(1)As soon as practicable after the end of each of its financial years, the Bank shall make to the Chancellor of the Exchequer a report on its activities in that year.
(2)A report under this section shall, in particular, contain—
[F1(a)a report by the Oversight Committee on the matters for which it is responsible, [F2...]
(aa)a report by the court of directors on the activities of the Financial Policy Committee of the Bank, and]
(b)a copy of the statement for the year prepared under section 7(2) and the report of the Bank’s auditors on it.
(3)The report mentioned in subsection (2)(a) shall, in particular, include a review of the Bank’s performance in relation to its objectives and strategy, as determined by the court of directors of the Bank, in the financial year to which the report under this section relates.
(4)A report under this section shall also contain—
(a)a statement of the rate or rates at which [F3non-executive directors] of the Bank have been remunerated in the financial year to which the report relates, and
(b)a statement of the Bank’s objectives and strategy, as determined by the court of directors of the Bank, for the financial year in which the report is made.
(5)The Bank shall publish every report under this section in such manner as it thinks appropriate.
(6)The Chancellor of the Exchequer shall lay copies of every report under this section before Parliament.
Textual Amendments
F1S. 4(2)(a) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 3(3), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F2 S. 4(2)(aa) substituted for preceding word (1.4.2013) by Financial Services Act 2012 (c. 21) , s. 122(3) , Sch. 1 para. 1 (with Sch. 20 ); S.I. 2013/423 , art. 3 , Sch.
F3 Words in s. 4(4)(a) substituted (19.2.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21) , s. 122(3) , Sch. 2 para. 4 (with Sch. 20 ); S.I. 2013/113 , art. 2(2) , Sch. Pt. 4 ; S.I. 2013/423 , art. 3 , Sch.