should comply with current ownership regulations.

In an exclusive poll for The Royal Gazette more than 400 people were asked if they thought companies should be able to apply for exemption from the controversial 60/40 rule, which specifies that Bermudians should own at least a 60 percent share of all local companies.

Nearly half -- 49 percent of those questioned -- said they either strongly or generally agreed that exemptions should be permitted. Fourteen percent strongly supported the move, while 35 percent generally supported it.

Those who strongly opposed any exemptions numbered 21 percent while 22 percent said they generally disapproved. Eight percent had no opinion.

The vast majority of those in favour of exemptions -- 67 percent -- were white, while 56 percent of those against exemptions were black.

The poll also revealed that those earning higher salaries were more likely to support companies looking to opt out of the ruling. Of those with household incomes over $100,000 per year, 65 percent supported the grant of exemptions, but that fell to 43 percent of those with household incomes of less than $50,000.

A massive 73 percent of non-Bermudian residents also gave the opt out option the thumbs up.

The Royal Gazette Poll is a quarterly survey of 400 Bermuda residents conducted for The Royal Gazette by Total Marketing and Communications Ltd. in association with its affiliate Corporate Research Associates inc. The survey was conducted between June 27 and July 6 and has a margin of error of 4.5 percent.

The regulation governing foreign ownership hit the headlines last week when Bank of Bermuda chiefs slammed PLP MPs for not supporting their request to allow for greater foreign ownership.

The company put forward a Parliamentary bill, arguing that exemption was essential before it could list its shares on a US stock exchange.

But the request was scuppered last month when 15 Opposition MPs voted against the appeal. Three Government MPs were missing from the chamber when the vote was taken.

Last night Shadow Finance Minister Eugene Cox defended the decision, saying the party had no rigid stance on the issue but judged each case on its own merits "in the best interests of Bermuda''.

But he added that, because certain banking regulations had still to be drafted, the Monetary Authority currently is unable to evaluate what is in the best interests of the Island should a foreign company wish to take over a Bermudian firm.

"The financial sector is increasingly being asked to operate in a global context,'' he said. "The Progressive Labour Party is fully supportive of the bank, and for that matter any Bermuda business organisation, being able to operate in a global context.

"But we are also very much aware of the fact that moving into the global context exposes our business sector to the need for licensing, stricter supervision and makes them subject to well defined standards of regulation.

"As the Shadow Minister of Finance I have always stated that changes to the 60/40 rule would be done on a selective basis.'' A massive 90 precent of all Bermuda residents either strongly support or generally support new requirements for mandatory drug testing of teams representing the Island, a second question in the poll shows.

Those giving strong approval to the policy numbered 73 percent while 17 percent generally approved.

Four percent of those asked generally disapproved, while five percent strongly disapproved.

Full story: Sport, Page 25 m NO CONSENSUS -- Bermuda residents are split on the issue of exemptions for the 60/40 ownership rule, according to The Royal Gazette poll.