(1) The directors of a quoted company , or of a traded company (as defined by section 360C) that is not a quoted company, must prepare a directors' remuneration report for each financial year of the company.
(2) In the case of failure to comply with the requirement to prepare a directors' remuneration report, every person who -
(a) was a director of the company immediately before the end of the period for filing accounts and reports for the financial year in question, and
(b) failed to take all reasonable steps for securing compliance with that requirement,
commits an offence.
(3) A person guilty of an offence under this section is liable -
(a) on conviction on indictment, to a fine;
(b) on summary conviction, to a fine not exceeding the statutory maximum.