LGBTQ+ professionals in India welcome in specific industries, underrepresented in others

LGBTQ+ diversity in Senior Management, the Executive Committee, or the Boardroom is not yet a topic in India. India remains focused on improving gender representation. Between 2013 and 2022, India achieved substantial progress in addressing the presence of women on corporate boards, elevating their representation on the NIFTY 500 from six percent in 2013 to 18 percent in 2022.

This number goes up to 24 percent in Life Sciences companies. For example, the absence of mandated caste representation in corporate boards reflects a different approach compared to caste-based reservations in the public system.

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However, the recent decision by NASDAQ to require disclosures on Board diversity, including LGBTQ+ Board Diversity, might have ripple effects on India very soon. There are 12 Indian companies listed on NASDAQ, including Wipro and Infosys; they will have to justify the lack of LGBTQ+ diversity on their Board.

What is the present situation of the presence of the community members on the board of directors? If you give some numbers and percentages, that would give a more clear picture.

We just obtained data for the United States, which hovers around a one percent representation despite the community representing about seven percent of the population. It is estimated that LGBTQ+ people occupy 0.8 percent of board seats among Fortune 500 companies and 1.2 percent for NASDAQ companies. This is based on voluntary, non-nominative disclosure.

I expect these numbers to be much lower on the NIFTY 500 if there is any representation on the Board. The US has a more extended history of LGBTQ+ visibility and legal protections, facilitating inclusion in the workplace and some degree of representation in corporate boards. In contrast, India's progress in this area, besides for trailblazer companies like Godrej, Lalit, or Tata, is more recent, following the 2018 decriminalisation of homosexuality. In addition, the majority of Board Members are above the age of 54 so the generational shift has a huge impact.

In India's corporate landscape, what unique challenges or opportunities do LGBTQ+ individuals face when aspiring to leadership positions on boards of directors? How are companies in India addressing the same?

In India, corporate diversity initiatives, including LGBTQ+ inclusion, have gained momentum only in recent years. On Friday, we celebrated the fourth edition of the Pride Circle IWEI, which shows rapid progress. But before a few years ago, LGBTQ+ inclusion was almost unheard of in Indian companies. Today, one of the conclusions of my 10-day trip to India is that LGBTQ+ individuals remain closeted due to societal and workplace discrimination but also because they are uncertain that coming out might not hurt their careers.

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The decriminalisation of homosexuality in 2018 marked a turning point, leading to increased corporate support for LGBTQ+ rights. However, there remains a significant gap between policy and practice. It means that the talent pipeline for the Boardroom needs to be strengthened.

Which sector in India is doing well in fostering a suitable workplace culture for the community?

This is not specific to India; I see the most progress in the Life Sciences sector, followed by Media and Entertainment, Consumer Products, the Retail sector, and Tech. On the other hand, manufacturing, energy, and utilities lag. In India, there's also an industry-specific concentration, with LGBTQ+ professionals historically gravitating toward industries perceived as more welcoming, such as entertainment, fashion, law, finance, consulting, and tech, leading to underrepresentation in other sectors.

I joked on Friday that growing up gay, I wanted to be a marketing assistant in the cosmetics industry because I knew it would be welcoming. I ended up having a career at the World Bank, which was much less welcoming of LGBTQ+ people.

As the Executive Director, what do you believe are the future trends and priorities for LGBTQ+ diversity and inclusion within India's corporate boards? How can organizations proactively address these issues to ensure sustained progress in fostering a more diverse and equitable leadership landscape?

I travelled to Bangalore, Delhi, and Mumbai with the same message these past few weeks: a demographic revolution is underway. When you look at all the surveys, including the recent IPSOS Pride 2023 survey, which did not cover India but covered 30 countries, an average of nine percent of adults identify as LGBT+, with significant generational differences and increased visibility since their 2021 survey. This will have profound implications for business, not only for attracting talent but also for how it sells products and services to a generation that has a different relationship to sexuality and gender.

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My message to Indian businesses is threefold: inclusion constitutes an unmet potential leading to increased value creation, market demographics are changing faster than we think, and diversity, equity and inclusion (DEI) is a competency anyone can learn with practice. Now is the time to invest in making workplaces more attractive to LGBTQ+ talent and fostering a pipeline of LGBTQ+ talent. The first step is to convince the leadership team that it is a business imperative; that’s what makes a difference, but that’s also where Pride Circle can help.