After Part 7 (disclosures concerning greenhouse gas emissions) insert -

"Part 8 Statement of corporate governance arrangements

21. This Part of this Schedule applies to the directors’ report for a financial year unless the company is exempted under paragraph 22.

22. A company is exempted under this paragraph if -

(a) it is required to provide a corporate governance statement [See section 472A of the Companies Act 2006 for the meaning of "corporate governance statement".],

(b) it is a community interest company within the meaning of section 26 of the Companies (Audit, Investigations and Community Enterprise) Act 2004 [Section 26 was amended by S.I. 2007/1093, article 6(2) and (3)(a) and paragraph 1 of Schedule 4, and S.I. 2006/242, article 5 and paragraph 8(1) and (2) of the Schedule.], or

(c) it is a charitable company within the meaning of section 193 of the Charities Act 2011 [2011 c.25.].

23.

(1) The directors’ report for a company’s first financial year must include a statement of its corporate governance arrangements in accordance with paragraph 26 if the qualifying conditions are met in that year.

(2) In relation to any subsequent financial year, the directors’ report must include a statement of the company’s corporate governance arrangements -