Commonwealth Consolidated Acts

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Half-year directors' report

             (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.

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