PART 2Directors' report
Amendments to Schedule 7I17
1
Schedule 7 to the 1985 Act (matters to be dealt with in directors' report) is amended as follows.
2
In paragraph 1 (asset values)7—
a
in sub-paragraph (2) omit “or of any of its subsidiary undertakings”, and
b
after that sub-paragraph insert—
3
In relation to a group directors' report sub-paragraph (2) has effect as if the reference to the fixed assets of the company was a reference to the fixed assets of the company and of its subsidiary undertakings included in the consolidation.
3
In paragraph 5A (use of financial instruments)8—
a
in sub-paragraph (1) omit—
i
“and by its subsidiary undertakings”, and
ii
“and its subsidiary undertakings included in the consolidation” in each place where it occurs, and
b
after that sub-paragraph insert—
1A
In relation to a group directors' report sub-paragraph (1) has effect as if the references to the company were references to the company and its subsidiary undertakings included in the consolidation.
4
In paragraph 6 (miscellaneous matters)9—
a
make the existing provision sub-paragraph (1),
b
in that sub-paragraph omit—
i
in paragraph (a), “or any of its subsidiary undertakings”,
ii
in paragraph (b), “and of its subsidiary undertakings”, and
iii
in paragraph (c), “and its subsidiary undertakings”, and
c
after that sub-paragraph insert—
2
In relation to a group directors' report paragraphs (a), (b) and (c) of sub-paragraph (1) have effect as if the references to the company were references to the company and its subsidiary undertakings included in the consolidation.