THE CORPORATIONS LAW

CHAPTER 2M - FINANCIAL REPORTS AND AUDIT

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PART 2M.3 - FINANCIAL REPORTING

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Division 1 - Annual financial reports and directors' reports

SECTION 299   ANNUAL DIRECTORS' REPORT - GENERAL INFORMATION  

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299(1)  General information about operations and activities.  

The directors' report for a financial year must:

(a)  contain a review of operations during the year of the entity reported on and the results of those operations; and

(b)  give details of any significant changes in the entity's state of affairs during the year; and

(c)  state the entity's principal activities during the year and any significant changes in the nature of those activities during the year; and

(d)  give details of any matter or circumstance that has arisen since the end of the year that has significantly affected, or may significantly affect:

(i) the entity's operations in future financial years; or
(ii) the results of those operations in future financial years; or
(iii) the entity's state of affairs in future financial years; and

(e)  refer to likely developments in the entity's operations in future financial years and the expected results of those operations; and

(f)  if the entity's operations are subject to any particular and significant environmental regulation under a law of the Commonwealth or of a State or Territory - details of the entity's performance in relation to environmental regulation.

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299(2)  [Entity reported on]  

The entity reported on is:

(a)  the company, registered scheme or disclosing entity (if consolidated financial statements are not required); or

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

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299(3)  Prejudicial information need not be disclosed.  

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

(a)  the company, registered scheme or disclosing entity; or

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

If material is omitted, the report must say so.

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