Diversity, Equality and Inclusion in Bermuda

diversity equality & inclusion PRICELESS

2022

diversity equality & inclusion

in Bermuda

Bermuda’s Diversity Champions The Amazing Benefits of a Diverse Workplace Advancing diversity beyond your company’s four walls Being “out” in Bermuda business Women’s equality in the workplace

Business Trainer, Success Coach and Best Selling Author Jan is a sought-after business trainer both in the US and Bermuda. Jan's charisma connects with even the most challenging participants and gets all moving in a single direction toward success.

Jan can tailor any business training for your company, including

Diversity and Inclusion Or sign up today for one of the following seminar’s

September 23, 2022, Full day, 9-4:30pm, $447 Power Speaking and Professional Presentation Skills October 21, 2022, Half Day, 9-1pm, $197 How to Deal with Egos, Anger and Difficult People November 18, 2022, Full Day, 9-4:30pm, $397 Time Management for Humans December 1, 2022, Full Day, 9-4:30pm, $397 Journey to Reinvention January 18, 2023, Full Day 9-4:30pm, $397 How to Make a $100 Tip. Customer Service Secrets Revealed What Client’s say “You’re an inspirational woman and wowed me with your open-minded, optimistic personality” “I have learned some priceless information, to help me get through the good and bad days” “You are spreading a very powerful message, keep up the good work” “I was truly inspired by the stories you shared” “Jan’s tools increased my efficiency and productivity at work and beyond” “ Thank you for such a motivational day!”

“Great workshop! Jan keeps your attention and is both informative and entertaining” “Very valuable and enjoyable and an excellent presenter, Jan”

www.janfraser.com. Email: janfraserrocks@gmail.com. Tel: 492-7274 or 292-7279

From the publisher

AN OPEN INVITATION

I

Published by Bermuda Media PO Box HM 2032 Hamilton HM HX Tel (441) 292-7279 E-Mail: hello@bm.bm www.bermudamedia.bm Publisher: Ian Coles Marketing Director: Lissa Fisher Art Director: Tim Parker Contributing Writers: Peter Backeberg Tim Smith Associated Media: Bermuda Business Visitor New Resident Guide Your Future Going Green Health & Beauty Building Bermuda House Garden Kitchen and Bath =SYV 4ǽGI ERH Commercial Space Bermuda Property Matters The Bermuda Channel diversity equality & inclusion 2022

am very grateful for the trust and confidence the advertisers in this first issue of Diversity, Equality and Inclusion Magazine have shown in us. HSBC, BELCO, Deloitte, Argus, AXIS, MJM, Department of Workforce Development and Pure Water are all clearly demonstrating that they are truly focused on their employees. They are among those who realise that diverse groups are more creative. Without diversity, innovation and creativity become stagnant. We learn more when interacting with people from different backgrounds. Different styles of thinking and perspectives can lead to better discussions, better decision-making, and better outcomes.

This isn’t just wishful thinking. A Harvard study scrutinised two kinds of diversity: inherent and acquired. Inherent diversity involves traits you are born with, such as gender, ethnicity, and sexual orientation. Acquired diversity involves traits you gain from experience: living in a foreign country, for example. The study called this 2D diversity and reported that firms with 2D diversity are 45% likelier to report growth in market share over the previous year and 70% likelier to report that the firm captured a new market.

Another study by the Boston Consulting Group (BCG), one of the word’s largest strategy consulting firms, found that an increase in the diversity of an organisation’s leadership team correlated with improved financial performance and higher levels of innovation.

It’s becoming clear that diversity and inclusion are no longer a luxury or something to which to pay lip service but a powerful means to improve performance.

By embracing diversity, you can build an inspiring workplace culture and grow from a star to an entire constellation.

We are proud to add this publication to Bermuda Media’s stable of nine locally produced magazines. Diversity is not a destination but a journey. We hope we can become a forum for discussion, and we welcome your comments and ideas. If you would like to contribute or participate in the next issue, please do get in touch.

3

Leadership

Should your company have a Director of Diversity?

Here’s what you need to know about the role that ensures the workplace is welcoming for all

I

N THE BEGINNING CAME Personnel Administration, whose role was largely confined to hiring, policing company rules, payroll, and other record-keeping

tasks. Then came Human Resources, which recognised employees as a value center, as opposed to a cost center.

Technology has now automated many of the tasks traditionally undertaken

by HR, and our knowledgebased economy has driven HR

departments to transform into Talent Management, People Direction and a variety of other department and job titles — there are even some roles titled Chief Happiness Officer. But whatever the title, responsibilities are today often defined as to attract,

/ i À Õ« V Õ`ià Ìi`] +Õ ÀÕ Ìi` > ` ÕÀ «i Ìi`] which provides a full suite of Bermuda and > Ì> V À« À>Ìi > ` ÌÀÕÃÌ ÃiÀÛ Við

" i v iÀ Õ`>½Ã i>` } >Ü wÀ Ã] >Ài recognised both locally and overseas as leading practitioners delivering integrated legal advice and effective solutions.

Corporate & Finance | Dispute Resolution Employment & Immigration | Private Client | Property

MJM LIMITED

4

Quorum Limited is licensed to conduct Corporate Service Provider and Trust Business by the Bermuda Monetary Authority and MJM Europe Limited is authorised to act as a Company Service Provider and as Trustee by the Malta Financial Services Authority.

441.292.1345

THISTLE HOUSE

P.O. BOX HM 1564

441.292.2277

4 BURNABY STREET

HAMILTON HM FX

www.mjm.bm

HAMILTON HM 11

BERMUDA

www.bermudalawblog.bm

diversity equality & inclusion 2022

Leadership Appointing a dedicated CDO establishes DEI as being at the forefront of a company's goals and missions

develop, motivate, and retain highperforming employees.

So should Personnel, or HR, or Talent Management take responsibility for diversity, equality, and inclusion?

That may seem the most obvious allocation of responsibilities. But not all HR departments are the same, and many don’t have the resources — time, skills, and staffing — to handle the many challenges of this critical element of today’s business life. Some are already overwhelmed by existing responsibilities and will not be able to give DEI the attention and leadership it requires.

Appointing a dedicated Chief Diversity Officer (CDO) is one of the best ways to ensure this important issue receives the attention and resources it deserves and establishes DEI as being at the forefront of a company's goals and missions.

A CDO has a wide range of responsibilities, chief among them ensuring that the organisation’s culture values DEI, and that it is a welcoming place for all employees.

A starting point is often developing

hiring policies and implementing strategies to recruit employees from diverse backgrounds, ensuring that no discrimination occurs during the process. Where company policy or strategy is not being carried out, the CDO will draw up a plan of action to create change.

Another important aspect is education within the company — introducing programmes on cultural awareness for example. And encouraging collaboration between different departments and individual employees.

Of course, measuring and tracking the success of DEI programmes to determine if they are yielding the desired results is critical. The collection and analysis of data to identify where improvement is needed is vital for the success of any business programme, and this is no exception.

