(1)As soon as possible after the end of every financial year, the Director General shall make a report on the exercise of his functions during that year to the Secretary of State.
(2)In subsection (1) “financial year” means—
(a)the period beginning with the date on which the first holder of the office of Director General is appointed and ending with the next 31st March, and
(b)each successive period of twelve months ending with 31st March.
(3)The Secretary of State shall lay a copy of every report received by him under this section before Parliament.