Companies Act 2014 section 1450

Obligation to prepare entity report on payments to governments

Section 1450 requires the directors of certain large or relevant companies in the extractive and logging industries to prepare and publish an annual report on payments made to governments.

• Companies that are classified as large companies or relevant companies and operate in mining, quarrying, or logging must prepare an annual entity payment report.
• The report must detail payments made by the company to governments during each financial year.
• The report must be made available to the public each year.
• Exemptions from this obligation may apply under sections 1454, 1455, and 1456, which cover situations such as inclusion in a consolidated payment report of a parent undertaking or where equivalent reporting requirements already apply.