Companies Act 2014 section 1599

Conditions for exemption in section 1598

Section 1599 sets out the conditions that a subsidiary undertaking must satisfy in order to avail of the exemption from consolidated sustainability reporting under section 1598.

• The exempted subsidiary's directors' report must disclose the name, registered office, and website links for the holding undertaking's group sustainability reporting and assurance opinion, along with a confirmation that the subsidiary is exempt.
• Where the holding undertaking is a third-country (non-EU) entity, its consolidated sustainability reporting and related assurance opinion must be published in accordance with EU requirements, and must include disclosures on environmentally sustainable activities covering the exempt subsidiary.
• If the holding undertaking's group reporting is not in English or Irish, a certified translation into one of those languages must be annexed to the exempt subsidiary's directors' report.
• A subsidiary already exempt from annexing statutory financial statements to its annual return under section 357 need not provide the parent identification and website link details, provided it publishes a consolidated management report.

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