SAA has to reveal its financials, says Treasury
Following initial disagreement over confidentiality, it has been decided that SAA must release its Q4 report.
After much discussion and initial disagreement, National Treasury has decided to release South African Airways' (SAA) Q4 report. There was unease over the fact that the documents contained confidential information about the airline’s competitive strategies.
In a statement, Treasury said:
“Unlike many State-Owned Enterprises (SOEs) which operate as sole providers of services, SAA is a commercial enterprise which operates in a highly competitive environment… The duty to account to parliamentary committee must be balanced with the degree of protection of the confidentiality of SAA’s commercial strategies.”
The statement further said that the need to protect SAA’s commercial strategies could not be over-emphasised, and that some of the reviews of the reports would be undertaken in private.
Treasury said: “Holding some of the reviews in committee will allow Members of Parliament to have an in-depth engagement with SAA’s leadership whilst protecting SAA’s commercial strategies.”
Pictured: SAA interim CFO Bob Head