The Bermuda Monetary Authority (“BMA”) has published for consultation a Corporate Governance Code for Banks (“Code”). The Code contains 13 principles, which are consistent with the Basel Committee on Banking Supervision’s “Principles For Enhancing Corporate Governance”. The Code covers the following key areas: (i) board practices; (ii) the role of senior management; (iii) risk management and internal controls; (iv) compensation; (v) complex corporate structures; and (vi) disclosure and transparency. The BMA expects all banks to comply with the principles although there is discretion with regard to the manner in which such compliance is achieved.