- Home
- / About
- / News
- / Press Releases
FTI Consulting Releases India Disclosure Index 2023
Report Benchmarks Indian Companies on Leadership and Governance, Risk Disclosure Standards
Mumbai, 12 October 2023 — FTI Consulting, Inc. (NYSE: FCN) today announced the release of its India Disclosure Index 2023 report, which tracks corporate disclosure practices amongst India’s 100 leading publicly listed corporations.
The report reveals that Indian companies have an average Corporate Disclosure score of 6.5 out of a maximum of 10. The Strategic Communications segment at FTI Consulting analysed public information from annual reports, using 18 disclosure parameters and applying them to the Nifty 100 Index to create the India Disclosure Index 2023 report. The 18 disclosure parameters were divided into two groups to measure Leadership and Governance Quality and Risk Disclosure Quality.
India Disclosure Index 2023 Highlights:
- Nine of the top 100 Indian companies are classified as corporate disclosure champions, with Corporate Disclosure scores of 9/10 or above, with one company (Infosys) scoring a perfect 10. Five out of nine companies are from the IT, Tech and Telecom sector.
- Aggregated by industry, Telecom/Tech companies have the highest average Corporate Disclosure score of 8.9/10, followed by Energy & Natural Resources with an average score of 7.2/10.
Leadership and Governance Quality (LGQ) Scores:
- Succession Planning — More than 75 of the top 100 Indian companies disclosed that they have clear succession planning processes in place for senior leadership.
- Independent Board Evaluation — 76% of the top 100 Indian companies do not have independent board evaluation by a third party.
- Anonymous Whistleblowing Mechanisms and Metrics — 48% of the top 100 Indian companies do not have an independent mechanism and metric to track anonymous whistleblowing.
- Diversity — Only 38% of the top 100 companies have more than 20% women employees in their workforce.
Five companies have over 40% women employees in their workforce: Page Industries (75%) SBI Cards (52%), Interglobe (44%), Samvardhan Motherson (43%) and Infoedge (41%).
10 companies have over 30% of women employees in their workforce :TCS, Infosys, Wipro, Tech Mahindra, ICICI Bank, LTI Mindtree, Canara Bank, Apollo Hospitals, Avenue Supermarts and Britannia.
- Inclusion — Top 100 companies together employ 23,922 people from differently abled communities, and 46% of them are employed by four state-owned enterprises. They are Canara Bank, Bank of Baroda, Hindustan Aeronautics Limited and State Bank of India (all employ 2%+ of their workforce from the disabled community).
Risk Disclosure Quality Scores:
- Talent Attrition Risk — Less than half (49%) offer flexible work policies post-lockdown.
- Policy and Regulatory Risks — 71% have adequately prepared for policy and regulatory changes that may have a material impact on their business.
- Supply Chain Resilience — 74% of the top 100 Indian companies disclose that they have adequately prepared for risks relating to supply chain disruptions and have taken mitigation steps.
- Climate Change Risks — 44% of the top 100 Indian companies do not provide adequate information on climate risk mitigation planning for net-zero carbon pathways.
- Cyber Risks — 48% of the top 100 Indian companies do not undertake regular cyber audits or trainings to build preparedness and resilience to a cyber breach incident or ransomware attack.
Commenting on the India Disclosure Index 2023 report, Amrit Singh Deo, a Senior Managing Director in the Strategic Communications segment at FTI Consulting and author of the report, said, “The India Disclosure Index report is an important benchmarking report that helps companies measure how they are faring on leadership and governance, as well as risk disclosure. Post-lockdown, companies have had to refresh enterprise strategies, improve risk management and demonstrate resilience by focusing on talent retention and mitigating risks related to climate change, cyber and supply chain. Investors and regulators are demanding more demonstrable, metrics-based progress on these parameters from companies. A higher standard of voluntary disclosure is a good proxy for governance and leadership as well as risk management.”
About the India Disclosure Index 2023
The India Disclosure Index 2023 is a report of corporate disclosure by 100 listed companies in India as assessed on 18 publicly available information disclosure parameters. FTI Consulting has been publishing the annual India Disclosure Index reports since 2016 and took a hiatus during the lockdown years. The India Disclosure Index 2023 report has a refreshed methodology, revised to reflect the changes in the external environment and voluntary disclosure standards expected from listed corporations. The full report and methodology can be found here: https://live.fticonsulting.com/asia-disclosure-index-2023.
About
555 12th Street NW
+1.202.312.9100
Investor Contact:
+1.617.747.1791
mollie.hawkes@fticonsulting.com
Media Contact:
+1.852.3768.4606
annie.malone@fticonsulting.com
Source: FTI Consulting, Inc.
Media Contacts
-
Corporate Communications
Matthew Bashalany
+1 617 897 1545 -
Americas
Nick Emmons
+1 617 747 1708 -
Europe, Middle East, Africa
Helen Obi
+44 79 7759 1658 -
Asia
Andrew Gerrard
+852 3768 4500 -
Australia
Rebecca Hine
+61 7 3225 4972