(1) The directors of the disclosing entity must prepare a directors' report for each half-year that consists of:
(a) a review of the entity's operations during the half-year and the results of those operations; and
(b) the name of each person who has been a director of the disclosing entity at any time during or since the end of the half-year and the period for which they were a director.
If consolidated financial statements are required, the review under paragraph (a) must cover the consolidated entity.
Note: This subsection applies to sub-funds of retail CCIVs in a modified form: see subsection 1232F(6).
(1A) The directors' report must include a copy of the auditor's declaration under section 307C in relation to the audit or review for the half-year.
(2) If the financial report for a half-year includes additional information under paragraph 303(3)(c) (information included to give true and fair view of financial position and performance), the directors' report for the half-year must also:
(a) set out the directors' reasons for forming the opinion that the inclusion of that additional information was necessary to give the true and fair view required by section 305; and
(b) specify where that information can be found in the financial report.
(3) The report must:
(a) be made in accordance with a resolution of the directors; and
(b) specify the date on which the report is made; and
(c) be signed by a director.
Note: Section 1228 deals with directors' resolutions for CCIVs.
Note: This Division applies to sub-funds of retail CCIVs in a modified form: see section 1232G.