Not to be overlooked is the role a CDO can play in providing a resource throughout the organisation, from presenting an inspiring vision for the leadership team, to offering advice to all employees on conflict resolution, sensitivity and other workplace issues.

As a CDO, he or she will need immense interpersonal skills, boundless patience, and empathy – understanding the different backgrounds, cultures, and perspectives of the organisation’s workforce. And being able to effectively communicate is crucial to this role.

This is no easy task. Change is never easy. But the rewards of creating a better workplace culture of the future is well worth the effort. X

A CDO can provide an important resource, from presenting ER MRWTMVMRK ZMWMSR JSV XLI PIEHIVWLMT XIEQ XS SǺIVMRK EHZMGI XS EPP IQTPS]IIW SR GSRǼMGX VIWSPYXMSR WIRWMXMZMX] and other issues

diversity equality & inclusion 2022

Your best meetings might happen at the water cooler.

Pure Water is great tasting and an environmentally responsible choice. It is essential to get proper hydration to maintain your body’s mental and physical performance. dĂƐƚĞ ƚŚĞ WƵƌĞ ŝīĞƌĞŶĐĞ 32 Parsons Lane, Devonshire Tel: 299-PURE E-mail: purewater@bwl.bm Web: www.bwl.bm

THE DEPARTMENT OF WORKFORCE DEVELOPMENT

is here for you!

:H RǓHU WUDLQLQJ DSSUHQWLFHVKLSV LQWHUQVKLSV VFKRODUVKLSV SURIHVVLRQDO GHYHORSPHQW DQG FDUHHU UHDGLQHVV SURJUDPPHV LQ DUHDV RI KLJK GHPDQG WR VXSSRUW %HUPXGLDQV WKURXJKRXW WKHLU HGXFDWLRQ WUDLQLQJ DQG HPSOR\PHQW FDUHHUV :H ZDQW WR KHDU IURP %HUPXGLDQV HPSOR\HUV DQG EXVLQHVV RZQHUV 5HJLVWHU RU HQTXLUH WKURXJK WKH IROORZLQJ FKDQQHOV *(1(5$/ (148,5,(6 GZG#JRY EP RU FDOO ɏ 29(56($6 $1' /2&$/ 6&+2/$56+,36 ZZZ EHUPXGDVFKRODUVKLS FRP /($51,1* :(%,1$56 GZGOHDUQLQJ#JRY EP 6800(5 (03/2<0(17 VHSLQIR#JRY EP 6800(5 ,17(516+,36 VLSLQIR#JRY EP $335(17,&(6+,3 25 75$,1((6+,3 DSSUHQWLFHVKLS#JRY EP 5(*,67(5 )25 -2%6 21/,1( ZZZ EHUPXGDMREERDUG EP GOVERNMENT OF BERMUDA Department of Workforce Development

5

A person of interest

Tawana Tannock is a vocal supporter of groups fighting for equality

T

AWANA TANNOCK HAS sat on enough Diversity, Equality and Inclusion committees to know the answer is not as simple as hiring more black people.

“It makes no sense in having a diverse workforce in particular companies if it’s not a safe space to acknowledge the diverse nature of the individual,” says Tannock, a former chairwoman of the Human Rights Commission who is managing director at Skuld Mutual Protection and Indemnity Association.

“You can have racial diversity, but if everyone comes from the same private school you are not going to have the diversity of thought.”

She points to the practice of codeswitching, in which employees feel pressured to alternate between languages to suit others in the room.

“Imagine you are Bermudian, have a 6

traditional Bermudian accent and you work in a room and you are the only one that sounds like you. You might begin to feel that the way you sound naturally is unacceptable.

“Only if they are made to feel like they can bring their whole self to work, when code-switching is no longer necessary, can we start to get somewhere.

“There’s nothing worse than hearing somebody who feels they have to hide some part of themselves – it could be their sexual orientation.”

Tannock is a vocal supporter of groups fighting for equality, such as Bermuda Pride, and has played a key role in many efforts on diversity, equality and nclusion during her career, including helping to found Dive-In Bermuda, an organisation promoting diversity and inclusion.

She sits on several scholarship committees, which enables her to create better opportunities for young people.

“That’s important to me,” she says.

“A lot of our kids don’t go away because they can’t go away. We need to make sure our kids are educated so when they do come back those opportunities are open to them.

“And when they do come back, those conversations have to continue to see if they’ve hit the glass ceiling.”

Tannock’s efforts over the past decade, however, have provided many lessons about the long road ahead.

The Colleague Resource Group for women she formed at Bowring Marsh about eight years ago, for example, proved a source of frustration.

“I thought in our industry men tend to have a lot of opportunities to network, and get to know and meet one another, primarily because they don’t tend to be the primary caregivers,” she says.

“Women weren’t playing golf or going to wine bars as much, so it was aimed at getting us to network with each other.

“I thought that is something we could do to empower women at Marsh and hopefully create more diversity positions of leadership.

“Maybe a year after that, I realised that just having women in the resource group wasn’t getting us where we wanted to get. Men automatically thought it’s just for women – but the people we need to network with are men.”

Tannock admits a sense of “DEI fatigue” as she continues to observe boardrooms mainly comprising white men.

The solution, she says, is a review of immigration to ensure best practices are in place on the island.

“Black women are the most highly educated and comprise the majority of people working in insurance and reinsurance in Bermuda.

“We have panels and committees and discussions of DEI, but then the hiring manager goes back to their desk and hires the people they normally hire.” X Tawana Tannock is the Managing Director of Skuld Mutual Protection and Indemnity Association (Bermuda) Ltd and sits on the board of directors of Hydra Insurance Company Ltd. She was previously a Vice President at Bowring Marsh (Bermuda) Ltd. Tannock also worked for several years EW E (VS[R (SYRWIP TVSFEXMSR SǽGIV ERH drug court case manager at the Ministry of Justice, and is a former history teacher.

She is a past chairwoman of the Bermuda Human Rights Commission.

diversity equality & inclusion 2022

A person of interest

It’s about being more understanding of each other says Philip Vandoninck

I

NTERNATIONAL BUSINESS is a lucrative career for many people – but for others it can feel like a closed shop where they’ll never get their chance.

Fidelis Insurance Bermuda is striving to address that problem by welcoming young people through its doors as part of the Big Brothers Big Sisters of Bermuda programme (BBBS), which matches children with mentors.

Philip Vandoninck, the chief executive of Fidelis, says teaming up with BBBS is a large step toward attracting diverse people into the industry.

Under the partnership, Fidelis employees help children with their homework and play games such as table tennis, pool and football at the nearby Barr’s Bay Park.

“It’s enabled us to build a bond with those kids,” says Vandoninck, who is also the chairman of the Diversity, Equity and Inclusion Committee at the Association of Bermuda International Companies (ABIC).

