(1) The company, registered scheme or disclosing entity must prepare a directors' report for each financial year. The report must include:

(a)

the general information required by section 299; and

(b)

the specific information required by section 300.

(2) 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.

(3) A small proprietary company does not have to comply with subsection (1) for a financial year if:

(a)

it is preparing financial statements for that year in response to a shareholder direction under section 293; and

(b)

the direction specified that a directors' report need not be prepared.