Part I Constitution, regulation and financial arrangements

Constitution and regulation

4 Annual report by the Bank.

(1)

As soon as practicable after the end of each of its financial years, the Bank shall make to the Chancellor of the Exchequer a report on its activities in that year.

(2)

A report under this section shall, in particular, contain—

F1(a)

a report by the court of directors on the matters which it reviews, monitors or otherwise considers in the performance of its oversight functions (as defined by section 3A(2)),

F2(aa)

a report by the court of directors on the activities of the Financial Policy Committee of the Bank, and

(b)

a copy of the F3statements for the year prepared under section 7(2) F4and (2A) and the report of the Bank’s auditors on F5them .

F6 (3)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4)

A report under this section shall also contain—

(a)

a statement of the rate or rates at which F7non-executive directors of the Bank have been remunerated in the financial year to which the report relates, and

(b)

a statement of the Bank’s objectives and strategy, as determined by the court of directors of the Bank, for the financial year in which the report is made.

(5)

The Bank shall publish every report under this section in such manner as it thinks appropriate.

(6)

The Chancellor of the Exchequer shall lay copies of every report under this section before Parliament.

F8(7)

The Chancellor may comply with subsection (6) by laying a document containing a report under this section together with a report by the Prudential Regulation Authority under paragraph 19 of Schedule 1ZB to the Financial Services and Markets Act 2000.