“That’s been a real success story for us, with employees and the children,” he says.

“Many of them have never seen an environment like this before, but this helps them understand they have a reason diversity equality & inclusion 2022

to be in the corporate world.

“The kids are getting more and more comfortable in our environment.”

Other DEI efforts Vandoninck is spearheading include a series of workshops for Fidelis employees to explore the history of slavery and segregation in Bermuda, in partnership with the National Museum of Bermuda.

“It’s about wanting to be more understanding of each other, looking at history through different lenses,” he says.

“We are touching upon a very sensitive, painful, historical subject. We thought that’s a great fit for our organisation.

“It informs our expat population about societal elements in Bermuda that they need to acknowledge and be aware of and also helps our Bermudian colleagues become better informed about local history.

“Both expats and Bermudians told us they found it very useful. It’s a really good reminder on how history has shaped this island.”

The third Bermuda history module that The National Museum of Bermuda, with their Bermudian scholars, and Fidelis, are contemplating is the displacement of black Bermudians from their homes in Tucker’s Town at the start of the 20th

century.

“There are many international business employees who spend some of their family and social time in Tucker’s Town, on the golf courses or at the hotel,” Vandoninck says.

“I think it is important for them to have a better understanding and context about Tucker’s Town.”

Vandoninck notes clear benefits to Fidelis’ DEI initiatives.

“Our DEI efforts will allow Fidelis to attract a more diverse group of employees, making Fidelis more resilient to whatever society throws at us.

“Hopefully, it also attracts talent. We had a really strong application to our internship programme. We know young people will look at companies’ ESG principles online and make that part of their decision-making process of where to apply. A more diverse workforce fosters a naturally collaborative environment.

“In my career, I’ve noticed that people can take very different approaches to solving problems. In Bermuda, we have lots of different nationalities, resulting in different points of view, all of which needs to be harnessed.

“They all have merit, and all are trying to get to the same goal, but we need to take diverse viewpoints into the equation.”

While senior management across the island often express support for diversity, equality and inclusion, Vandoninck says there is a long way to go.

“Bermudians on island say they hear a lot of verbal support but would like to see these good intentions turned into more action. For a business to become fully integrated in local society, you must dedicate time to DEI on top of supporting your chosen charities financially.” X Philip Vandoninck joined Fidelis Insurance Bermuda in 2015, three months before its formal launch, and is now the CEO of the Bermuda subsidiary, heads up the Socium division of the group, and is a member of the Fidelis Group Executive Committee. He is the chairman of Fedelis group and Bermuda DEI committees and chairman of the Association of Bermuda International Committee’s DEI committee.

He previously worked for Hiscox’s Belgian SǽGI ERH -MWGS\ƶW 1PS]HƶW W]RHMGEXI FIJSVI LIPTMRK WIX YT MXW 'IVQYHE SǽGI MR 2005 and becoming head of International Reinsurance Business in 2013.

7

A person of interest

Scotland Courcy: an advocate for levelling the playing field

N

ATASHA SCOTLAND Courcy has seen it for herself: the boys’ club is real.

Yet by opening the door to those people who don’t normally get a chance, businesses can improve their bottom line and recruit and retain better employees.

“Historically, when you look at some organisations, and how people got their feet in the door and moved through the ranks, nepotism and the boys’ club have had real impacts,” says Scotland Courcy, senior vice president, general counsel and chief operating officer at Athene Life Re. Scotland Courcy is an advocate for levelling the playing field. “There’s a pool of smart kids that won’t have the opportunity to get their foot in the door if we don’t give them a leg up.

Let’s make sure all students understand the opportunities available to them in international business. If you’re a talented, hard-working Bermudian, becoming a CEO in international business is attainable.”

Scotland Courcy, who grew up in Trinidad and moved to Bermuda after practising in London, noticed fewer black people in key roles when she arrived in Bermuda’s international business arena. “It was strange to have this feeling of being the odd woman out,” she says.

“It can be highly intimidating, I sometimes felt I had to be perfect. It forced me to cultivate a strong voice and to be thoughtful and methodical.

I speak up and ensure my viewpoint is heard.” While companies in Bermuda have made improvements, Scotland Courcy says: “Day to day, I still have that experience.”

Scotland Courcy believes that the composition of the boardroom can be changed by improving educational opportunities. To this end, Athene is committed to supporting educationbased initiatives that seek to close educational gaps in the community. Last 8

year, Athene spearheaded the creation of a Career Development Centre in partnership with the Bermuda College Foundation, Athora Life Reinsurance, Aspen Insurance Holdings and Catalina Holdings. Scotland Courcy says she looks forward to seeing how the Bermuda College leverages the Centre to propel students into impactful careers.

Athene provides scholarships to Bermuda College students each year and participates in programmes with Bermuda International Long Term Insurers and Reinsurers (BILTIR) to engage local high school students. Athene also donated 200 laptops to the public school system in 2020, providing critical resources for teachers and students coping with pandemic-related disruptions.

Athene is one of the founding members of BILTIR and plays an integral part of their summer internship programme. This year, BILTIR companies hosted 26 Bermudian students, with Athene hosting seven. BITLIR interns had the opportunity to meet with Premier David Burt in July where some had one-on-one conversations directly with the Premier. Scotland Courcy points to this as a marker of success.

Diversity, equality and inclusion measures are also at the heart of Athene’s day-to-day practices.

“An inclusive environment featuring empowered employees is vital to the success of any business,” Scotland Courcy says. Athene’s performance appraisal system includes a DEI component and leaders are assessed on their contributions to DEI. Scotland Courcy, who was selected in the top 25 diversity and inclusion champions by Intelligent Insurer magazine last year, says: “Having diversity of thought is key to companies’ bottom line. Diverse opinions make for better decisions. It’s not just a business metric for success.

It’s a critical tool to recruitment and retention. It’s pivotal to having engaged employees who feel a sense of belonging.”

Scotland Courcy is a driver for change at Athene, BILTIR and the Bermuda community. X Natasha Scotland Courcy works with Athene Life Re’s business units to manage its reinsurance transactions including acquisitions, strategic transactions, reinsurance arrangements and alternative structures. In her role as COO, she is responsible for oversight SJ &XLIRIƶW 'IVQYHE SǽGI HIWMKRMRK and implementing business operations and establishing policies that promote the company’s culture and vision. She previously held legal counsel positions at other international companies where her responsibilities included managing complex internal reorganisation projects and merger and acquisition deals.

diversity equality & inclusion 2022

A person of interest

Don’t be afraid to discuss your differences says Jacqueline Muschett

S

OMETIMES, THE IDEAL candidate for the job is not necessarily the person with the best grades.

Jacqueline Muschett says she pays just as much attention to each applicant’s background as she does to their GPA when she assesses candidates.

“When I’m looking at candidates for summer students, sometimes I will come down to two candidates, and one has a higher GPA than the other,” Muschett says.

