(2)The Board's report shall, so far as is material for the appreciation of the state of the company's affairs by its members and will not in the Board's opinion be harmful to the business of the company or of any of its subsidiaries, deal with any changes which have occurred during the financial year-(a)in the nature of the company's business;(b)in the company's subsidiaries or in the nature of the business carried on by them; and(c)generally in the classes of business in which the company has an interest.
