(1) The directors of a quoted company shall prepare a directors’ remuneration report for each financial year of the company.
(2) If subsection (1) is not complied with for a financial year, each person who—
(a) was a director of the company immediately before deadline for lodging the company’s financial statement and reports for the year; and
(b) failed to take all reasonable steps to ensure that that subsection was complied with, commits an offence and is liable on conviction to a fine not exceeding one million shillings or to imprisonment for a term not exceeding three years, or to both.
(2) If subsection (1) is not complied with for a financial year, each person who—
(a) was a director of the company immediately before deadline for lodging the company’s financial statement and reports for the year; and
(b) failed to take all reasonable steps to ensure that that subsection was complied with, commits an offence and is liable on conviction to a fine not exceeding one million shillings or to imprisonment for a term not exceeding three years, or to both.
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