(1) Unless the company is entitled to the small companies exemption, the directors' report must contain a business review.
(2) The purpose of the business review is to inform members of the company and help them assess how the directors have performed their duty under section 172 (duty to promote the success of the company).
(3) The business review must contain -
(a) a fair review of the company's business, and
(b) a description of the principal risks and uncertainties facing the company.
(4) The review required is a balanced and comprehensive analysis of -
(a) the development and performance of the company's business during the financial year, and
(b) the position of the company's business at the end of that year,
consistent with the size and complexity of the business.
(5) In the case of a quoted company the business review must, to the extent necessary for an understanding of the development, performance or position of the company's business, include -
(a) the main trends and f