40 INTEGRATED ANNUAL REPORT 2023 The NCT Board is committed to good corporate governance and subscribes to the best practices to lead with ethical standards to give assurance to the NCT membership of good performance, legitimacy, and effective control. The Board is guided by the Principles of Good Governance for Co-operatives and King IV in its development of good governance policies and practices. The NCT business model, objectives, and strategies are developed in line with our governance policies and practices. The Board is satisfied that NCT managed to achieve its business objectives by linking members to markets during the reporting period. NCT was able to create value for its stakeholders through the effective execution of strategy, business plans and policies within the legislative framework and through ethical leadership and effective control. NCT’s business strategy is reviewed as may be required at the respective Board and Management meetings. Any major deviation from the NCT business objectives needs to be decided by its voting members. During the reporting period there were no major deviation from the NCT business objectives. All other decisions taken at the 2022 AGM were implemented during the reporting period. NCT is governed by a Board of non-executive Directors. Board members are elected at the Annual General Meeting and the Board may further appoint Board members as may be needed. At the end of the reporting period the NCT Board comprised of 13 non-executive directors of which one was independent with no direct commercial interests in forestry. During the reporting period four directors were re-elected at the 2022 Annual General Meeting. An additional four directors were appointed at a Board meeting following the AGM. Mr Philip Day was re-appointed as Chairman and Mr Vernon Schefermann was re-appointed as the Vice Chairman. The Board delegates the executive functions to the General Manager who is responsible for the appointment of a specialist management team. The Board promotes good governance through independent decision making. This is monitored through the declaration of interest register which was kept during the reporting period and regularly reviewed. The governance framework is maintained by the Secretary who acts as an advisor to both the Board and the Management Team. The Board members serve on several committees and the NCT subsidiaries during their respective terms of office. Members of management also serve within this structure to report on performance, propose strategy and execute decisions of the Board. The following committees were in place during the reporting period. Governance Report
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