“People might think if we are talking about equality, the higher GPA should always get the position.

“But that candidate may have come from a privileged life and had access to tutoring and all the support they could want, whereas the candidate with the lower GPA might not have had the same access. To me, that lower GPA is probably a better grade than the candidate who had the tutoring.”

That is why Elementum has partnered with programmes targeted towards

diversity equality & inclusion 2022

underprivileged sections of Bermuda’s community.

“If you hire a pool of employees with a wide range of experiences, backgrounds and perspectives, it’s proven to produce better results and performance,” Muschett adds. “You also tend to get that gender and race diversity organically.

“If you only hire homogenous employees, you don’t get the same talent and creativity that having a diverse set of talent will give you.”

Muschett, who is the managing director and head of actuarial and valuations in Elementum’s Bermuda office, remains grateful for her first opportunity, 17 years ago, as a mixed-race summer student at Montpelier Re. “Making sure that I provide that advantage to other Bermudian students has been very much a priority for me,” she says.

“I tend to focus on providing the opportunity to students that might not otherwise be given this advantage, rather than those who already have connections

in the industry.”

A successful internship can encourage young Bermudians to work on the island, help them build relationships and gain an insight into how the industry works.

“Regardless of whether they return to me and my company, I always make sure they have my phone number so I can give them advice later on. It’s what my own mentor did for me,” Muschett says.

As the granddaughter of the first black Bermudian chief justice, Sir James Astwood, Muschett knew from an early age the importance of giving people opportunities.

“He was a black man that came from not that much,” she says.

“He was given the opportunities and leadership and went on to achieve all these great things. Growing up, I was very aware of his past and how he overcame that, and then sought to give others opportunities when he could.”

Muschett advises not to be afraid to discuss your differences in everyday interactions around the workplace.

“It’s increasingly important to get to know your colleagues,” she says.

“Have conversations with them and talk about your backgrounds and differences, because this gives people the opportunity to celebrate what makes them individuals.

“It doesn’t need to be in a formatted way. It’s done in casual conversations, speaking about people’s family and their home life.

“A lot of times people are afraid to ask questions because they are afraid of political correctness. But it’s through those conversations that people gain empathy and become an ally.”

Allies come in different shapes and sizes, and can help you work towards common goals.

Muschett says: “Those who have similar needs to me based off my race won’t have the same needs to me based off my gender.” X Jacqueline Muschett serves as Managing Director, Head of Actuarial & Valuations for Elementum (Bermuda) Ltd. Her previous roles include Managing Director, Head of Valuations at Hudson Structured Capital Management and progressive actuarial positions at Sompo International (formerly Montpelier Re) specialising in catastrophe reserving, specialty lines pricing, and economic capital modelling.

9

Insight into diversity

BELCO’S ongoing DE&I journey As told by Krista Barnes, Director, Communications and Sustainability

B

ERMUDA ELECTRIC Light Company Limited (BELCO) is committed to creating and supporting a diverse, equitable and inclusive company culture which we believe results in a more just society, resilient community, and high-performing workforce. Additionally, we remain focused on maintaining the highest standards of ethics and integrity in our relationships with our team, our community, our customers, and our stakeholders, while ensuring compliance with all applicable laws and regulations.

BELCO has representation on an established global Diversity and Inclusion (D&I) Council which was formed to unite representatives from across the globe with the goal of developing, refining and taking the lead on the path to a more DE&I centric approach. The Council is mandated to provide informed leadership for cultural equity and to promote equal opportunity within the workplace.

Our participation on this Council is assisting BELCO in strengthening the foundation in order to develop and implement the appropriate

10

programmes to address DE&I issues across our business.

We recognise that we have a social responsibility to our community and our team to develop and enact policies that support Diversity, Equity, and Inclusion (DE&I). With a team of 234 employees, we strive to continuously evolve our DE&I approach to ensure every team member knows that they are valued; receives fair and equitable treatment; has a voice that can be heard; and has a place they know that they belong. Overall, an investment in a DE&I centric approach makes good business sense as it builds a team that delivers better business results and creates a stronger, more resilient organisation.

One of the areas we are continuously trying to improve in is female representation within our company and industry. While the physical work operating the plant and maintaining the distribution grid has traditionally been dominated by men, women are increasingly taking on these roles and excelling. Of the 234 full-time employees at BELCO, 35 are women. Women work in almost every area of the Company including

Bulk Generation; Transmission, Distribution and Retail; Occupational Health, Safety & Environment; IT; Sustainability; Procurement & Logistics; and Communications with one of our two Managing Directors being female. Additionally, our Electricity Supply Trade Union (ESTU) has a female President for the first time in its history.

At BELCO, we strongly encourage women to apply for careers, scholarships, internships, and apprenticeships and of the latest 15 apprentices, one is a young Bermudian female. Upon completion of our Apprenticeship Programme, she, along with all the apprentices, will be placed in a designated area of the business deemed most suitable, which will include potential positions such as Electrical Fitters, Mechanical Fitters, Line Workers and Electrical Jointers.

Additionally, BELCO has recently hired 20 Summer interns – the most in the Company’s history – of which 11 are female.

BELCO’s Director, Human Resources and Culture, LaKeitha Cunnigham shared: “BELCO has a long history of supporting its team, but we are proud of the strides we have made in the realm of Diversity, Equity and Inclusion in recent years.

As we move towards a more sustainable future, we are constantly learning and implementing new strategies to improve. Ensuring we take a DE&I centric approach will assist us in attracting and retaining top talent, while also ensuring our customers are receiving the highest calibre of service and care possible.”

Our ongoing DE&I journey demonstrates our commitment to a more sustainable future. As we strive to continuously evolve and progress, we recognise further opportunities for growth and improvement. However, we are proud of the progress we have made so far and look forward to progressing even further in the future. X diversity equality & inclusion 2022

Insight into diversity

Making an impact on someone’s life is easy if you are genuine Jarita Vickers, Director, and Lead of Deloitte’s ALL INc YF GSQQMXXII I\TPEMRW

A

T DELOITTE WE AIM to create an inclusive culture that allows people to bring their whole selves to work.

Many firms can say they do, but there is a delicate balance between creating a genuine culture versus a tick-the-box exercise.

How does Deloitte make the work experience for each employee authentic?

When Deloitte changed its logo to the green dot, there were so many thoughts about what it stood for. The Green Dot symbolises our commitment to excellence in everything that the Firm does, and under the topic of diversity, equity, and inclusion, the same holds.

In this sense the Green Dot is a beacon that encompasses all things and says we accept and support, period. The Deloitte diversity equality & inclusion 2022

ALL IN strategy focuses on critical pillars that address the deepest concerns and needs of our employees and promote an everyday inclusive and respectful culture which sets the foundation for building a diverse and vibrant organization. We encourage gender balance and allyship, foster ethnic, racial, and LGBTQ+ inclusion, and support mental health, working parents and people with disabilities through visible and vocal support.

