Section 292, The Companies Act, 2009

(1) The additional matters contained in the Third Schedule shall be disclosed in the company’s financial statements for the year; and in that Schedule where a thing is required to be stated or shown or information is required to be given, it shall be construed to mean that the thing shall be stated or shown, or the information is to be given in a note to those statements. (2) In the Third Schedule– (a) Parts I and II deal respectively with the disclosure of particulars of the subsidiaries of the company and its shareholders; (b) Part III deals with the disclosure of financial information relating to subsidiaries; (c) Part IV requires a subsidiary company to disclose its ultimate holding company; (d) Part V deals with the emoluments of directors, including emoluments waived, pensions of directors and compensation for loss of office to directors and past directors; and (e) Part VI deals with disclosure of the number of the employees of the company who are remunerated at higher rates. (3) Whenever it is stated in the Third Schedule that this subsection shall apply to certain particulars or information, the particulars or information shall be annexed to the annual return first made by the company after copies of its financial statements have been laid before its shareholders in a general meeting; and if a company fails to satisfy an obligation thus imposed, the company and every officer who is in default shall be guilty of an offence and shall be liable to a fine not exceeding Le5,000,000 and for continued contravention, to a daily default fine of Le500,000. Form and content of group Additional disclosure required in notes to 220 221 (4) It shall be the duty of any director of a company to give notice to the company of such matters relating to himself as may be necessary for the purposes of Part V of the Third Schedule and this applies to persons who are or have at any time in the preceding 3 years been officers as it applies to directors. (5) A person who defaults in complying with subsection (4) shall be guilty of an offence and be liable to a fine of Le.3,000,000 for each day during which the default continues. Director’s report