Corporate Law Economic Reform Program (Audit Reform and Corporate Disclosure) Act 2004 (103 of 2004)

Schedule 2   Financial reporting

Part 2   Content of directors' report for listed public companies

Corporations Act 2001

6   After section 299

Insert:

299A Annual directors' report - additional general requirements for listed public companies

(1) The directors' report for a financial year for a company or disclosing entity that is a listed public company must also contain information that members of the company would reasonably require to make an informed assessment of:

(a) the operations of the entity reported on; and

(b) the financial position of the entity; and

(c) the entity's business strategies and its prospects for future financial years.

(2) The entity reported on is:

(a) the company or disclosing entity that is a listed public company (if consolidated financial statements are not required); or

(b) the consolidated entity (if consolidated financial statements are required).

(3) The report may omit material that would otherwise be included under paragraph (1)(c) if it is likely to result in unreasonable prejudice to:

(a) the company or disclosing entity; or

(b) if consolidated financial statements are required - the consolidated entity or any entity (including the company or disclosing entity) that is part of the consolidated entity.

If material is omitted, the report must say so.