48 INTEGRATED ANNUAL REPORT 2026 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: • Review of external audit performance and approval of audit fees • Approval of group annual financial statements and annual report for 2025 • Review of internal audit reports and findings • Review of the risk register • Review of legal and credit risks Directors Management External Parties JW Stegen (Chairman) D Knoesen MP Black (External Auditor) C Hohls KL Moffett Y Mfabe (Internal Auditor) AE Mason LJ Simpson HG Niebuhr N Naidoo G Payn RT Liversage RC Thompson Audit and Risk Committee Membership
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