yesterday, the new rules are to be overseen by a special committee and would require MPs to reveal directorships held, employment, shareholdings, property interests, sponsorships and gifts.

These requirememts are not unique to Bermuda and have been in place in many responsible jurisdictions for a long time. They are necessary here because as Bermuda has become a more complex society it is necessary for openness and justice to be seen to be done. Bermuda must be seen to be a straightforward and well regulated country. As long as interests are not openly declared there will be accusations that MPs, and especially Cabinet Ministers, are involved in some way with businesses and other organisations dealing with Government or a specific ministry.

It is difficult to see why anyone would object to these requirements. If there is nothing to hide and things are open and above board, then there is simply no problem.

Some of the categories to be declared are relatively straightforward, directorships, employment, shareholdings and property interests can be easily checked. However there would have to be some check on directors fees to politicians to be certain that they were not out of line with those paid to regular directors.

The difficult areas are "sponsorship and gifts''. There will have to be some quite specific explanation in the rules of just what that means. Sponsorship may well mean something similar to its meaning to athletes, a company or person who decides to provide financial support of one kind or another for a favoured candidate. Gifts should mean either cash gifts or gifts in kind such as subsidised housing or vacations and other trips. Sponsorship and gifts may be very hard to prove.

It is clear that there are very rich people and very rich companies in Bermuda today which might seek favour with one politician or another. For some time now there have been rumours, and we put it no higher than rumours, of financial support and vacations being provided for some politicians. If the rumours are true, then it means that favour is being sought for one reason or another.

Let none of us make a mistake. This is a very small place and people with huge sums of money can have a large impact on any tiny island. Over the years Bermuda has been remarkably free of even suggestions of impropriety and it must stay that way.

Bermuda must have credibility and we see the suggestions for these rules as a constructive move and we must hope that they will be very clear and comprehensive.