New Delhi, March 8 -- About 90% of state-owned companies lack even a single woman director, flouting a regulatory mandate and repeated calls for gender diversity, a Mint survey has revealed.

Around 10 public sector units did not fulfil the requirement for at least three months as of December, according to an analysis of 20 PSUs based on data sourced from the Nifty PSE Index and the National Stock Exchange (NSE).

"A prevalent issue appears to be a systemic tardiness and operational inefficiencies within PSUs, who often defer to their respective ministries for clearances, leading to delayed approvals and potential appointments based on patronage rather than merit," said Shriram Subramanian, founder and managing director of proxy advisory ...