Section 489A(4)

Before the audit committee makes a recommendation or the directors make a proposal under subsection (3), the committee ... must carry out a selection procedure in accordance with Article 16(3) of the Audit Regulation , unless the company is— a small or medium sized enterprise within the meaning in Article 2(1)(f) of Directive 2003/71/EC ; or a company with reduced market capitalisation within the meaning in Article 2(1)(t) of that Directive.

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Source: legislation.gov.uk · retrieved 2026-09-04