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Directors’ report and business review

These are required by law, but directors frequently supply much more information and commentary than either statutes or the Stock Exchange require. The business review is either part of the directors’ report or cross-referenced to it. The report contains the following:

• a review of activities during the year and discussion of likely future developments;
• important events affecting the company, which have occurred since the year-end;
• details of share buy-backs;
• technical information, e.g. names of directors and their shareholdings, political or charitable contributions made by the company;
• shareholdings of more than 3% (listed companies only);
• a description of research and development activity;
• policies on ...