Pretoria - South African Airways’ (SAA) Annual General Meeting (AGM) that was due to be held on Friday has been postponed as the utility is still to finalise its annual financial statements (AFS), said the Ministry of Finance.
“The adoption of the AFS by the shareholder was one of the key items on the AGM agenda. During the course of August 2015, SAA submitted a request for a guarantee which was required to enable the company to sign off the company’s AFS as a going concern,” said the Ministry in a statement on Wednesday.
Before the request could be considered, Finance Minister Nhlanhla Nene requested that SAA expedite the finalisation of a number of matters which could assist in improving the airline’s financial sustainability and reduce the amount of support required from government.
“National Treasury is aware that SAA is well advanced with addressing the majority of the outstanding matters. The delay in finalising the AFS also means that these have not yet been submitted to the Minister for tabling in Parliament.”
While the financial statements have not been tabled on 30 September 2015 as is usually the case, the Minister has provided a written explanation in this regard to Parliament.
Board
According to the Ministry, the process to appoint a permanent board is underway.
“Unfortunately it has taken longer than originally anticipated. In the meanwhile, the interim board will continue to lead the organisation until such time as the appointment of the permanent board is finalised,” said the Ministry.
In December, Cabinet announced the transfer of SAA from the Department of Public Enterprises to the National Treasury. – SAnews.gov.za
