Companies Amendment and Validation Act
Passed
Simplified for You
What this bill does
This bill fixes two legal gaps that happened when previous laws were changed. It restores the Finance Minister's power to officially recognize stock exchanges (which was accidentally removed in 2020), and brings back rules that allow companies to send documents electronically to shareholders and others instead of always using paper.
If Passed (Voted Yes)
The Finance Minister can officially appoint stock exchanges for Bermuda companies to list on, and any appointments made since May 2020 (like Euronext Growth Oslo) become legally valid
Companies can send annual reports, meeting notices, and other required documents to shareholders by email or website instead of postal mail, as long as shareholders agree
Companies save money on printing and postage costs, and shareholders can choose to receive documents faster electronically
If Rejected (Voted No)
The Finance Minister's appointment of stock exchanges since 2020 remains in legal uncertainty, potentially affecting Bermuda companies listed on those exchanges
Companies must continue sending most official documents by physical mail, increasing costs and delivery time
The legal gaps from the accidentally removed provisions remain unfixed
Who It Affects
This primarily affects Bermuda companies and their shareholders, as well as businesses that want to list on international stock exchanges that need official government recognition.
Vote counts are not published.
The Bermuda Parliament does not publicly record individual vote counts or how each member voted.
Write to your MP about this
Related Bill
Companies Amendment and Validation Act
Download bill PDF