Good corporate governance practices add value and assist the NNR in achieving integrated sustainability which contributes to relationship enhancement with its stakeholders and strengthens long-term viability of the organization. The NNR is committed to an open governance process through which its stakeholders derive assurance that the business is being managed ethically and according to prudently determined risk parameters in compliance with best international practices.

The directors of the NNR commit to conducting the business of the organization in accordance with the highest standards of integrity, behavior and ethics, recognizing that good corporate governance is critical to the successful growth of the organization.Accordingly the corporate governance principles of accountability, responsibility, equity, transparency, discipline and social responsibility, independence and integrity are at the centre of all our business understanding with all stakeholders.

Code of Practice and Conduct
The Board of the NNR adopted a Code of Conduct and Good Ethics, which requires board members and employees to conduct themselves with integrity, openness and accountability when dealing with all stakeholders. In terms of this Code, a declaration of interest has to be made by both board and staff members of the NNR, which is updated on an annual basis and seeks to avoid any real, perceived or potential conflict of interest.

Role of the NNR Board
The Board is responsible for playing the role of overseer with regard to the functioning of the NNR. The Board regularly reviews governance structures and processes, in order to ensure that the organisation operates within the required legislative framework and in accordance with best practices. Issues of governance will continue to receive the consideration and attention of the Board and its committees during the year ahead. Furthermore, the Board approved a Code of Conduct and Good Ethics, which is applicable to the Board, employees and contractors of the NNR. The Code of Conduct is reviewed by the Board on an annual basis to ensure that it remains relevant and in line with best practice and changing legislation.

Board meetings
The Board meets regularly and retains full and effective control over the organisation. During the period under review, the Board met six times to discuss and review the NNR‘s operational performance, as well as to address issues of strategic importance. It monitors Management in implementing the Board’s plans and strategies. Special Board Meetings are convened when necessary to consider issues that require resolutions by the Board between scheduled meetings. Members of Management are invited periodically to attend Board Meetings.