How MentorMyBoard is Addressing the Challenges in Corporate Governance in India

In the ever-evolving landscape of corporate governance, ensuring compliance, fostering ethical leadership, and equipping board members with the right knowledge is critical. But when it comes to boards and directors, some companies merely hire them to fill the position without knowing its benefit. Other than ignorance and the lack of knowledge, there are other challenges in this sector. Addressing these challenges head-on is MentorMyBoard, a pioneering platform co-founded by Divya Momaya and Neha Shah, dedicated to enhancing boardroom excellence and governance in India. 

The journey of MentorMyBoard began with a stark realisation in 2016-2017: The Ministry of Corporate Affairs struck off nearly 2.5 lakh companies due to non-compliance with financial filings. Many directors found themselves disqualified simply because they were unaware of their regulatory obligations. This was a turning point for Divya and Neha, who saw a crucial gap in corporate governance education and awareness.

Reflecting on the early days, Divya Momaya shares, “We realised that promoters and founders signing financial statements often lacked awareness about compliance and the immense benefits of corporate governance. Boardrooms should be more than a formality—they should be strategic decision-making hubs and conflict resolution mechanisms.”

Reflecting on this, in 2018, MentorMyBoard was born, and over the next two years, the team worked to refine the concept. By 2020, the platform took a technological leap, enabling broader reach and impact. “Sitting in Mumbai, we couldn't possibly reach 1.5 crore directors across India without leveraging technology. That’s when we built MentorMyBoard as a digital-first governance ecosystem,” Momaya explains. "Along with the platform, we also started a conclave 'Mastering Boardroom,' an event that brings together corporate leaders and visionaries to celebrate governance excellence and inspire future leadership," says the co-founder. This year marked the seventh year of the conclave and awards which featured roundtables with 11 Visionary Leaders participating Globally from Dubai and PAN India, engaging panel discussions, expert insights, and meaningful conversations aimed at addressing key challenges in modern boardrooms.

A One-Stop Governance Hub

MentorMyBoard is more than just an education platform; it serves as a comprehensive ecosystem for board members, independent directors, and corporate leaders. Neha Shah highlights its versatility: “It acts as a mentorship platform, a networking hub akin to LinkedIn, and even an Amazon-like marketplace for boardroom solutions. From mentorship and e-learning to investor connections and meeting scheduling, everything a board leader needs is on our platform.”

The platform operates on a subscription-based model. Its growing community includes over 3,000 directors. In addition to membership, revenue streams include curated training programs, mentoring initiatives, and e-learning modules, which ensure continuous upskilling for board members.

Challenges in Indian Corporate Governance

Despite strides in governance, challenges persist. According to Momaya, the three biggest hurdles in the Indian corporate governance sector are; Governance by Law, Not by Spirit – Many companies appoint independent directors merely to fulfil legal requirements rather than for their strategic input, Quality of Board Members – There’s a dire need for upskilling and mentoring to ensure directors truly understand governance principles and Fragmentation in Governance Pillars – Governance elements operate in silos, lacking a cohesive ecosystem. “We aim to bring harmony among governance pillars, ensuring they work together effectively,” says Neha.

Adapting to Technological and Policy Changes

With rapid advancements in AI and corporate regulations, MentorMyBoard continuously adapts. The platform boasts a community of 85+ expert mentors, ensuring its members stay ahead of governance trends. “We invite professionals to share insights and mentor future leaders, fostering a culture of continuous learning,” notes Momaya.

The recent Union Budget 2025 has also emphasised ease of doing business, women entrepreneurship, and mentorship, aligning seamlessly with MentorMyBoard’s mission. Shah elaborates, “The government is prioritising leadership development. With AI disrupting industries, continuous skilling is essential, and we are here to facilitate that transformation.” 

With a vision to onboard 100,000 directors, MentorMyBoard is poised to redefine boardroom leadership in India. As corporate governance evolves, platforms like MentorMyBoard will play an integral role in shaping ethical, competent, and future-ready leadership.