Article 3 Duty to prepare directors' report

Section 75 of the 1986 Act (directors' report) is amended as follows.

In subsection (1) for paragraph (a) substitute—

“(a)

a fair review of the business of the society and its connected undertakings (if any), complying with section 75A,

(aa)

a description of the principal risks and uncertainties facing the society and its connected undertakings (if any),”

After subsection (1A)^f1 insert—

“(1B)

If the building society has subsidiary undertakings, the report may, where appropriate, give greater emphasis to those matters which are significant to the society and its subsidiary undertakings taken as a whole.”.

Omit subsection (2).