Companies Act 2014 section 1451

Obligation to prepare a consolidated payment report

Section 1451 requires the directors of certain holding companies involved in extractive or logging activities to prepare and publish an annual consolidated report of payments made to governments.

• Directors of a holding company that is a large company or a relevant company must prepare a consolidated payment report each year, provided the company is required to prepare group financial statements and the group includes mining, quarrying or logging undertakings.
• The consolidated payment report covers payments made to governments by the holding company and its subsidiary undertakings, and must be made available to the public.
• Exemptions from this obligation may apply where the payments are already included in a parent undertaking's consolidated report, or where the parent is subject to equivalent reporting requirements (as provided for in sections 1454, 1456 and 1457).
• The obligation does not apply to directors of holding companies of small or medium groups, unless any undertaking within the group is a relevant undertaking.

---