Sources of corporate governance rules and practices
1 Primary sources of law, regulation and practice
What are the primary sources of law, regulation and
practice relating to corporate governance? Is it mandatory for
listed companies to comply with listing rules or do they apply on a
'comply or explain' basis?
Bermuda does not have a formal general corporate governance code
of conduct. The primary sources of law, regulation and practice in
Bermuda are provided by specific legislation and common law. At the
legislative level, all companies in Bermuda are subject to the
Companies Act 1981, as amended (the Companies Act). The Companies
Act applies to all bodies corporate in Bermuda and sets out the
corporate governance rules in general, with special provisions for
the governance of mutual funds. The BSX Listing Rules regulate the
corporate governance of companies that are listed on the Bermuda
Stock Exchange (BSX) and require mandatory compliance. There are
several
