The Companies (Summary Financial Statement) Amendment Regulations 2002

• Citation: S.I. 2002/1780
• Sections: 7

Section 1 Citation, commencement and interpretation

(1) These Regulations may be cited as the Companies (Summary Financial Statement) Amendment Regulations 2002.

(2) These Regulations shall come into force on the coming into force of the Directors' Remuneration Report Regulations 2002 and shall have effect as respects companies' financial years ending on or after 31st December 2002.

(3) In these Regulations “ the Regulations ” means the Companies (Summary Financial Statement) Regulations 1995 ;

Section 2 Interpretation

In regulation 2 of the Regulations, in the definition of “full accounts and reports”, insert “, the directors' remuneration report (if any)” after the words “the directors' report” in the first place where it occurs and for the words “group accounts or directors' report” substitute “group accounts, directors' report or directors' remuneration report”.

Section 3 Provisions applying to all companies and groups

In regulation 7 of the Regulations—

(1) in paragraph (3) after “state of affairs of the company” insert “, and of its policies and arrangements concerning directors' remuneration,”; and

(2) in paragraph (4) after “state of affairs of the company or of the group” insert “, and of their policies and arrangements concerning directors' remuneration,”.

Section 4 Form of summary financial statement

In Schedule 1 to the Regulations, in subparagraph 1(2) for “the company’s annual accounts and the directors' report” substitute “the company’s annual accounts, the directors' remuneration report (if any) and the directors' report”.

Section 5 Form and content of summary financial statement of companies and groups other than banking or insurance companies and groups

In Schedule 1 to the Regulations—

(1) Insert after paragraph 2—

Summary of paragraph 1(1) of Schedule 6 to the 1985 Act and of the directors' remuneration report

(2A) The summary financial statement shall contain the whole of, or a summary of—

(a) that portion of the notes to the accounts for the year in question which set out the information required by paragraph 1(1) of Part I of Schedule 6 to the 1985 Act (Aggregate amount of directors' emoluments etc ) ; and

(b) to the extent that the company is required to produce a directors' remuneration report, those portions of the directors' remuneration report for the year in question which set out the matters required by paragraphs 3 (Statement of company’s policy on directors' remuneration) and 4 (Performance graph) of Schedule 7A to the 1985 Act.

(2) Omit paragraph 3(4).

Section 6 Form and content of summary financial statement of banking companies and groups

In Schedule 2 to the Regulations—

(1) Insert after paragraph 2—

Summary of paragraph 1(1) of Schedule 6 to the 1985 Act and of the directors' remuneration report

(2A) The summary financial statement shall contain the whole of, or a summary of—

(a) that portion of the notes to the accounts for the year in question which set out the information required by paragraph 1(1) of Part I of Schedule 6 to the 1985 Act (Aggregate amount of directors' emoluments etc) ; and

(b) to the extent that the company is required to produce a directors' remuneration report, those portions of the directors' remuneration report for the year in question which set out the matters required by paragraphs 3 (Statement of company’s policy on directors' remuneration) and 4 (Performance graph) of Schedule 7A to the 1985 Act.

(2) Omit paragraph 3 (4);

Section 7 Form and content of summary financial statement of insurance companies and groups

In Schedule 3 to the Regulations—

(1) Insert after paragraph 3—

Summary of paragraph 1(1) of Schedule 6 to the 1985 Act and of the directors' remuneration report

(3A) The summary financial statement shall contain the whole of, or a summary of—

(a) that portion of the notes to the accounts for the year in question which set out the information required by paragraph 1(1) of Part I of Schedule 6 to the 1985 Act (Aggregate amount of directors' emoluments etc) ; and

(b) to the extent that the company is required to produce a directors' remuneration report, those portions of the directors' remuneration report for the year in question which set out the matters required by paragraphs 3 (Statement of company’s policy on directors' remuneration) and 4 (Performance graph) of Schedule 7A to the 1985 Act.

(2) Omit paragraph 4(4).