279Annual directors' report – general information (cf Corporations

279 Annual directors' report – general information (cf Corporations Act s 299) 1 General information about operations and activities The directors' report for a financial year must: (a) contain a review of operations during the year of the entity reported on and the results of those operations; and (b) give details of any significant changes in the entity's state of affairs during the year; and (c) state the entity's principal activities during the year and any significant changes in the nature of those activities during the (d) give details of any matter or circumstance that has arisen since the end of the year that has significantly affected, or may significantly affect: (i) the entity's operations in future financial years; or

Co-operatives (National Uniform Legislation) Act 2015 175 (ii) the results of those operations in future financial years; or (iii) the entity's state of affairs in future financial years; and (e) refer to likely developments in the entity's operations in future financial years and the expected results of those operations; and (f) if the entity's operations are subject to any particular and significant environmental regulation under a law of the Commonwealth or of a State or Territory – give details of the entity's performance in relation to environmental regulation. 2 The entity reported on is: (a) the co-operative (if consolidated financial statements are not required); or (b) the consolidated entity (if consolidated financial statements are required). 3 Prejudicial information need not be disclosed The directors' report may omit material that would otherwise be included under subsection (1)(e) if it is likely to result in unreasonable prejudice to: (a) the co-operative; or (b) if consolidated financial statements are required – the consolidated entity or any entity (including the co-operative) that is part of the consolidated entity. 4 Statement of omission of material If material is omitted, the directors' report must say so. 280 Annual directors' report – specific information 1 Details to be included (cf Corporations Act s 300(1)) The directors' report for a financial year must include details of: (a) dividends or distributions paid to members during the year; and (b) dividends or distributions recommended or declared for payment to members, but not paid, during the year; and

Co-operatives (National Uniform Legislation) Act 2015 176 (c) the name of each person who has been a director of the co-operative at any time during or since the end of the year and the period for which they were a director; and (d) the name of each person who: (i) is an officer of the co-operative at any time during the (ii) was a partner in an audit firm, or a director of an audit company, that is an auditor of the co-operative for the (iii) was such a partner or director at a time when the audit firm or the audit company undertook an audit of the (e) options that are: (i) granted over unissued shares or unissued interests during or since the end of the year; and (ii) granted to any of the directors or any of the 5 most highly remunerated officers of the co-operative (other than the directors); and (iii) granted to them as part of their remuneration (see subsections (4) – (6)); and (f) unissued shares or interests under option as at the day the report is made (see subsections (4) and (6)); and (g) shares or interests issued during or since the end of the year as a result of the exercise of an option over unissued shares or interests (see subsections (4) and (7)); and (h) indemnities given and insurance premiums paid during or since the end of the year for a person who is or has been an officer or auditor (see subsections (8) and (9)). 2 Details included in financial report (cf Corporations Act s 300(2)) Details do not have to be included in the directors' report under this section if they are included in the co-operative's financial report for the financial year.