KENYA AIRWAYS ANNUAL GENERAL MEETING WILL SEE KPMG SHOWN THE EXIT AS AUDITORS
(Posted 03rd September 2017)
Kenya Airways has earlier today issued the required public notice for their annual general meeting of the shareholders of the company, set to take place in the 22nd of September.
Only weeks ago, on the 07th of August, did an Extraordinary General Meeting take place which resolved to convert debt into equity for the Kenyan government and lenders – the latter now all on board after an appeals court decision was handed down that three dissenting banks could not stay outside the planned action.
Besides approving annual accounts and electing directors to the board will a key agenda item also include the planned replacement of KPMG as external auditors. The company has clearly fallen foul of the powers that be over past audit reports, following the damning revelations of a forensic audit carried out by rival firm Deloitte & Touche.
Shareholders will have to approve – and there is no doubt that the majority required will – the appointment of Deloitte as the company’s new external auditors, giving them some level of confidence back that the annual accounts actually reflect the correct picture of financial prudence.
Another agenda item will be the restoration of the employees share scheme and a new set of rules and regulations pertaining to the updated option for staff to become shareholders.
Meanwhile had a technical problem befallen flight KQ 411 earlier today when the morning service had to be cancelled as the aircraft developed a fault while on the ground in Entebbe. It was learned however that the flight eventually left Uganda around 9 pm, i.e. 12 hours later than scheduled, after the technical hitch had been rectified. Most passengers on the flight were rebooked to other KQ departures from Entebbe during the course of the day.
