The F1Corporation shall, as soon as possible after the end of each financial year of the F1Corporation make to the Minister a report on the exercise and performance by them of their functions F2in Great Britain or elsewhere during that year and on their policy and programmes, and the Minister shall lay a copy of every such report before each House of Parliament.

The report for any year shall set out any direction given by the Minister to the F1Corporationduring that year unless the Minister has notified to the F1Corporationhis opinion that it is against the national interest so to do.