Companies Act 2014 section 1271

Disapplication of sections 325(1)(c) and 329 to a PULC

Section 1271 exempts a public unlimited company (PULC) from two specific directors' report requirements relating to a company's own shares.

• A PULC is not required to include information in the directors' report about the acquisition or disposal of its own shares, as otherwise required by section 325(1)(c).
• A PULC is also exempt from the more detailed own-shares reporting obligations set out in section 329.
• These exemptions recognise that certain share-related disclosure rules designed for other company types are not appropriate for public unlimited companies.
• All other directors' report requirements that are not specifically disapplied continue to apply to a PULC.