(1) The directors of a parent undertaking which is a UK undertaking must prepare a consolidated report annually on payments made to governments for each financial year of the parent undertaking (the "consolidated report") if that undertaking is -

(a) a large undertaking or a public interest entity;

(b) a mining or quarrying undertaking or a logging undertaking; and

(c) obliged to prepare consolidated group accounts.

(2) A parent undertaking which is a UK undertaking is a mining or quarrying undertaking or a logging undertaking if any of its subsidiary undertakings is a mining or quarrying undertaking or a logging undertaking.