Companies Act 2014 section 338

Circulation of statutory financial statements

Section 338 sets out the rules governing how and when a company must distribute its statutory financial statements, directors' report, and auditors' report to members, debenture holders, and other entitled persons ahead of the annual general meeting.

• The statutory financial statements, directors' report (including any group directors' report), and the statutory auditors' report must be sent to all members, debenture holders, and other entitled persons at least 21 days before the general meeting at which they are to be laid.
• Documents may be sent electronically or made available on a website, provided the recipient has agreed to this method and is properly notified of the website address and how to access the documents.
• If the 21-day notice period is not met, the documents are still deemed validly sent provided all members entitled to attend and vote at the meeting consent to the shorter notice period.
• Failure to comply with these requirements is a category 3 offence for the company and any officer in default, including shadow directors and de facto directors.