44 INTEGRATED ANNUAL REPORT 2024 Audit and Risk Committee The Co-operatives Act does not prescribe the appointment of an audit and risk committee. However, NCT has appointed such committee for several years. The committee oversees all matters within its mandate for the entire NCT group which operates as a statutory committee for all subsidiary companies as required by the Companies Act. Role of the Committee The Committee acts within the scope of the Board approved terms of reference. The Committee is mandated to provide the Board and, in turn, the NCT membership with assurance on the external and internal audits, review of the annual financial statements and to ensure there are controls in place through risk mitigation, legal compliance and reporting mechanisms. Membership The Committee comprised six members of the Board. Certain members of management have a standing invitation to attend meetings. The Committee obtains assurance and advice from the external and internal auditors. Although all Board members are non-executive Directors, it should be noted that none are completely independent as they are all voting members of NCT. Committee Activities In addition to receiving and considering management reports the committee also attended to the following during the reporting period: • Approval of group annual financial statements • Review and approval of the delegation of authority • Review of a fraud matter involving multiple parties • Review of the risk register • Review of the business strategy considering the Mill fire and the consequential risks • Approved the Risk Management and Compliance Program as required by the Financial Intelligence Centre Act • Review of the insurance portfolio for all policies • Monitoring the Mill fire insurance claim • Reviewing additional firefighting capacity at all mills
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