According to a study by the recruitment portal MyHiringClub.com, listed companies in lndia had only 6.69 per cent of female directors on their boards last year. Dibyangshu Sarkar / AF
According to a study by the recruitment portal MyHiringClub.com, listed companies in lndia had only 6.69 per cent of female directors on their boards last year. Dibyangshu Sarkar / AF

Gender gap persists in Indian firms



Corporate India is an eager advocate of modernity and the leader in South Asia when it comes to adopting western business practices. But there is one aspect of India's business worldthat is far behind the West - women in India's top firms are still a rarity.

In all of lndia's listed companies, only 6.6 per cent had any women on their boards last year, according to a study by MyHiringClub.com, a recruitment portal. The study said there was a 1.4 per cent increase from the year before, when the figure stood at 5.2 per cent.

"When it comes to closing the gender gap among top leadership posts in India Inc, women started getting significant gains last year," says Rajesh Kumar,, the chief executive of MyHiringClub. "But more needs to be done to promote women into senior corporate roles. While more than 30 per cent of team strength in India Inc is female, among these only 15 per cent are in senior executive roles."

In Norway, a country at the top of the global rankings for female representation, women are on the boards of almost a third of listed companies. India's top businesswomen say that balancing work and family life is difficult.

"One major challenge [that] has always been and will always remain is 'work-life balance', and women who can achieve the right balance will always succeed as they would be happy and satisfied individuals," says Renu Sud Karnad, the managing director of Housing Development Finance Corp (HDFC), a Mumbai-based bank with annual revenue of about US$5.6 billion (Dh20.56bn).

"Sometimes, managing expectations is the biggest challenge - women are expected to be superwomen, but making the best of the situation is most important," she says.

Sminu Jindal, who uses a wheelchair, is a role model for many young Indian women. Still in her 30s, she commands Jindal Saw, one of the flagship companies of the $12m infrastructure and logistics company OP Jindal Group. She says even at family-owned businesses, female employees are not given an equal footing.

"Our country is to a large extent a patriarchal society, where the male child takes the business mandate forward," Ms Jindal says. "In such a scenario, it becomes difficult for women to enter business. But I am a living example that things can be done differently."

Many women's careers are hampered by the common belief that at some point the female employee will have a shift in priorities and focus on childbirth.

"Career investments in women employees by employers find less [favour]. Also, there are many sectors and fields of work which are considered traditionally a man's domain, like heavy industry, shop floors," says Ms Jindal.

India is a millennia-old society in which women are bound by traditions that still hinder their progress.

"Women in India, a country that prides itself on being a traditional society, still face enormous pressure to conform to social mores," says Ms Jindal.

There are many obstacles for women who want to be part of India's success story. The "jobs for the boys" idea is still alive and well in India and is one of the main reasons that women are underrepresented in the business world, says Amita Joseph, the director of the NGO Business and Community Foundation in Delhi.

"The old boys' networks are still strong in this country, and women are excluded from those. Coupled with notions of patriarchy, the glass ceiling, lack of an enabling environment, flexi working hours, child rearing, the lack of support are all challenges to women who want to advance in today's India," she says.

Changes are coming but will not happen overnight, say some women who have climbed to the top.

"In recent years, India's corporate sector has witnessed a slow change in workplace dynamics, with more women stepping into the limelight when it comes to business management," says Ms Jindal.

The emergence of the internet has empowered many women. "Globalisation and advances in technology have led to rapid and dramatic changes in social structures and expectations and have provided new and exciting opportunities for educated, middle-class women in India," she says.

India Inc has also become more responsive to women in the workplace. "Things have changed for the better. Today women can work part time, have flexi hours, work from home, they can have a second innings in a career post a break, so the options have increased. There has been a shift in an expected scenario of what is conventional, so there is more flexibility and freedom in their choices," says the HDFC's Ms Karnad.

There are instances when the traditional Indian society model can in fact work to a career woman's advantage, the directors say.

"Indian women are also at an advantage compared to their western counterpart, as they have family support systems in place. I have seen so often people in the family going out of their way just to make sure the daughter's career gets preference," said Ms Karnad.

But what can companies do to help women to rise on the ladder? Taking into account every aspect of women's lives is important. "[The] situation could be improved through providing better infrastructural facilities and giving more sense of security to the women so … they feel comfortable while stepping out of home," says Ms Jindal.

Ms Joseph says the companies that have female directors have better chances to succeed.

