Petroleum and Submarine Pipe-lines Act 1975

15 Annual report

(1) It shall be the duty of the Corporation to make to the Secretary of State, as soon as possible after the end of each accounting year, a report on the performance of its functions during that year.

(2) The report for any accounting year shall include—

(a) such information as the Secretary of State may specify with respect to the plans and the past and present activities of the Corporation ;

(b) particulars of any consents in pursuance of section 2(4), any directions in pursuance of section 4 and any notices in pursuance of section 5 of this Act which the Secretary of State has given during that year, except any particulars as to which he has given notice to the Corporation that in his opinion the publication of them would be contrary to the national interest or to the commercial interests of the Corporation or some other person;

(c) the text of any report made to the Secretary of State during that year in pursuance of section 3(4)(b) of this Act and a statement about changes in the management of the activities of the Corporation and its subsidiaries which have been or are to be made in consequence of the review to which the report relates;

(d) a statement of the amount by way of petroleum revenue tax and the amount by way of corporation tax which the Corporation estimates would, but for section 9(1) of this Act, have been payable by the Corporation and relevant subsidiaries in respect of their profit for that year;

(e) particulars of the remuneration paid by the Corporation to its members during that year.

(3) The Secretary of State shall lay before each House of Parliament a copy of each report made to him in pursuance of this section.