36 INTEGRATED ANNUAL REPORT 2024 Good governance has been the backbone of NCT to ensure the Board leads ethically and gives assurance to the NCT membership of good performance, legitimacy, and effective control. The Board follows the Principles of Good Governance for Co-operatives and, where possible, King IV in its development of good governance policies and practices. The NCT business model, objectives, and strategies are developed in line with such governance policies and practices. The catastrophic fire at Richards Bay has created some challenges for the NCT leadership to reach its planned business goals for the year ending 29 February 2024. Despite these challenges the Board is satisfied that NCT still 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. The AGM took place on 2 August 2023. All decisions taken at the 2023 AGM were implemented during the reporting period. NCT is governed by a Board of 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 12 non-executive directors of which one was independent with no direct commercial interests in forestry. During the reporting period five directors were re-elected at the 2023 Annual General Meeting. We bade farewell to Messrs Freese and Ngubane who retired at this AGM. The Board appointed Messrs Schefermann and Bhengu to fill the two casual vacancies. In addition, three directors were appointed by the Board as co-opted directors. Mr Schefermann was appointed Chairman, with Mr Day, Vice-Chairman. 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 Board delegates the executive functions to the General Manager who is responsible for the appointment of a specialist management team. 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 in order to report on performance, propose strategy, and execute decisions. GOVERNANCE
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