38 INTEGRATED ANNUAL REPORT 2026 The NCT business model, objectives, and strategies are developed in line with policies and practices that reflect our values. Despite the many challenges experienced this year it is thanks to Good Governance that NCT once again achieved its business objectives by linking members to markets. The 76 th Annual General Meeting took place on 30 July 2025. The meeting focused on the aftermath of the fire and the recovery initiatives taken in the year 2024/2025. All decisions taken at the 2025 AGM were implemented during the reporting period. NCT is governed by a Board of Directors. Board members are elected at the AGM, and the Board may further appoint Board members as may be needed. At the end of the reporting period the NCT Board comprised of 11 non-executive directors, of which one was independent with no direct commercial interests in forestry. Messrs Day and Gibbs retired at the 2025 AGM. Messrs Payn, Stegen and Mason were re-elected and Messrs Seele and Hinze joined the Board as elected directors. Ms Motloli and Mr Bhengu were re-appointed as Board members. Mr Schefermann was re-appointed as Chairman and Mr Mason was appointed as the 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. This has been enhanced further with detailed background reviews of Board members and a more detailed policy on managing conflicts of interest as set out in the newly formulated NCT Ethics Policy and Code of Conduct. 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 Management. 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. The following committees were in place during the reporting period: Statutory Committees Audit and Risk To oversee the audit function and review risk matters Social and Ethics To oversee all matters affecting NCT stakeholders Non-statutory Committees Executive To consider market related matters and other executive decisions Tree Farms To oversee the Tree Farming division and management projects Structure To oversee group structure matters Mills To oversee the Chip Mills division
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