50 INTEGRATED ANNUAL REPORT 2025 Those risks which cannot be avoided or mitigated through management controls are covered by an array of insurance products. During 2024 much time was spent on obtaining insurance capacity for the Mills and to restructure some of the policies to obtain the necessary cover at the best premium. Since 2023 the insurance premium for the mills increased substantially due to the catastrophic fire and the magnitude of the loss. NCT has sourced most of the mill insurance directly from the international insurance market. ASSURANCE The Committee submits this report as a fair representation of the NCT group activities for the year ending 28 February 2025. I am satisfied that the Committee is complying with its mandate and substantially complies with the monitoring elements provided for in the Companies Act and The Co-operatives Act. The Committee shall remain committed to its mandate and improve on business practices to the benefit of all stakeholders. JW STEGEN | CHAIRMAN – AUDIT AND RISK
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