Sch 7 para 27
(1) This paragraph applies if— (a) a company is required by this Part to include a statement of corporate governance arrangements in its directors’ report for a financial year, and (b) the company is an unquoted company in relation to that financial year. (2) The company must ensure that the statement of corporate governance arrangements— (a) is made available on a website, and (b) remains so available until— (i) the statement of corporate governance arrangements for the company’s next financial year is made available in accordance with this paragraph, or (ii) if the obligation under this paragraph to make a statement of corporate governance arrangements available does not arise in relation to the company’s next financial year, the end of the company’s next financial year. (3) Sub-paragraph (2) applies whether a company’s statement of corporate governance arrangements is located in the directors’ report, or in the strategic report as permitted by section 414C(11) of the 2006 Act. (4) The statement of corporate governance arrangements must be made available on a website that— (a) is maintained by or on behalf of the company, and (b) identifies the company in question. (5) Access to the statement of corporate governance arrangements made available on the website under sub-paragraph (2), and the ability to obtain a hard copy of the statement from the website, must not be— (a) conditional on the payment of a fee, or (b) otherwise restricted, except so far as necessary to comply with any enactment or regulatory requirement (in the United Kingdom or elsewhere). (6) The statement of corporate governance arrangements— (a) must be made available on a website as soon as reasonably practicable, and (b) must be kept available throughout the period specified in sub-paragraph (2)(b)(i) or (as the case may be) (ii). (7) A failure to make the statement of corporate governance arrangements available on a website throughout the period specified in sub-paragraph (2)(b)(i) or (as the case may be) (ii) is disregarded if— (a) the statement is made available on the website for part of that period, and (b) the failure is wholly attributable to circumstances that it would not be reasonable to have expected the company to prevent or avoid. (8) In the event of default in complying with this paragraph, an offence is committed by every officer of the company who is in default. (9) A person guilty of an offence under sub-paragraph (8) is liable on summary conviction to a fine not exceeding level 3 on the standard scale.