"Directorship should be reserved for women not as tokenism but as a strategy towards better governance," she says. "There is evidence emerging that boards with women perform better and are more inclusive. Then there is the incidental benefit - that men also behave better when women are around."

Female managers should also look beyond a goal-orientated working environment.

"Satisfaction should be the key mantra for women managers rather than plainly achieving targets. Young women aspiring to be leaders should self-motivate, enlist a mentor and solicit feedback on leadership techniques," says Ms Karnad.

Vinita Gupta, the chief executive and a director of Lupin Pharmaceuticals, believes women can achieve success in the world of business and work if they have enough motivation.

"Advanced economies like the US and Europe are evolved marketplaces and gives everybody an equal opportunity at any level. The new world order is not about being a man or a woman, but having a great idea, identifying the right opportunity, a strong vision and the drive to make it happen," she said.

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All about the Sevens

Cape Town Sevens on Saturday and Sunday: Pools A – South Africa, Kenya, France, Russia; B – New Zealand, Australia, Spain, United States; C – England, Scotland, Argentina, Uganda; D – Fiji, Samoa, Canada, Wales

HSBC World Sevens Series standing after first leg in Dubai 1 South Africa; 2 New Zealand; 3 England; 4 Fiji; 5 Australia; 6 Samoa; 7 Kenya; 8 Scotland; 9 France; 10 Spain; 11 Argentina; 12 Canada; 13 Wales; 14 Uganda; 15 United States; 16 Russia

%3Cp%3EMATA%0D%3Cbr%3EArtist%3A%20M.I.A%0D%3Cbr%3ELabel%3A%20Island%0D%3Cbr%3ERating%3A%203.5%2F5%3C%2Fp%3E%0A
Results

6.30pm: Maiden Dh165,000 (Dirt) 1,200m

Winner: Barack Beach, Richard Mullen (jockey), Satish Seemar (trainer).

7.05pm: Handicap Dh170,000 (D) 1,200m

Winner: Way Of Wisdom, Connor Beasley, Satish Seemar.

7.40pm: Maiden Dh165,000 (D) 1,900m

Winner: Woodditton, Connor Beasley, Ahmad bin Harmash.

8.15pm: Handicap Dh185,000 (D) 2,000m

Winner: Secret Trade, Sandro Paiva, Ali Rashid Al Raihe.

8.50pm: Handicap Dh185,000 (D) 1,600m

Winner: Mark Of Approval, Antonio Fresu, Mahmood Hussain.

9.25pm: Handicap Dh165,000 (D) 2,000m

Winner: Tradesman, Pat Dobbs, Doug Watson.

Dubai works towards better air quality by 2021

Dubai is on a mission to record good air quality for 90 per cent of the year – up from 86 per cent annually today – by 2021.

The municipality plans to have seven mobile air-monitoring stations by 2020 to capture more accurate data in hourly and daily trends of pollution.

These will be on the Palm Jumeirah, Al Qusais, Muhaisnah, Rashidiyah, Al Wasl, Al Quoz and Dubai Investment Park.

“It will allow real-time responding for emergency cases,” said Khaldoon Al Daraji, first environment safety officer at the municipality.

“We’re in a good position except for the cases that are out of our hands, such as sandstorms.

“Sandstorms are our main concern because the UAE is just a receiver.

“The hotspots are Iran, Saudi Arabia and southern Iraq, but we’re working hard with the region to reduce the cycle of sandstorm generation.”

Mr Al Daraji said monitoring as it stood covered 47 per cent of Dubai.

There are 12 fixed stations in the emirate, but Dubai also receives information from monitors belonging to other entities.

“There are 25 stations in total,” Mr Al Daraji said.

“We added new technology and equipment used for the first time for the detection of heavy metals.

“A hundred parameters can be detected but we want to expand it to make sure that the data captured can allow a baseline study in some areas to ensure they are well positioned.”

Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
Rating: 2/5
 

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

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Western Region Asia Cup T20 Qualifier

Sun Feb 23 – Thu Feb 27, Al Amerat, Oman

The two finalists advance to the Asia qualifier in Malaysia in August

 

Group A

Bahrain, Maldives, Oman, Qatar

 

Group B

UAE, Iran, Kuwait, Saudi Arabia

How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

Fifa Club World Cup quarter-final

Kashima Antlers 3 (Nagaki 49’, Serginho 69’, Abe 84’)
Guadalajara 2 (Zaldivar 03’, Pulido 90')

From Zero

Artist: Linkin Park

Label: Warner Records

Number of tracks: 11

Rating: 4/5

COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
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