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New SAA board in place, Treasury confirms

Nov 03 2017 13:16
Liesl Peyper

Cape Town – Finance Minister Malusi Gigaba held a special meeting with South African Airways (SAA) on Friday morning and the new board is in place, Michael Sachs, deputy director general at National Treasury, told Parliament on Friday.

Sachs briefed members of the standing and select committees on finance following input received on the medium term budget policy statement (MTBPS) delivered by Gigaba on October 25. 

During question time, committee members asked National Treasury to clarify whether axed chairperson Dudu Myeni was still in her position.

SAA was due to hold its annual general meeting (AGM) on November 3, but this has been postponed due to the delay in the tabling of the airline's annual financial statements. 

Fin24 earlier quoted Gigaba’s spokesperson Mayihlome Tshwete as saying that the AGM could not take place, "as the AGM needs its financial results, which were not yet ready".

He told Fin24 that the AGM will in all likelihood take place early in 2018.

On October 19, National Treasury announced that Johannes Magwaza would take over the role as chairperson. Other board members – one with aviation experience – were also announced.

READ: It's official: Myeni out in SAA board reshuffle 

Myeni has come under scathing criticism during her reign as SAA chairperson for running the airline into the ground and leading a poorly governed board.     

Her extended term in October was deemed illegal by the Companies and Intellectual Property Commission, as the airline was due to have its AGM at the end of September 2017.

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