Diversity remains a hot topic in Bermuda’s boardrooms, but yesterday, a panel of business leaders questioned whether current strategies are enough to secure the island’s reputation.

According to a 2023 survey from the Bermuda Monetary Authority, 83 per cent of companies surveyed have created or developed their diversity, equity and inclusion strategy. A further 90 per cent of companies specifically consider gender balance on the board.

These findings were pointed out by Natasha Scotland Courcy, chief executive of Athene Life Re and a panellist at the Bermuda Directorship Forum sponsored by the Institute of Directors.

According to Neville Grant, CEO of the Bermuda Bankers Association, diversity has its advantage. “Most boards, certainly these days, are largely driven by the investors,” he said. “So the investor now looks through it and says, I’m not going to take a company public, or I’m not going to take a company forward that is old, pale and stale. So there has to be some level of diversity that they’re looking for. So whilst there are some other characteristics that I bring to the team, without a doubt, it certainly did not hurt the fact that I was a diverse individual, a Black Bermudian male.”

Yet, as Ms Scotland Courcy pointed out, the work is far from over.

“Within these last two years, we have seen a pullback in many companies in terms of the focus on DEI,” she said. “Now we’re not talking about DEI, we’re talking about belonging. And in my opinion, there is still a ton of work to do here.”

On the persistent challenge of opening board opportunities, she noted: “That closed list is real. I don't want us to pretend it doesn’t exist. That list of the same directors over and over again exists. That list needs to evolve. It needs to change. It needs to move.”

Another panellist, Christian Dunleavy, group president and CEO of Aspen, also encouraged companies to look outside traditional circles and consider diversity of thought, saying: “The most interesting questions I’ve heard from directors over time are from ones who are outside of the specific industry and are actually just coming at it from an entirely different angle.”

As boards evolve and calls for diversity of experience and thought grow louder, Bermuda’s business community finds itself at a crossroads, panellists agreed.

Offering thoughts on how future directors might distinguish themselves in this environment, Mr Grant advised attendees: “As you start to build your name, your reputation, your brand, think about what you are good at. Maybe it’s becoming the chair of the local charities, and you have the opportunity to talk actively about what you know and what you believe in.”