(1) The directors of a company shall prepare a directors’ report for eachfinancial year of the company.
(2) For a financial year in which—
(a) the company is a parent company; and
(b) the directors of the company prepare a group financial statement, the directors shall prepare a group director's report relating to the undertakings to which the financial statement relates.
(3) If appropriate, a group directors' report may give greater emphasis tothe matters that are significant to the undertakings to which the group financial statement relates, taken as a whole.
(4) If the directors of a company fail to comply with subsection (1) or (2), each director of the company who is in default commits an offence and on conviction is liable to a fine not exceeding five hundred thousand shillings.
(2) For a financial year in which—
(a) the company is a parent company; and
(b) the directors of the company prepare a group financial statement, the directors shall prepare a group director's report relating to the undertakings to which the financial statement relates.
(3) If appropriate, a group directors' report may give greater emphasis tothe matters that are significant to the undertakings to which the group financial statement relates, taken as a whole.
(4) If the directors of a company fail to comply with subsection (1) or (2), each director of the company who is in default commits an offence and on conviction is liable to a fine not exceeding five hundred thousand shillings.
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