- Statutory Instrument 2002 No. 1780
The Companies (Summary Financial Statement) Amendment Regulations 2002
© Crown Copyright 2002
Statutory Instruments printed from this website are printed under the superintendence and authority of the Controller of HMSO being the Queen's Printer of Acts of Parliament.
The legislation contained on this web site is subject to Crown Copyright protection. It may be reproduced free of charge provided that it is reproduced accurately and that the source and copyright status of the material is made evident to users.
It should be noted that the right to reproduce the text of Statutory Instruments does not extend to the Queen's Printer imprints which should be removed from any copies of the Statutory Instrument which are issued or made available to the public. This includes reproduction of the Statutory Instrument on the Internet and on intranet sites. The Royal Arms may be reproduced only where they are an integral part of the original document.
The text of this Internet version of the Statutory Instrument which is published by the Queen's Printer of Acts of Parliament has been prepared to reflect the text as it was Made. A print version is also available and is published by The Stationery Office Limited as the The Companies (Summary Financial Statement) Amendment Regulations 2002, ISBN 0 11 042579 0. The print version may be purchased by clicking here. Braille copies of this Statutory Instrument can also be purchased at the same price as the print edition by contacting TSO Customer Services on 0870 600 5522 or e-mail:customer.services@tso.co.uk.
Further information about the publication of legislation on this website can be found by referring to the Frequently Asked Questions.
To ensure fast access over slow connections, large documents have been segmented into "chunks". Where you see a "continue" button at the bottom of the page of text, this indicates that there is another chunk of text available.
| Made | 11th July 2002 | ||
| Laid before Parliament | 12th July 2002 | ||
| Coming into force in accordance with article 1(2) |
The Secretary of State, in exercise of the powers conferred upon her by section 251(3) of the Companies Act 1985[1] and of all other powers enabling her in that behalf hereby makes the following Regulations: -
Citation, commencement and interpretation
1. - (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[2] 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[3];
Interpretation
2. 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".
Provisions applying to all companies and groups
3. 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,".
Form of summary financial statement
4. 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".
Form and content of summary financial statement of companies and groups other than banking or insurance companies and groups
5. 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."; and
(2) Omit paragraph 3(4).
Form and content of summary financial statement of banking companies and groups
6.
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."; and
(2) Omit paragraph 3 (4);
Form and content of summary financial statement of insurance companies and groups
7.
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."; and
(2) Omit paragraph 4(4).
Melanie Johnson,
Parliamentary Under-Secretary of State forCompetition, Consumers and Markets, Department of Trade and Industry
11th July 2002
(This note does not form part of the Regulations)
These Regulations amend the Companies (Summary Financial Statement) Regulations 1995 (S.I. 1995/2092) following the Introduction by the Directors' Remuneration Report Regulations 2002 (S.I. 2002/1986) of a requirement that certain companies should produce a directors' remuneration report. Certain of those companies which are permitted under section 251 Companies Act 1985 to produce a Summary Financial Statement will fall within the category of companies required to produce a directors' remuneration report.
These Regulations expand the disclosure required in a Summary Financial Statement to include either the whole or a summary of certain information concerning directors' remuneration contained in the notes to the accounts and in the directors' remuneration report.
The relevant information is the aggregate amount of directors' emoluments, a statement of the company's policy on directors' remuneration, for the next following financial year; and the performance graph.
The aggregate amount of directors' emoluments will be contained in the notes to the company's accounts whereas the other two items will be contained in the directors' remuneration report.
The requirements will apply to companies and groups, whether or not they are banking or insurance companies and groups.
Notes:
[1] 1985 c. 6; section 251 was inserted by section 15 of the Companies Act 1989 (c. 40) and amended by the Directors Remuneration Report Regulations 2002 S.I. 2002/1986.back
[2] The Directors Remuneration Report Regulations 2002 S.I. 2002/1986.back
ISBN 0 11 042579 0