SCHEDULEMINOR AND CONSEQUENTIAL AMENDMENTS
1
The following minor and consequential amendments to the 1985 Act have effect.
2
In subsection (1A) of section 238 (persons entitled to receive copies of accounts and reports)18—
a
after paragraph (b) insert—
ba
(in the case of a quoted company) the operating and financial review for that financial year,
b
for paragraph (d) substitute—
d
the auditors' report on those accounts and that directors' report and (in the case of a quoted company) on that operating and financial review and the auditable part of that directors' remuneration report.
3
In subsection (1) of section 239 (right to demand copies of accounts and reports)19—
a
after paragraph (b) insert—
ba
(in the case of a quoted company) the last operating and financial review,
b
for paragraph (d) substitute—
d
the auditors' report on those accounts and that directors' report and (in the case of a quoted company) on that operating and financial review and the auditable part of that directors' remuneration report.
4
In subsection (1) of section 241 (accounts and reports to be laid before company in general meeting)20—
a
after paragraph (b) insert—
ba
(in the case of a quoted company) the operating and financial review,
b
for paragraph (d) substitute—
d
the auditors' report on those accounts and that directors' report and (in the case of a quoted company) on that operating and financial review and the auditable part of that directors' remuneration report.
5
In subsection (1) of section 242 (accounts and reports to be delivered to the registrar)21—
a
after paragraph (b) insert—
ba
(in the case of a quoted company) the operating and financial review,
b
for paragraph (d) substitute—
d
the auditors' report on those accounts and that directors' report and (in the case of a quoted company) on that operating and financial review and the auditable part of that directors' remuneration report.
c
after paragraph (d) insert—
If any document comprised in those accounts or reports is in a language other than English then, subject to section 710B(6) (delivery of certain Welsh documents without a translation), the directors must annex to the copy of that document delivered a translation of it into English, certified in the prescribed manner to be a correct translation.
6
In subsection (1) of section 245F (power of person authorised to require documents, information and explanations) after “requirements of this Act” insert “(or, where applicable, of Article 4 of the IAS Regulation)”.
7
In the Table in section 262A (defined expressions)22, at the appropriate places insert—
directors' report
section 23
group directors' report
section 234
group operating and financial review
section 234AA
operating and financial review
section 234AA
reporting standards and relevant reporting standards
section 256A
8
In Schedule 24 (table of punishment of offences under the 1985 Act), after the entry for section 234A(4)23 insert—
234AA(5)
Non-compliance with Part 7 as to operating and financial review and its content; directors individually liable
1
On indictment
2
Summary
A fine
The statutory maximum
234AB(4)
Laying, circulating or delivering operating and financial review without required signature
Summary
Level 3 on the standard scale