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IoD and KPMG team up to boost corporate governance

Insititute of Directors Graduates. (Photo by Akil Simmons)

A bid to boost the standards of company directors in Bermuda has been launched.

Financial services firm KPMG has teamed up with the Island branch of the Institute of Directors (IoD) to support professional development in the boardroom.

The move means that IoD members will be able to access KPMG’s global network of business expertise through a series of panel meetings and seminars throughout the year.

IoD chairman Roger Gillett said: “What we are working on is that everybody who is a director has available to them good information and education.

“It’s a dynamic area — things are changing all the time and that really is our focus.”

The IoD in Bermuda has just been relaunched after a four-year break, with a new board of directors.

Mr Gillett said membership of the institute had tripled over the past two years — and that numbers were expected to continue to increase.

He explained that there small pool of potential directors in Bermuda — but that the numbers had been swelled by retirees from business who were still able to contribute.

Mr Gillett declined to comment on the often large number of Bermuda directorships in different companies held by the same individuals.

He said: “We’re not saying that is a problem at this time.”

Mr Gillett added: “There are many angles to being a director of a company. Lawyers will be up to speed on some aspects of that, but not others.

“As we see it, once you are a director of a company, you’re responsibility is broad — it’s not just limited to your area of expertise. You can’t dismiss finance just because it’s not your area of understanding.”

And Mr Gillett said: “We want firstly to make sure Bermuda is as good as anywhere else, but ultimately we want to be the gold standard.”

KPMG said the link-up would enhance the running of companies in Bermuda and act as a foundation for economic growth and development.

Mr Gillett added: “We are excited by this new initiative which will give our members further opportunities to enhance their knowledge and encourage thought leadership in the field of corporate governance.

“We believe KPMG are an ideal partner to assist us in this goal.”

KPMG Bermuda chairman Neil Patterson added: “We are delighted to be a part of the ongoing revitalisation of the IoD in Bermuda and to align our experience and expertise in corporate governance with that of the institute.

“The IoD is recognised globally as one of the foremost organisations in corporate governance and we are delighted to be able to assist Roger and his team with their professional development objectives.”