SCHEDULES
SCHEDULE 8 [Schedule 10 to the Companies Act 1985]
Directors’ Report Where Accounts Prepared in Accordance with Special Provisions for Banking or Insurance Companies or Groups
Labour force and wages paid
3
1
This paragraph applies where a company prepares individual or group accounts in accordance with the special provisions of this Part relating to banking or insurance companies or groups.
2
There shall be stated in the directors’ report—
a
the average number of persons employed by the company or, if the company prepares group accounts, by the company and its subsidiary undertakings, and
b
the aggregate amount of the remuneration paid or payable to persons so employed.
3
The average number of persons employed shall be determined by adding together the number of persons employed (whether throughout the week or not) in each week of the financial year and dividing that total by the number of weeks in the financial year.
4
The aggregate amount of the remuneration paid or payable means the total amount of remuneration paid or payable in respect of the financial year; and for this purpose remuneration means gross remuneration and includes bonuses, whether payable under contract or not.
5
The information required by this paragraph need not be given if the average number of persons employed is less than 100.
6
No account shall be taken for the purposes of this paragraph of persons who worked wholly or mainly outside the United Kingdom.
7
This paragraph does not apply to a company which is a wholly-owned subsidiary of a company incorporated in Great Britain.