India 2016 Board Analysis


This report studies and analyses the Board structure of top-100 India listed Companies forming part of Nifty 50 and Nifty Next 50 indices. This report takes into account the Board composition and other relevant details as on latest year-ending date of the respective companies. In case required information is not provided in the annual report of the Companies (e.g., tenure of Independent Directors, outside directorship of Directors, etc.), the same has been sourced from publicly available sources. Hence, no guarantee can be made on accuracy of the data.


Some of the key points highlighted in this report are:

  • The average size of Board of top-100 Companies was 11. The Company with largest Board size was L&T (20) and smallest Board were 6 companies with 6 members each, (4).
  • 50% of the total Directors of top-100 Companies are Independent Directors.
  • 23 Companies didn’t have the minimum required % of Independent Directors on their Boards. A majority of these Companies are PSUs.
  • 12 Companies had an Independent Chairperson of the Board.
  • 8 Companies didn’t have any women directors as required under Companies Act and SEBI LODR Regulations.
  • 15% of Directors attended less than 75% of Board meetings held in FY16.
  • The average public company directorships held by Independent Directors of top-100 Companies is 4.
  • 15% of Independent Directors have Board tenures exceeding 10 years. Some Independent Directors have tenures as high as 51 years!
  • Only 38 of top-100 Companies have a fully independent Audit Committee.
  • 24 of top-100 Companies have Executive Directors in their Audit Committee.


Download the detailed report here: India 2016 Board Analysis