- Latest available (Revised)
- Original (As made)
The Companies (1986 Order) (Operating and Financial Review and Directors' Report etc.) Regulations (Northern Ireland) 2005
You are here:
What Version
More Resources
Status:
This is the original version (as it was originally made). This item of legislation is currently only available in its original format.
Duty to prepare operating and financial review
This section has no associated Explanatory Memorandum
8. After Article 242A of the 1986 Order (approval and signing of directors' report)(1), insert –
“QUOTED COMPANIES: OPERATING AND FINANCIAL REVIEW
Duty to prepare operating and financial review
242AA.—(1) The directors of a quoted company shall for each financial year prepare an operating and financial review.
(2) The review must comply with Schedule 7ZA, save that nothing in that Schedule requires the disclosure of information about impending developments or about matters in the course of negotiation if the disclosure would, in the opinion of the directors, be seriously prejudicial to the interests of the company.
(3) For a financial year in which –
(a)the company is a parent company, and
(b)the directors of the company prepare group accounts,
the operating and financial review must be a consolidated review (a “group operating and financial review”) relating, to the extent specified in Schedule 7ZA, to the company and its subsidiary undertakings included in the consolidation.
(4) A group operating and financial review may, where appropriate, give greater emphasis to the matters that are significant to the company and its subsidiary undertakings included in the consolidation, taken as a whole.
(5) If an operating and financial review does not comply with the provisions of this Part relating to the preparation and contents of the review, every director of the company who –
(a)knew that it did not comply or was reckless as to whether it complied, and
(b)failed to take all reasonable steps to secure compliance with the provision in question,
is guilty of an offence and liable to a fine.
Approval and signing of operating and financial review
242AB.—(1) The operating and financial review must be approved by the board of directors and signed on behalf of the board by a director or the secretary of the company.
(2) Every copy of the operating and financial review laid before the company in general meeting, or that is otherwise circulated, published or issued, must state the name of the person who signed it on behalf of the board.
(3) The copy of the operating and financial review delivered to the registrar must be signed on behalf of the board by a director or the secretary of the company.
(4) If a copy of the operating and financial review –
(a)is laid before the company, or otherwise circulated, published or issued without the review having been signed as required by this Article or without the required statement of the signatory’s name being included, or
(b)is delivered to the registrar without being signed as required by this Article,
the company and every officer of it who is in default is guilty of an offence and liable to a fine.”.
(1)
Article 242A was inserted into the 1986 Order by Article 10 of the Companies (Northern Ireland) Order 1990
Options/Help
Print Options
PrintThe Whole Rule
PrintThe Whole Part
PrintThis Section only
Legislation is available in different versions:
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Opening Options
Different options to open legislation in order to view more content on screen at once
Explanatory Memorandum
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Rule and provides information about its policy objective and policy implications. They aim to make the Statutory Rule accessible to readers who are not legally qualified and accompany any Northern Ireland Statutory Rule or Draft Northern Ireland Statutory Rule laid before the UK Parliament during the suspension of the Northern Ireland Assembly.
More Resources
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
- the original print PDF of the as enacted version that was used for the print copy
- lists of changes made by and/or affecting this legislation item
- confers power and blanket amendment details
- all formats of all associated documents
- correction slips
- links to related legislation and further information resources
More Resources
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
- the original print PDF of the as made version that was used for the print copy
- correction slips
Click 'View More' or select 'More Resources' tab for additional information including:
- lists of changes made by and/or affecting this legislation item
- confers power and blanket amendment details
- all formats of all associated documents
- links to related legislation and further information resources
All content is available under the Open Government Licence v3.0 except where otherwise stated. This site additionally contains content derived from EUR-Lex, reused under the terms of the Commission Decision 2011/833/EU on the reuse of documents from the EU institutions. For more information see the EUR-Lex public statement on re-use.