FOREWORD: BILTIR
Driving the change
All companies need to make concerted efforts to ensure that diversity, equity and inclusion are central pillars of their business operations, says Natasha Scotland Courcy, chair of BILTIR and chief operating officer, general counsel, of Athene Life Re.
Businesses around the world are coming under increased pressure from regulators to have environmental, social and corporate governance (ESG) considerations and initiatives at the heart of their operations. Research this summer from Private Equity Wire found 80 percent of survey respondents expect ESG to receive greater regulatory focus in the coming years. Increasing gender and racial equality in the workplace are key components of the efforts to improve corporate governance.
In 2018, California enacted ground-breaking legislation requiring gender diversity on the boards of public companies, and it is already delivering tangible results. In 2018, nearly one-third of public companies in the state had all-male boards. In July this year, the Harvard Law School Forum on Corporate Governance noted that the most recent report from the California Partners Project found only 2 percent of public boards did not include women.
While businesses are clearly moving in the right direction, much more needs to be done. The international re/insurance sector is the biggest driver of the economy in Bermuda, but it is far from representative of the Island’s population.
A report from the Association for Corporate Racial Equity (ACRE), which was set up in 2021 to address the historic under-representation of black Bermudians in international business, showed that “in international business, black Bermudians are over-represented in the junior levels and under-represented in middle, senior and executive management”.
It also found “the under-representation worsens increasingly in more senior levels of the organisation”.
Black women were the group of Bermudians with the highest percentage of degree holders, and while they were well represented at entry level and technical positions, they are “virtually eliminated from the workforce at executive management level”.
“There are simple things business leaders should keep at the front of their minds.”
Natasha Scotland Courcy, BILTIR
Companies are increasingly using focus groups and employee committees to help recruit a diverse range of employees who reflect the communities in which they operate, but all companies need to make concerted efforts to ensure that diversity, equity and inclusion (DEI) are central pillars of their business operations.
Workplace culture, of course, is pivotal. It’s often said many important business decisions are made on the golf course. But the golf course is still mainly the domain of men, most of whom are white. If businesses are serious about creating diverse workplaces, there is a case to be made for including the diversity of the workforce as a success metric of the senior leadership team.
Improving DEI in companies
There are simple things business leaders should keep at the front of their minds if they are serious about embedding DEI into their day-to-day business. Take a look around the table―if senior meetings still don’t have diverse representation, then DEI efforts, however well-intentioned, clearly aren’t working and should be revisited.
The international business sector in Bermuda offers a wide range of well-paid and extremely fulfilling careers, yet much can still to be done to attract young people from all walks of life into the industry. One of the essential missions of Bermuda International Long Term Insurers and Reinsurers (BILTIR)—of which I am chair—is to promote educational initiatives to encourage Bermudian students into our industry.
I’m proud of the range of initiatives run by BILTIR, including our scholarship, the Planet Math programme and our regular lunch and learn sessions. This year I am delighted to say that a record number of 26 students took part in summer internship programmes with BILTIR companies.
“I make it part of my job to do as much as I can to help young women to join the reinsurance industry.”
BILTIR itself has an excellent track record when it comes to diversity: eight of our 15 board members are women. However, as a senior black female business leader in Bermuda, I’m still quite a lonely voice.
As much as we can call on our still largely white and male executive teams to help transform our companies into more diverse workplaces, women business leaders also need to take responsibility for driving that change. It is so important that senior women actively mentor and advocate for their younger female colleagues who are beginning their journey through the industry.
In Bermuda, we are fortunate to have brilliant and enthusiastic mentors. Sylvia Oliveira, the first chair of BILTIR and CEO of Wilton Re Bermuda, is a wonderful mentor, and I make it part of my job to do as much as I can to help young women to join the reinsurance industry and have successful careers.
I am encouraged by the direction in which the re/insurance industry is moving—creating more diverse workplaces where different people with a variety of skills, backgrounds and life experiences can feel welcome and flourish. The industry will continue to face scrutiny from regulators who will hold businesses accountable to their ESG promises—and that is to be welcomed.
However, a more effective driver for change will be companies fully recognising the economic as well as social benefits of diversity and actively getting on board with making it happen.
Image: Shutterstock / Ilija Erceg
