National Cargo Bureau Inc

“The membership of the national cargo bureau, inc. Is composed of persons who are prominently identified with steamship management or marine insurance underwriting organizations, persons in or officially connected with the us government or a branch or department thereof, and persons in civil life prominent in branches of science appertaining to or affecting the carriage of cargo in the maritime commerce of the us.”

“The national cargo bureau, inc. Has members who serve on the nominating committee which will meet and determine those to be nominated for the board directors of the governing body.”

“National cargo bureau, inc. Has its form 990 prepared by an outside accounting firm and has established the following review process to ensure that the information reported is complete and accurate. When the form 990 has been prepared, it is provided to the bureau from the outside accountants. It is initially reviewed by the chief financial officer of the organization and then provided to the president/ceo for final review and approval. The board receives a copy of the form 990 after it has been filed and is available to the public on varies websites.”

“The organization has a conflict of interest policy that applies to all members of the board of directors, officers and key employees. The board of directors are responsible for the adoption, implementation of and compliance with the conflict of interest policy. Upon initial appointment, election or employment, each key person (including members of the board of directors, officers and key employees) must complete the conflict of interest questionnaire and provide it to ncb's president and chairman of board to be reviewed by the board. In addition, annually every director must complete the required conflict of interest questionnaire and disclose any potential conflict of interest. The chairman of the board will review in advance the agenda of each annual, regular and special meeting of the board and of any committees and identify, to the extent possible, potential conflict of interest. If a potential conflict of interest is identified, the chairman of the board will notify and advise the individual with the potential conflict prior to the applicable meeting. In addition, each key person attending a meeting of the board or committee who believes there is or may be a potential or actual conflict of interest either for himself or herself or any other key person must identify the issue for consideration by the board if the chairman of the board has not done so. If a key person may have a conflict of interest, the key person must, if applicable, leave the meeting of the board or committee deliberating and voting on the matter giving rise to the conflict of interest after providing all material information relevant to the existence of a conflict. The minutes of each meeting of the board or committee must contain the name(s) of key parties, the nature of the interest, and the decision as to whether a conflict of interest in fact existed.”

“Officers of the company are independently evaluated by the board of directors. Previous year's performance is evaluated and similar positions within the industry and other 501(c)(6) organizations with similar asset/revenue structures are used as a guide in order to arrive at a satisfactory level of compensation. In 2022, an outside party conducted an independent study which evaluated the compensation levels of each position against the current marketplace. The result of the study is presented to ncb's compensation committee for evaluation. The compensation committee will make officer's compensation recommendations to the executive committee. Prior to making a recommendation to the bod, the executive committee will consider any and all recommendations from the compensation committee. The officer's compensation review portion of the board of directors meeting is held without the officer's presence and conclusions are recorded in the minutes of the meeting. This process is used in determining the compensation for the president/ceo, chief financial officer, corporate secretary and chief information officer. There is a four step process in determining compensation for employees (except officers) in the organization: 1) the compensation committee recommends to the executive committee an average annual increase based on corporate performance, industry conditions and economic outlook. 2) the executive committee will consider the compensation committees recommendation and will provide a recommendation to the board of directors. 3) the study results and the executive committee's recommendation is discussed by the board of directors who concurs, or overrides decision based on their analysis. 4) employees are subject to a written calendar year evaluation by their immediate supervisor, which is then reviewed by the president/ceo and deputy chief. Performance is quantified based on a numeric system. Increases are rewarded based on a percentage above or below the mean. The average raise would be determined by the board of directors.”

“National cargo bureau makes its tax returns, audited financial statements and governing documents available to all interested parties. A booklet which details the directory of members, officers, committees, by-laws statement is distributed annually. The tax returns appear publicly on the guidestar.org and other websites and have been verified for accuracy and availability. The corporate financial statements are also provided upon request.”

“Mike durkin is british and resides in the uk. All of his compensation reported in part vii and schedule j is taxed in the uk. He receives no us compensation. The compensation reported in part vii and schedule j was converted from british pound to u.s. Dollars.”

“Change in allocation of investment 112,001. Net periodic pension cost 1,526,161. Pension-related changes other than net periodic pension benefit 1,685,758.”

“The organization has an audit committee that assumes responsibility for oversight of the audit of its financial statements. The board of directors is responsible for the selection of an independent accountant. This process did not change from the prior year.”