The annual financial report of a Reporting Entity to which this section applies must:
(1) state whether the best practice standards specified in APP 4 (the "Corporate Governance Principles") have been adopted by the Reporting Entity;
(2) if the best practice standards in APP 4 have not been fully adopted or have been only partially adopted explain:
(a) why the best practice standards were not adopted fully or adopted only partially, as is relevant; and
(b) what actions, if any, have been taken by the Reporting Entity to achieve compliance with the Corporate Governance Principles to the extent the relevant best practice standards were not adopted, or were only partially adopted; and
(3) include a statement by Directors whether or not, in their opinion, the Corporate Governance framework of the Reporting Entity is effective in promoting compliance with the Corporate Governance Principles, with supporting information and assumptions, and qualifications if necessary.