At Deloitte, we’ve addressed these areas in creative ways. For example, we started the conversation on ethnic and racial inclusion through a series of weekly newsletters (during Black History month), cultural emersion minutes, and educational sessions hosted

by CURB. We have a book club that gives employees a voice to speak out on

not only on racial issues but all issues surrounding inclusivity and provides an alternative solution to raising awareness, breaking biases, and changing perspectives one page at a time. The evolution continues with tackling gender balance and empowering our female colleagues to be The Butterfly in the room through voluntary mentorship programs and focused webinar sessions. Also, our Well-Being committee has provided essential tips, guides, and fun sessions promoting mental wellness and allowing us to live our best lives!

Conversations continue, and Deloitte will remain focused on these areas.

We understand that it is a long-term commitment, and we are in it for the long haul, ensuring that we are making an impact that matters and drives lasting change. X 11

Is family where you’re from

Opening up a world of opportunity

or where you’re going?

Insight into diversity Spirit sculpture designed and painted by WindReach participants, WXEǺ ERH ZSPYRXIIVW

AXIS Celebrates Diversity, Equity, Inclusion in Bermuda

A

T AXIS, FOSTERING a culture that embraces diversity, equity and inclusion (DEI) is a key priority. This is only appropriate as the organisation is headquartered in one of the great melting pots in the world – Bermuda. AXIS remains committed to the island and its people and this is reflected in its workforce, programmes and initiatives.

DEI is one of the pillars of the organisation’s Corporate Citizenship programme which aims to address environmental, social, and governance issues. A Council of employee volunteers and advocates, which includes Bermudian representatives, leads AXIS DEI strategies and 14

initiatives together with a dedicated, global AXIS DEI lead.

Through partnerships with organisations like the Association of Bermuda International Companies (ABIC), the Association of Bermuda Insurers and Reinsurers (ABIR), and the Bermuda Foundation for Insurance Studies (BFIS), AXIS helps offer Bermudians opportunities for further education. In addition, AXIS is a Global Festival Partner at Dive In, an industry-wide initiative promoting DEI in the industry. Dive In has a large presence in Bermuda, and several AXIS employees participate as committee members, panelists and/or attendees.

AXIS continues to invest in

Bermuda by partnering with local organisations dedicated to supporting the island and its people such as Keep Bermuda Clean and the Bermuda Ag Show.

More recently, AXIS partnered with WindReach, a non-profit organisation dedicated to enriching the quality of life for people living with special needs. To support WindReach’s fundraising efforts, AXIS won the bid for “Spirit” – a sculpture of a miniature pony designed and painted by local WindReach participants, staff and volunteers.

As the Company looks to the future, a strong commitment to DEI, and to supporting the Bermuda community, are central priorities for AXIS. X diversity equality & inclusion 2022

Insight into diversity

Inside looking out Phillip Davis, Argus BLM Committee Chair and Head of 2EVOIXMRK ERH )MKMXEP *RKEKIQIRX I\TPEMRW LS[ XLI 'PEGO 1MZIW 2EXXIV QSZIQIRX MW MRǼYIRGMRK GLERKI EX Argus Bermuda

S

USTAINABILITY, resilience, and doing the right thing have always been at the core of Argus. Recent violent acts against Black people in the US and other parts of the world, and the rallying cry to eliminate racism have left a deep impression on our island. Acknowledging a history of racial injustice and the renewed demand for conversations around meaningful action has given rise to organisations and groups determined to keep the wheels of change turning around anti-black racism in Bermuda.

Over the last two years, many businesses have taken the opportunity to examine their corporate culture to see how they could do better.

Acknowledging that there is a problem was just the beginning. Like many companies around the world, Argus is working to address systemic racism. We recognise that equal opportunity must get the attention it deserves. We asked ourselves, “How can we ensure that our colleagues feel seen and supported?” and came to the conclusion that diversity, equity, and inclusion (DE&I) need to take a more prominent role in our talent management and the overall structure of the company.

From the initial ripples felt by the

diversity equality & inclusion 2022

murder of George Floyd in 2020, internal meetings and executive-level commitment were cemented with actionable, longterm goals. Our CEO, Ms. Alison Hill, provided us with the necessary resources to start anchoring anti-black racism initiatives as core pillars of Argus’ DE&I framework.

We needed to find out how our colleagues felt about and lived with racism at work and in their everyday lives. We partnered with an anti-racism organisation that helped us take the first steps to understand and listen.

It’s a complicated topic to discuss in a corporate setting with many experiences and perspectives to consider.

Our colleagues were forthright and compassionate during interviews, and we discovered things about ourselves that gave us the clarity needed to focus and act.

The Black Lives Matter Committee (BLM) was formed to create tailored solutions and tackle the monumental task of identifying institutionalised racism within Argus and work to eliminate it. Anti-racism is now a fixed agenda item during global town halls and its focus impacts high-level and everyday executive decisions around company culture and increasing race fluency. Two co-executive sponsors were appointed to lead anti-racism efforts – the Chief Global Compliance and Audit Officer and Chief Communications Officer – and I accepted the role of BLM Committee chairman. Supported by members from all Argus jurisdictions, we are working to build a better future as we continue to unlearn racism and strive to weave the anti-racism framework into all aspects of governance, health, attracting and retaining talent, economics, and education.

Our goal is to support individuals at Argus with the tools, language, and clear understanding of what institutionalised racism looks like and ultimately eliminate it. We are far from done, but we believe consistent action makes a difference.

Our BLM programme is a key pillar of our future DE&I plans and initiatives.

To date, we have posted resources and documents on the company Intranet, delivered anti-racism education sessions, highlighted our anti-racism goals in our annual report, and will publish our first sustainability report, which includes a section on our commitment to DE&I and anti-black racism.

We are grateful for the incredible support we’ve received from our colleagues, board members, allies and partners. Their assistance has helped us start to create a better internal system and make meaningful changes for ourselves and for the people who make up our communities. X

“As the world tried to make sense of the fallout of racism and bigotry, we felt the need to understand how institutionalised structures of racism touch us all on every level. I wanted to help create a better world for my two boys. Unlearning behaviours that have been internalised and often implemented is uncomfortable – and this requires resilience and support at all levels. I am privileged to have the ability to start.”

15

Breaking the bias

I am woman, hear me roar

C

Not yet too big to ignore, but an increasing number of women are working in XVEHMXMSREPP] QEPI HSQMREXIH .8

ORAL WELLS SAYS THAT if there’s a message she wants to get across, it’s that “if you’re a girl, a young woman, or a woman, you shouldn’t shy away from building a career in tech — whether that be IT and the computer sciences, an HVAC engineer, an auto mechanic, working in construction or maintenance — the ‘trades’ should not be meant only for men, jobs should not be based on gender. Women can do anything they want to do, and they should pursue anything they’re interested in, even if traditionally these have been male dominated job fields.”

