Co-operatives National Law (NSW)

A co-operative must prepare a directors’ report for each financial year.

The directors’ report must include—

the general information required by—

section 279 of this Law (all co-operatives); and

section 299A of the Corporations Act (as applying under section 281) (co-operatives with quoted securities); and

the specific information required by—

section 280 of this Law (all co-operatives); and

sections 300 and 300A of the Corporations Act (as applying under section 281) (co-operatives with quoted securities); and

a copy of the auditor’s declaration under section 307C of the Corporations Act (as applying under section 283) in relation to the audit for the financial year.

If the financial report for a financial year includes additional information under section 273 (3) (c) (information included to give a true and fair view of financial position and performance), the directors’ report for the financial year must also—

set out the directors’ reasons for forming the opinion that the inclusion of that additional information was necessary to give the true and fair view required by section 275; and

specify where that additional information can be found in the financial report.

The directors’ report must—

be made in accordance with a resolution of the directors; and

specify the date on which the report is made; and

be signed by a director.

A small co-operative does not have to comply with subsection (1) for a financial year if—

it is preparing financial statements for that year in response to a direction under section 271 or 272; and

the direction specified that a directors’ report need not be prepared.