Women Corporate Directors (WCD), the largest global community of women corporate board directors, has forayed into India and established its chapters in Mumbai and Delhi.
WCD-India, as it is called, would serve as a networking platform for both existing and prospective women corporate directors.
"After the Companies Act mandate, 2015 and 2016, have seen an unprecedented increase in the number of women joining corporate boards in India," WCD said in a statement.
"A forum such as WCD where women can network, interact, learn and share information is therefore both relevant and timely," it added.
WCD has more than 3,500 members serving on more than 7,000 boards around the world.
"We need a forum where sitting directors have an opportunity to engage and collaborate with their peer group, discuss issues relating to governance and risk, discover international best practices and most importantly network in a safe environment," WCD India chair Ranjana Agarwal said.
The WCD foundation has 70 chapters around the world with seven more to launch over the next year.
The aggregate market capitalisation of public companies on whose boards WCD Foundation members serve is over USD 8 trillion.
Membership to WCD - India is by invitation only and is
restricted to women. The members include senior professionals, corporate leaders, government officers and business women. Ms. Jyoti Narang, India Co-chair, WCD added, "In India, there is a need to have a robust pool of eligible women directors. Traditional networks are mostly male dominated. There is very little opportunity for nominating committees to choose women board members through these forums. What is needed is a vibrant networking platform for sitting and potential directors that will act like a catalyst providing the extra nudge to board ready women. WCD aims to provide that."
WCD India draws support from the global partners - International Finance Corporation (IFC), KPMG and Spencer Stuart. In India, it is also affiliated with FICCI.
"KPMG is making this investment because we embrace the WCD Foundation's focus on increasing boardroom diversity and advancing leading practices in corporate governance - areas our organization is committed to as well," said Mritunjay Kapur, Head of Risk Consulting, KPMG in India.
Ms Vladislava Ryabota, Regional Corporate Governance lead for South Asia, IFC commented, "IFC promotes diversity on boards and supports women in the senior executive ranks in developing and emerging markets around the world, including our own investee companies.
Having more women as members of a company's board of directors is not only an issue of gender fairness but there is a strong correlation between a firm's performance and diverse boards. We actively support organizations such as 'Women Corporate Directors,' which has set up local chapters in many countries, including India.