Coral runs Connectech, a charitable endeavor committed to teaching kids 16

and teens to be creators, innovators, and thinkers by offering classes on coding, gaming, and robotics. Coral is also the manager of the Technology Leadership Forum (TLF), another charity, offering Bermuda's future IT leaders, internships, mentoring, youth development and educational programmes.

There appears not to be any statistics on how many women work in technical industries in Bermuda, but Coral says there is sufficient anecdotal evidence to know that women are badly underrepresented. “When Connectech started in 2016 our classes would have only one or two young girls, and in meetings on IT I attended, there would be very few, if any, other women in the room with me.

The number of women in IT is still very low, but it has been slowly improving. I think some of that growth has come about through the increased focus of STEM (science, technology, engineering, maths) teaching in local schools. Connectech also has a programme in all the Government primary schools, where attending lessons conducted by our own rising woman in tech, Chloe Baron is part of the regular curriculum. This normalises the experience of being exposed to IT, where it’s not just for boys, but the girls are learning right alongside them in a fun and interesting environment that we create.”

Coral says that the same programme is in some, but not all Middle Schools, and hopes that it can be extended to the other diversity equality & inclusion 2022

Breaking the bias schools that haven’t already included IT in the regular curriculum. “It just makes sense”, she enthuses, “because Bermuda is in dire need of software engineers and programmers to fill jobs in the general computer tech field. I get calls every day from companies looking to fill vacancies and asking if I know of anyone”.

So, what more can be done to encourage women in this field of work? “I would say most, but unfortunately not all, women feel comfortable in IT, but my view is that it’s a two-way street to ensure genders work together seamlessly. I would like to encourage men to be open to listening more. The women I know who work in this industry are equally as knowledgeable as men, and I would ask men to be cognizant, aware and accepting of that. I personally have been sat around a table at meetings — and I have heard the same story from other women — where I have offered a solution to an issue, but the discussion continued, and my idea tacitly dismissed. Then several minutes later, a man would make a similar suggestion and it’s hailed as a good idea.”

Coral says women should take an active role in a situation such as this. “I tend to speak up in these circumstances and point out that I said the same thing earlier in the meeting. It’s not a question of looking for praise or accolades, but about being effective and efficient. We could have saved a lot of time if what I said had been accepted as easily as the man’s ideas.

Sometimes it’s not appropriate to call this out in the meeting itself. It’s important to be able to read the room, and it may be more appropriate to discuss with the meeting leader afterwards”.

Advice Coral would give women is to “not go into such a meeting with a chip on their shoulder. Don’t expect all men to be dismissive. There are many, many men who are supportive, treat women as equals and want to see us succeed. So don’t consider yourself invited to meetings as a token gesture. Accept that you are there on merit and know that you are bringing valuable knowledge and expertise to the table. Try to keep your emotions in check and be confident, speak up.”

When it comes to education, Coral believes real world IT experience is just as important as gaining a degree. “I like to encourage students to think about their career, at least from a tech perspective, as early as possible. This is a very fast-moving field, and it’s important to keep current with changes as their occur.

I’m not saying college or university is not important by any means, but I’m of the belief that you don’t always have to go to college in this field of work. By the time you complete a four-year degree, technology will have undoubtedly changed, and you may need to hit the books again. That doesn’t mean you shouldn’t study. Life is a continual learning process. And as I said earlier, the Island is desperate for programmers, for software engineers and to fill other areas in the computer science field. So, my message for young ladies is, come and join us.”. X diversity equality & inclusion 2022

When a ceiling reached ÅåÎŅĵåŸƉ°ƉāŅŅų Facilities management may seem like a male dominated ǻIPH FYX &RRIXXI +MX^QEYVMGI :5 +EGMPMXMIW EX SQTS .RXIVREXMSREP WE]W Ƹ. HSR X ORS[ MJ Q] I\TIVMIRGI MW HMǺIVIRX to anyone else, but I have never felt any resentment SV LEH ER] YRTPIEWERX I\TIVMIRGIW NYWX FIGEYWI .ƶQ E [SQER [SVOMRK MR XLMW ǻIPH *ZIV]SRI .ƶZI [SVOIH [MXL ƴ GSRXVEGXSVW TPYQFIVW IPIGXVMGMERW PSGOWQMXLW ƴ LEW FIIR LETT] XS LIPT QI LETT] XS I\TPEMR XLMRKW XS QI MJ XLIVIƶW something very technical or new that I haven’t come across FIJSVI . HSRƶX JIIP XLEX FIMRK E [SQER GSPPIEKYIW PSSO down on me or question: what is she doing here in that TSWMXMSR$ƹ “Sometimes in meetings, the room might be full of men, and I am the only female, but I have never felt that I don’t FIPSRK MR XLEX VSSQ ƹ Annette recently took a facilities management course developed by BOMI (Building Owners and Managers .RWXMXYXI ERH SǺIVIH XLVSYKL 'IVQYHE (SPPIKIƶW 5&(* HMZMWMSR 5VSJIWWMSREP ERH (EVIIV *HYGEXMSR Ƹ8LIVI [IVI a couple of other women on the BOMI course with me, so .ƶQ RSX XLI SRP] SRI PSSOMRK QSVI [MHIP] EX GEVIIV ǻIPHW XLEX QE] LEZI XVEHMXMSREPP] FIIR HSQMREXIH F] QIR . [SYPH HIǻRMXIP] VIGSQQIRH XLMW X]TI SJ [SVO ERH XLI 'IVQYHE (SPPIKI GSYVWI XS SXLIVW ƴ QIR ERH [SQIR . HMHRƶX XLMRO that I would end up working in facilities management, but I EQ IRNS]MRK MX E PSX 3S X[S HE]W EVI IZIV EPMOI ƹ

17

Strategies for diversification

Advancing DEI is an ongoing process 8LI FYWMRIWW GEWI WLSYPH RSX FI MKRSVIH WE]W 1PS]H -SPHIV Ambassador for DEI at IoD Bermuda

T

HE MOVEMENT towards greater diversity, equality, and inclusion (DEI) in businesses has been gaining traction, and even accelerating, around the world since the multi-national Black Lives Matter protests of 2020. The same is true here in Bermuda with both local and international companies delving into the best strategies for ensuring DEI success.

Those strategies can vary from company to company as there is rarely a one-size fits all solution. Nor are there standardised metrics for evaluating success or reporting on it. Both of which are important considerations, because whilst DEI can easily be recognised as a social issue, more and more research is showing that it is also a business issue.

Companies that are successful with their DEI initiatives will see those efforts show up in their ability to attract talent, investors, and consumers.

“There is an overlap between the moral relevance of DEI and its impact on the bottom line,” says Lloyd Holder, the Ambassador for DEI at the Institute of Directors Bermuda. “If you are a modern, forward-thinking business you can’t ignore the important issues of the time.

Information is exchanged so quickly these days that one false step is out there immediately and can carry a significant price tag.”

