SAA plunged into crisis as another board member resigns
The chair of South African Airways’ audit and risk committee, and one of only 3 remaining non-executive directors, has resigned because the airline seems destined for liquidation. Yakhe Kwinana simultaneously sent a letter Monday announcing her departure to Finance minister Pravin Gordhan and SAA chair Dudu Myeni. In it, she said that “it has come to a stage where I had to weigh the risks of staying”. If SAA was liquidated with her as a director it could disqualify her from the boards of her own companies, she said. According to Kwinana, her resignation would leave the board dysfunctional. The SAA memorandum of incorporation called for there to be 5 board members of which the majority needed to be non-executives. After Kwinana’s resignation, there were only 4 board members left, of which only 2 were non-executive. <br/>
https://portal.staralliance.com/cms/news/hot-topics/2016-08-25/star/saa-plunged-into-crisis-as-another-board-member-resigns
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SAA plunged into crisis as another board member resigns
The chair of South African Airways’ audit and risk committee, and one of only 3 remaining non-executive directors, has resigned because the airline seems destined for liquidation. Yakhe Kwinana simultaneously sent a letter Monday announcing her departure to Finance minister Pravin Gordhan and SAA chair Dudu Myeni. In it, she said that “it has come to a stage where I had to weigh the risks of staying”. If SAA was liquidated with her as a director it could disqualify her from the boards of her own companies, she said. According to Kwinana, her resignation would leave the board dysfunctional. The SAA memorandum of incorporation called for there to be 5 board members of which the majority needed to be non-executives. After Kwinana’s resignation, there were only 4 board members left, of which only 2 were non-executive. <br/>
