49 INTEGRATED ANNUAL REPORT 2026 The Committee met as follows: 18/06/2025 09/09/2025 18/11/2025 24/02/2026 APG Gibbs Yes N/A N/A N/A C Hohls C Yes Yes Yes Yes HG Niebuhr Yes Yes Yes Yes AE Mason N/A Yes Yes Yes G Payn Yes Yes Yes Yes JW Stegen Yes Yes Yes Yes Risk Management Management is mandated by the Board to determine the major risks and to develop and implement the necessary controls and mitigation measures. The risk register is reviewed regularly at committee meetings and management meetings. Major risks identified are those that have the capacity to seriously disable the normal and efficient functioning of NCT. • Review of the solvency and liquidity of the NCT group • Review of the loan covenants to ensure NCT remains within the parameters required by the bank • Approval of the SARS Authorised Economic Operator Programme • Review of the insurance portfolio • The decline of rail service and ironically the dire condition of roads may ultimately severely hamper access to mills should the declination continue along the same trajectory. • The lack of legally compliant contractors across NCT’s operational area holds the potential of impacting negatively on the further sustenance and increase of FSC certified area. • On the marketing front, NCT’s reliance on the Rand / US Dollar exchange rate is proving to be highly tenuous given the persistent exchange rate volatility in turn due to volatile global events. • The reduction in mixed Eucalyptus markets is becoming ever more a concern with old age Eucalyptus (>10 years old) occurring on farms throughout NCT’s area of operation. Alternative markets will have to be found as a priority. Those risks which cannot be avoided or mitigated through management controls are covered by an array of insurance products.
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