Mr. Holder also says building DEI

“Any area where there are biases, we need to push through those” 18

within the company helps businesses “keep their finger on the pulse” with customers and clients and helps with talent retention.

“People have more choices today — where to work, what to buy, and DEI is becoming more and more a part of their decision making,” he explains, before sharing an anecdote about a locallybased reinsurance company losing out on possible investors because they “didn’t like the composition of the Board” at the time.

Whilst the BLM movement may have stirred awareness and action, the array of demographics and factors to consider for a company is, well, diverse. They include ethnicity, race, country of origin, gender, sexual orientation, socio-economic background, and age.

“Any area where there are biases, we need to push through those”.

How to push through is still a work in progress. Some of the key areas for consideration include pay equity and hiring practices, as well as ensuring people have a seat at the table and that their voices are heard.

“It’s all about intentionality,” continues Mr. Holder, who says when he joined the IoD Bermuda Board in 2016 he was the only black male Director. “You need to look at things like how we hire, how we assess ability and compatibility. The whole notion of what makes a ‘good fit’ has changed because you want people who bring different experiences and perspectives into the discussion.”

Diversity of background is fast being recognised as a bulwark against one of the most insidious problems with a lack of DEI – group think.

“When everyone looks at a problem the

same way it leads to blind spots,” he says.

“And blind spots almost always manifest as something negative, like making an offensive comment or overlooking talent.

This is not good for business."

In reflecting on how an organisation might begin its DEI journey Mr. Holder points to the importance of gathering data. He is currently involved with the Association for Corporate Racial Equity (ACRE), an organisation that partners with industry leaders and change agents in advancing DEI initiatives to sustainably address imbalance at all levels.

"I’m a black male in corporate Bermuda and there are not a lot of us," he says.

"ACRE conducted a study on the back of the BLM protests and then took the data and shared it with company leaders diversity equality & inclusion 2022

Strategies for diversification

“There is an overlap between the moral relevance of DEI and its impact on the bottom line” to highlight the actual situation, the disproportionate nature of hiring, and promotion to senior positions etc.

"It’s a good starting point and you have to begin with the hard conversations – acknowledge the past, look at the present and discuss solutions. But not in an accusatory way. It’s often not intentional, more because people don’t know what they don’t know. Honest conversations can lead to change."

Once the change has started Mr. diversity equality & inclusion 2022

Holder says companies must commit resources to the process. This can include outside expertise but should include internal resources as well.

“A lot of companies are hiring DEI resources,” he says. “This is one of the ways to ensure that it remains an ongoing process, that it’s not a one off in response to a particular event, like for instance Black Lives Matter, and then we forget about it.”

Failing to look at DEI as an ongoing issue is one of the pitfalls Mr. Holder points to, as is the notion that it is someone else’s problem.

“I think the sweet spot is being mindful and reflective,” he concludes. “If we stay in a space where we think, it’s not my problem and I don’t even have to think

about it, then you ignore it, and we won’t find solutions.” X Lloyd Holder is a Chief Information IGYVMX] 4ǽGIV [MXL SZIV ]IEVW SJ experience in Information Security, Technology, Risk, and Operations.

He holds a Bachelor’s of Science in Computer Information Systems from Oakwood College, a Master’s from the London School of Economics and Political Science, and an Executive *HYGEXMSR UYEPMǻGEXMSR JVSQ -EVZEVH 'YWMRIWW GLSSP 1PS]H MW EPWS E (IVXMǻIH Information Systems Security Professional (CISSP) and Project Management Professional (PMP).

Lloyd was appointed as IoD Bermuda’s Ambassador of Diversity and Inclusion in 2022 and has recently joined the executive of the Association for Racial Equity (ACRE).

19

LGBTQ+ community

Being “out” in Bermuda business Julia Aidoo-Saltus, senior legal counsel, HSBC Bank Bermuda Limited, shares her story The opinions expressed in this article are solely the author’s. They do not purport to reflect the opinions, beliefs, views and policies of HSBC Bank Bermuda Limited.

I

WAS RECENTLY ASKED what it was like to be “out” as a Black Bermudian gay female professional in Bermuda. I responded that, during the 18 years I have practiced law, I’ve felt fine. Comfortable. Safe. My sexuality has never affected my career. Nor has it ever been discussed or questioned — at least not within earshot, as Bermudians, as we know, are way too polite. And yet …

It may be more instructive to ponder what people don’t say. Indeed, the task of finding a Black Bermudian professional woman to contribute to this publication proved challenging. On an island of some 60,000 people, more than half of whom identify as Black, how, one might ask, is this even possible? This humble submission is my effort to contribute to a thoughtful examination of what it

is like to work in an environment with few “out” Black Bermudian gay female professionals.

Fortunately, I am employed as a banking lawyer by HSBC and am happy to report that, as far as I can tell, there is no better place for a gay person to work than at HBSC both here and abroad.

A quick example. In 2018, I travelled to HSBC’s headquarters in London for a three-month secondment. I fretted endlessly. Do I tell my relocation manager and my new colleagues that I have a wife rather than a husband? Do the accommodations offered to a wife and husband extend to a wife and wife? If not, how far was I going to push, without annoying the new colleagues I had not even met, but must work with? That I had a wife, rather than a husband, never came up. It was okay. That my wife travelled with me, lived with me and was part of this amazing experience never received a single comment.

This is in keeping with HSBC’s

HSBC is a proud supporter of LGBTQ+ community

20

approach of being a champion for its LGBTQ+ customers and employees.

Specifically, HSBC has a global PRIDE network consisting of PRIDE employee resource groups (ERGs) in countries such as Brazil, Malta, Singapore and, of course, Bermuda. Globally, HSBC sponsors innumerable PRIDE events, including hosting renowned LGBTQ+ guest speakers such as “out” Black British Olympian Colin Jackson and tennis superstar Martina Navratilova.

HSBC also sponsors and participates in PRIDE parades in New York, Toronto, London, Singapore and Vietnam. In some countries, such as England, HSBC employees and customers can update their gender status or change to a gender neutral title such as Mx or Msr. In Hong Kong, life insurance policies list same sex and unmarried couples as beneficiaries during the application process.

In Bermuda, the approximately 50 members and allies of our ERG have diversity equality & inclusion 2022

LGBTQ+ community

held panel discussions with internal and external panelists on matters such as the recent Privy Council judgment, which ruled against marriage equality in Bermuda. We facilitate these discussions through the support of the local HSBC executive management team. This support of our LGBTQ+ ERG includes financial support, which covers our costs for events and HSBC-branded LGBTQ+ swag, including face masks, which we wear at work. Another profound show of support was the lighting of our Harbourview building in the pride rainbow colors in 2021 and flying the Progress Flag at our branches during the inaugural 2019 Bermuda Pride Parade and also for 2022’s Pride Month.

Representation Matters One challenge, however, of being LGBTQ+ at HSBC is representation.

