Firms flouting independent director norms up in FY25

The number of companies failing to meet the minimum requirement of independent directors on their boards increased to 16 during 2024-2025 (FY25) from 11 in FY24, according to a corporate governance survey conducted by Excellence Enablers.

- KHUSHBOO TIWARI

At the end of FY25, 16 companies among the Nifty 100 firms were non-compliant, including 11 public sector units (PSUs) and three public sector banks (PSBs).

Notably, five PSUs had not even a single independent director on their boards. In comparison, FY24 saw 11 non-compliant companies, comprising eight PSUs and two PSBs. As of March 31, 2025, eight companies did not have any woman independent directors, while 39 companies featured two or more women independent directors.