References
Sources, and the limits of each
What the MYBA documents say, the laws we rely on, what others have written, and what we could not find. Every quotation is copied from a document we have read.
MYBA documents
We could not find the current charter agreement published by MYBA, so these come from older versions. Read what the MYBA documents say for the full context.
Specimen MYBA 2017 e-Contract, Clause 8 (Operating Costs)
MYBA, as hosted by a charter brokerage · Revised 2017
A third-party copy, not the current version.
“The OWNER shall ensure the Captain will exercise due diligence in the expenditure of the APA.”
Specimen MYBA 2017 e-Contract: Clause 8 (APA) and Clause 24 (Brokers), second copy
MYBA, as hosted by a yacht website · Revised 2017
Same 2017 text as the copy above, on a different site, so you can check one against the other. Clause 24 provides for the broker's commission to be paid by the owner.
“The commission shall be deemed to be earned by the Broker and the Stakeholder upon the signature of this Agreement…”
MYBA e-Contract specimen dated 1 July 2017 (third copy)
MYBA, as hosted by a shipping website · 1 July 2017
A third copy of the specimen form. Hosts change and links may stop working. We do not host or reproduce the contract.
MYBA guidance: APA & Reporting of Charter Accounts
MYBA · Revised April 2018
Guidance to captains, not contract text.
“The Captain is answerable directly to the Charterer (or, if requested by the Charterer, the Broker) for the disbursement of the Advance Provisioning Allowance (APA)…”
MYBA Internal Rules and Regulations, Article 4
MYBA · Updated 2005 and 2006
An old version, and MYBA may have replaced it.
“Members should only receive one commission in a transaction. Receiving commissions from more than one party in a transaction, unless fully declared to all parties, is unacceptable.”
MYBA · 2009
Lists as an aim a Code of Ethics for all members. We could not find the Code itself.
“To establish and maintain high standards in terms of professional ethics and professional rules…”
Law and official guidance
The country pages cite the provisions for France, Italy, Spain, Germany, the Netherlands, Belgium and the US. They are being checked by counsel before publication.
UK Parliament (legislation.gov.uk)
Failure of commercial organisations to prevent bribery. A defence exists if the organisation had adequate procedures.
“it is a defence for C to prove that C had in place adequate procedures designed to prevent persons associated with C from undertaking such conduct.”
The Bribery Act 2010: Guidance
UK Ministry of Justice
Six principles for adequate procedures. Not mandatory, and no requirement to publish.
Trade press and commentary
There is little published about this topic. We cite what we have read, and say where a source has its own interest.
SuperyachtNews · 5 December 2017
Two brokers criticise undisclosed commission-sharing between brokers and captains on yacht sales. Both accept sharing where the owner knows and consents.
“Ultimately, it is a big transparency issue, because it's a violation of your fiduciary relationship with your employer.”
SuperyachtNews · 5 September 2024
About fraud in refits (inflated invoices, shell companies). Related to this topic, but a different mechanism from secret commissions.
What is a Yacht Owner's Representative?
Foreland Marine · 6 May 2026
Foreland sells owner's-representative services, so this is not neutral. It describes the risk of quiet kickbacks in yards and design.
“A favoured naval architect, designer, or surveyor whose engagement triggers a quiet kickback.”
Published by us
A call for change in the superyacht industry
The founder of this site, in SuperyachtNews · 25 October 2024
Written by the founder of this site. It is an opinion piece, and not independent corroboration.
Do firms publish anti-bribery policies?
Publishing a policy is not a legal requirement in the countries we looked at. In the UK, adequate procedures are a defence for a company, but nothing requires them to be published. In France, a compliance programme is mandatory only above 500 employees and €100 million turnover (Sapin II), and the AFA treats the code of conduct as an internal document. Italy and Spain treat a compliance model as a route to exemption or mitigation, not an obligation.
Some firms publish one. A yacht management firm, JMS Yachting, publishes an anti-corruption policy that says it “strictly prohibits its employees, contractors, and representatives from soliciting, accepting, or offering commissions, kickbacks, or any form of improper payments from suppliers or contractors” (jmsyachting.com). A large brokerage, Burgess, includes an anti-bribery clause in its procurement terms of business (burgessyachts.com). We have not found a standalone policy on the public websites of most firms we looked at, which is not evidence that they lack one internally.
If your firm publishes its policy, tell us, and we will gladly list it here.
What we could not find
- The current (2023 to 2026) MYBA charter agreement text published by MYBA.
- MYBA's “Code of Ethics”, which its Statutes say will be defined.
- Any MYBA statement on bribery or anti-corruption.
- Independent published reporting on hidden commissions on wine and provisions (APA). The commentary we found is about yacht sales, refits and fuel rebates.
- Any court judgment or regulator decision about yacht-specific kickbacks.
If you can point us to any of these, please do.