The Bermuda Ministry of Finance has laid before the House of Assembly a policy proposal to introduce a modern legal framework for cooperative enterprises in Bermuda. The proposal would recognize cooperatives as a distinct legal entity and establish a dedicated Registrar of Cooperative Societies to handle oversight, registration and support. It is intended to address the absence of legislation designed for businesses that are democratically owned and controlled by their members and operated for their collective benefit. The proposed framework would be grounded in internationally recognized cooperative principles and best practices, while being tailored to Bermuda's economic circumstances. It highlights potential cooperative development in agriculture and fisheries, housing, renewable energy, technology and sports organizations. The ministry framed the model as a way for workers, entrepreneurs, farmers, fishermen, residents and communities to pool resources, share ownership and participate directly in economic development. The speech presents the proposal as the starting point for further work with House members, stakeholders and the wider community as the initiative moves forward.

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