I attend HSBC LGBTQ+ events and always spend the first five minutes diversity equality & inclusion 2022

scanning the room for my people, namely, people of color. We are sparsely represented as attendees — and only recently as organisers and guest speakers.

It is only at the peak of this frustration at a lack of representation that I had my “aha” moment: I am not organising.

I am not offering my experiences of being LGBTQ+ as a guest speaker.

Representation does matter. If I want to create a future that includes people of colour in these spaces, I must show up.

One way to show up is through this article.

It is my hope that more of us do show up.

“Out” in the larger Island community Paradoxically, I am more comfortable “out” at HSBC than I am in the larger Island community.

I have never been “out” in the sense that I publicly declared to any and everyone that I am LGBTQ+. I told my mother because that is what one

simply does. I live my life as privately and authentically as I know how. If people cross the privacy line and ask about my status (and Bermudians do ask because we are generally curious), depending on whether the question is asked respectfully, I answer that I am a lesbian.

What I find most challenging is the hurt from the homophobia I experience in my own community of Black Bermudians, many of whom have and continue to fight for racial equality. It is the homophobia from people who I once considered dear friends who behave as if I do not have a wife of five-plus years. It is homophobia for an election worker to tell me that I am not “entitled to human rights.” It is homophobia for a high school teacher to text me that: “I assumed that you would be disappointed with the (Privy Council) ruling and figured that accounted for your silence. I am not going to try to address the legal issues and technicalities. But, respectfully, I personally don’t agree with same sex unions. Not trying to be offence, but that’s my opinion.”

Never knowing in what ways this homophobia will steal into my life creates “an odd diversity of misery and joy” to quote blues singer Dinah Washington. This means that I am never certain that I and, by extension, the people who I love, such as my wife and my mother, are fully welcomed and accepted in my own community.

We must be compassionate What is certain is that the world is changing beyond measure, and Bermuda, like it or not, is not exempt. Whilst we are still digesting the effects of the Privy Council decision against marriage equality, we do know that there is certainly an economic loss to Bermuda in terms of tourism dollars, jobs and people who may have contributed to Bermuda in terms of scholarships, sports and the arts. At some point, Bermuda will have to contend with its choices and the resulting consequences.

To my mind, this means that the work of diversity, equity and inclusion, by definition, must be immediate, even as it is certainly to be herculean. We cannot stand still. We cannot tread water. We must persist. Most of all, we must be compassionate. We must remember that courage is our friend. X 21

Leadership

Boosting Boardroom Diversity Corporate boards are being urged to challenge the status quo and normalise inclusion

N

ASDAQ (National Association of Securities Dealers Automated Quotations), based in New York, is the secondlargest stock exchange in the world, by market capitalisation of shares traded, behind the New York Stock Exchange.

It has recently announced new board diversity rules, the first stock exchange to do so, with the aim of helping to reshape U.S. boards in the long term.

There are three important key provisions in the rules: 1. Companies listed on the exchange are required to publicly disclose board-level diversity statistics, effective August 2022.

2. One year later, boards will be expected to have or explain why they do not have at least two diverse directors, one female and one from an underrepresented minority.

3. From 2026, boards will be expected to have two diverse members, one from each diversity group.

It is mandatory for companies to disclose their board composition.

Those that don’t meet the quotas set

by NASDAQ will have to explain why they have insufficient diverse board membership but won’t otherwise be penalised.

NASDAQ is not expected to analyse or otherwise judge a company’s explanation, but commentators say the benefits will be that they may face investor pressure, and it is the investors, not NASDAQ, who will hold companies accountable.

22

Large investors such as BlackRock Inc. and State Street Global Advisors now vote against sitting directors on all-male boards to pressure companies to name women. Goldman Sachs Group Inc. no longer underwrite initial public offerings for companies that lack at least two diverse members.

In 2018, California enacted a law establishing the first gender quotas for boards in the country, with penalties of up to $300,000, for companies in violation. But it was subsequently struck down by the courts, due to a state constitution prohibiting the government from discriminating against or granting preferential treatment to individuals or groups based on race, sex and color.

At least a dozen states have drafted or passed board diversity legislation – though the focus primarily remains on improving the representation of women on corporate boards. Unlike the unsuccessful California law, they do not mandate a specific number of individuals on any corporate board. Like NASDAQ, they only require public reporting.

The Alliance for Board Diversity (ABD), a collaboration of four leadership organisations working together to increase the representation of women and people of color on corporate boards, collaborating with Deloitte, says that only six of the Fortune 500 companies have all-male boards, making them all but extinct. It explains that introducing women to boards is not the real issue – that was yesterday’s

problem. Achieving gender parity is the challenge.

One advocacy group, called 2020 Women on Boards, recently changed its name to 5050 Women on Boards to emphasise the need to reach parity for women.

Bloomberg data show that women are at parity or better on fewer than 20 S&P 500 boards and hold leadership positions at just slightly more than two dozen boards.

And although women and minorities have made progress in board representation for the Fortune 500, this increased rate of change, while encouraging, will still require, at current rates of growth, decades more for the achievement of equitable gender and minority board representation. The ABD says it will take until 2074 before the number of Fortune 500 board seats held by minorities reaches its aspirational 40% board representation rate.

Further, an ABD report says, “The social justice movements of 2020 served as a wake-up call for many in corporate America, accelerating the focus for greater gender, ethnic, and racial diversity in the boardroom. As many stakeholders around the country have demanded change, businesses are increasingly expected to serve the workforce and community and their bottom line. The business case and benefits of diverse backgrounds, experience, and thought seem to be affecting boardroom composition in these areas.”

So, what are organisations doing to proactively encourage diversity on their boards while recognising that it is generally unlawful to implement workforce quotas?

One option is that DE&I specialists work to develop policies and committees aimed at improving diversity at all levels.

There are also specialist recruiters who can assist in identifying diverse talent from a broad professional network.

Inclusive board representation is not just good governance, the so-called “show and tell” board-level diversity statistics transparently informs shareholders that the boards reflect the communities the corporations serve. X diversity equality & inclusion 2022

diversity equality & inclusion

“We will all profit from a more diverse, inclusive society, understanding, accommodating, even celebrating our differences, while pulling together for the common good.”

Ruth Bader Ginsburg

diversity equality & inclusion 2022

23

Our Commitment to Sustainability At BELCO, we are committed to creating and supporting a diverse, equitable and inclusive company culture which we believe results in a more just society, resilient community, and high-performing workforce.

We understand that sustainability extends beyond the environment. We recognise that we have a social responsibility to our community and our team to develop and enact policies that support Diversity, Equity and Inclusion (DE&I). With a team of 234 employees, we strive to continuously evolve our DE&I approach to ensure every team member knows that they are valued; receives fair and equitable treatment; has a voice that can be heard; and has a place they know that they belong.

We’re excited to continue sharing our sustainable journey with you.

belco.bm

#BELCOSustainability