The Senate has approved legislation that places more requirements on companies to maintain records and accounts.Shadow Finance Minister David Burt said the Specified Business Legislation Amendment Act 2012 “seeks to amend various pieces of specified business legislation to ensure consistency, transparency, and compliance with international tax information exchange standards, recommended by the Organization for Economic Cooperation and Development”.He described it as “extremely important to Bermuda’s reputation”.Opposition Senator Michael Fahy said the One Bermuda Alliance supported the bill.Independent Senators Joan Dillas-Wright and James Jardine also gave their backing to the legislation, which was passed by the House of Assembly in June.“The contents make absolute sense,” said Sen Jardine. “It’s good husbandry in terms of the management of trusts in particular.”