The Institute of Directors Bermuda is set to host a critical workshop aimed at elevating board performance, with nearly 175 directors already registered to attend the sold-out event.

Michelle Cardwell, the executive director of IoD, explained why the event is important: “We want companies to realise that it's not just about having your friend join the board because there's a vacancy. It's about having the right people around the board.”

The workshop comes at a crucial time as Bermuda seeks to maintain its competitive edge in international business. Peter Stephenson, a partner with Toronto-based Hugessen Consulting, will moderate the event’s panel.

He emphasised the changing landscape of corporate governance: “Boards today are facing increased stakeholder expectations. What was good enough 20 or 25 years ago is not appropriate now for corporate operating boards.”

The event will feature a keynote from Craig Swan, chief executive of the Bermuda Monetary Authority, and a panel discussing high-performing board strategies.

Mr Stephenson noted that the workshop aims to help boards transition from mere compliance to strategic value creation.

“We're striving to help boards understand they have a bigger role,” Mr Stephenson explained. “Directors should feel confident in raising their game and creating more value.”

The IoD has seen major growth, expanding from 150 to over 250 members, which Ms Cardwell said shows increasing interest in professional board development.

She emphasised their commitment to support, training and education for boards who need it: "The key takeaway is for board directors to go back and think about what was discussed, and if they need to make changes, then make those changes."