47 INTEGRATED ANNUAL REPORT 2025 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 and as such 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 with certain members of management have a standing invitation to attend meetings. The Committee obtains assurance and advice from the external and internal auditors. 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 the risk register • Approved the Risk Management and Compliance Program as required by the Financial Intelligence Centre Act • Review of the insurance portfolio for all policies. Management obtained better than expected insurance renewal from our international brokerage for the Mills. Directors Management External Parties JW Stegen (Chairman) D Knoesen MP Black (External Auditor) APG Gibbs KL Moffett Y Mfabe (Internal Auditor) C Hohls LJ Simpson G Payn RC Thompson HG Niebuhr R Liversage Audit and Risk Committee Membership
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