Research finds presence of merely three female CFOs in Nifty 50 companies
In the realm of finance leadership, the gender gap remains evident in India’s top corporations, according to Research by The Economic Times. Among the Nifty 50 firms, which comprise the leading 50 companies by market capitalisation, merely three women hold the position of Chief Financial Officer (CFO). This scarcity amounts to a mere 6% representation of women in top financial roles within these companies, as unveiled by ETCFO’s study.
Vidhya Srinivasan, CFO at Eicher Motors; Svetlana Boldina, Executive Director – Finance & Control and CFO at Nestlé India Limited; and Pomila Jaspal, Director (Finance) and CFO at ONGC, are the sole female finance chiefs on the list.
The numbers prompt reflection on gender dynamics within finance leadership. The uphill climb for women in this arena persists due to deeply rooted beliefs that certain roles are more suitable for men. The disparity also arises from challenges like balancing personal and professional responsibilities, especially during pivotal life phases.
Nonetheless, there is a noteworthy shift taking place. Over the last 15 years, a change in this landscape has been observed, even seen in the increasing number of women qualifying as Chartered Accountants. Smaller businesses and startups have begun actively seeking female Finance Directors for their teams. Presently, women hold 36% of senior management positions in mid-market Indian enterprises, as per the Grand Thornton International Business Report titled ‘Women in Business2023’.