KENYA: The Finance Oversight Committee Holds Its 4th Meeting

On 06 July 2015, the AFRAA Finance Oversight Committee (FOC) held its 4th meeting at the AFRAA Headquarters in Nairobi under the Chairmanship of Mr. Alex Mbugua, Kenya Airways Finance Director. During the meeting, the committee among others; reviewed and endorsed the financial statements and auditors reports for the year 2014 undertaken by Messrs. Ernst & Young and recommended their submission to the Executive Committee for onward presentation to the 47th Annual General Assembly. The FOC also reviewed and endorsed the new membership subscription and the budget for 2016.

On the proposed development of the vacant AFRAA land at the headquarters, the Committee received the report on the work done by the Technical team who had selected an architect through a competitive process. Following the review of the proposed project concept and receipt of presentations from the shortlisted financial institutions to fund the project, the FOC tasked a sub-committee made up of member airlines to provide technical support and expertise to the implementation of the project.

The Committee received with appreciation an update on the Secretariat’s work under its current joint projects and initiatives namely: Fuel Purchase, Ground Handling, Route Network Coordination, training and lobbying for the reduction of taxes and charges. The Secretariat was tasked to explore more areas of mutual benefit for airlines noting that such projects and initiatives have seen significant value addition to airlines.