested some names to the government," she said.

To ensure gender diversity in corporate board rooms, all listed companies are required to have at least one woman director as per capital markets regulator Sebi's guidelines and under the provisions of the new Companies Act.

A number of companies are believed to have failed to meet the deadline and they may soon face penal action by Sebi, as also by the corporate affairs ministry.

While the norms were announced more than a year ago and a six-month extension was also given in September 2014, hundreds of companies finally appointed women directors in the last few days.

PTI

Updated Date:

Subscribe to Moneycontrol Pro at ₹499 for the first year. Use code PRO499. Limited period offer. *T&C apply

also read

ICICI Bank cuts home loan rate to 6.70% at par with SBI; new rate available till 1 March
Business

ICICI Bank cuts home loan rate to 6.70% at par with SBI; new rate available till 1 March

Borrowers of up to Rs 75 lakh will get credit at 6.70 percent while those above that threshold will need to pay 6.75 percent, the bank said

SEBI asks NSE for report as connectivity issue halts trading on NSE for nearly five hours
India

SEBI asks NSE for report as connectivity issue halts trading on NSE for nearly five hours

Even though the NSE, as well as the BSE, extended trading hours till 5 pm Wednesday, the overall volumes could not touch the usual averages

SBI cuts home loan interest rates by 10 basis points to 6.7%; offers additional benefits till 31 March
Business

SBI cuts home loan interest rates by 10 basis points to 6.7%; offers additional benefits till 31 March

The bank said the home loan interest rates will start from 6.7 percent for loans up to Rs 75 lakh and 6.75 percent for loans in the range of Rs 75 lakh to Rs 5 crore