(1) Subject to subsection (2) and sections 1454, 1456 and 1457, the directors of a holding company which is a large company or a relevant company shall -
(a) if the holding company is obliged to prepare group financial statements in accordance with section 293, and
(b) if the holding company or any of its subsidiary undertakings is -
(i) a mining or quarrying undertaking, or
prepare and make available to the public each year a consolidated report on payments made to governments for each financial year of the holding company (in this Part referred to as a 'consolidated payment report').
(2) This section shall not apply to the directors of -
(a) a holding company of a small group, except where any group undertaking is a relevant undertaking, or
(b) a holding company of a medium group, except where any group undertaking is a relevant undertaking.