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2019 ML top tier gender balance scorecard of NIFTY50 companies released

Updated: May 11, 2020

Cipla ranks at the top and is the only one with a balanced top tier amongst all of NIFTY50 followed by Tech Mahindra & Infosys. Nestle India tops the gender balance of the board of directors.

When it comes to gender balance in the top tier, NIFTY50 is snoozing

Top 5 on 2019 ML top tier gender balance scorecard of NIFTY50 companies

myrna labs, a company focussed on accelerating gender equality in the world of work has released the INclude top tier gender balance scorecard of NIFTY50 companies.


Highlights of the 2019 ML top tier gender balance scorecard & the underlying analysis of all 50 companies

  • Overall top tier gender balance of NIFTY50 companies - 10% - SNOOZING (ranking)

  • Of 50 companies based on their top tier gender balance, One is balanced (40-60%), none are reaching (30-40%); 2 are striving (20-30%); 19 are waking up (10 - 20%) while 28 are snoozing (0 - 10%).

  • With a 43% gender balance, Cipla not only ranks at the top of the list but is also the only company ranked as Balanced in the portfolio. What is also noticeable about Cipla is the presence of women in leadership roles not just for support functions but in core business operations including manufacturing.

NIFTY50 sectoral gender balance

Pharma (20%) leads followed by IT , financial services & consumer goods. Energy, automobile, metals are still snoozing, each with a top tier gender balance of just about 7%
  • All of NIFTY50 has a male CEO/MD and with the exception of one female board chairperson all board chairs are male.

  • Of the 1342 positions in the top tier (included in this scorecard), only 145 are held by women

Overall Gender Balance of NIFTY50 company boards 17%. WAKING UP (ranking)
  • Nestle India tops the list with 37.5% gender balance followed closely by Infosys, Ultratech Cement & Tata Motors with 33.3% gender balance.

  • Of all 50 boards the board of directors - none are balanced; 4 are reaching; 10 are striving; 26 are waking up while 10 are still snoozing

Overall Gender Balance of NIFTY50 leadership team 6%. SNOOZING (ranking)
  • Of the 50 companies, one is balanced, zero - reaching, one - striving, 12 - waking up & 36 - snoozing.

  • Cipla leads the ranking for most balanced leadership team followed by Tech Mahindra & Hindustan Unilever

24 out of 50 companies do not have a single woman on their leadership team while only 3 companies have more than 3 women in their leadership teams

Leena Chakrabarti, founder of myrna labs, mentioned “there is no denying that SEBI directed compulsion of having one woman independent director on boards (for the top 500 listed companies) by April 01, 2019 helped make space for women on boards. But progress on achieving gender balance is stunted to say the least. We see this as soon as we expand focus to leadership teams. With an overall gender balance of just 6% on the leadership team, and the fact that almost half of the NIFTY50 companies still don’t have one woman in their leadership teams, India Inc’s top brass has a lot of ground to cover.”

Measuring precedes managing. Unfortunately this is a critical gap in the conversation on gender equality, especially in the Indian context. Rhetoric to a significant extent dominates the discourse and data when available is mostly sketchy, anecdotal at best. The ML Scorecards use the proprietary GBS scoring toolkit comprising a set of 25 defined attributes to track performance and progress on gender balance within a firm and its ecosystem


For the ML Top tier gender balance scorecard of NIFTY50 companies, all 50 companies that feature in the NIFTY50 Index were analysed & ranked on the basis of the gender balance of their top tier team. The top tier gender balance scorecard gives the leadership team a 65% weightage & a 35% weight to board of directors while calculating the overall top tier ranking.


For the top tier gender balance scorecard, based on the gender balance (% of women or men members as a proportion of the total composition of the team) companies are classified into five stages of gender balance.

Snoozing (0-10%)

Waking up (10 - 20%)

Striving (20 - 30%)

Reaching (30 - 40%) &

Balanced (40 - 60%).

Information for this particular scorecard was last updated on 10th December 2019.

About ML Top Tier Gender Balance Scorecards

the Top Tier Gender Balance scorecards are instruments to help accelerate gender equality. Released periodically and/or on demand from companies & partners, the ML - GBS as it is usually referred to is available in three formats, each looking at a wide range of aspects of a firm's interna; and external operative environment. The Top Tier GBS is the basic Gender Balance Scorecard that evaluates the gender balance across the leadership (including boards) of firms. The firm GBS delves deep into a firm's workforce & leadership, compensation, leave & benefits, culture and systems, practices and policies while the Prime GBS also accounts for a firm;s external cosystem, including suppliers, partners, community efforts, consumers, practices and positioning in the external environment it operates in.


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