NAIROBI, Kenya, Nov 29 – National flag carrier and the Pride of Africa Kenya Airways, has received global recognition for its financial disclosure, winning the 2010 coveted World Finance award in that category.
The award for Best Financial Disclosure in Africa was given to the airline in recognition of the procedure and detail that Kenya Airways takes into consideration in preparing financial performance information for shareholders and investors.
As a cross listed company on the Nairobi Stock Exchange, Uganda Securities Exchange and the Dar es Salaam Stock Exchange, Kenya Airways Group Finance Director Alex Mbugua explained while receiving the award that it was important to disclose as much information as possible about the airline to give investors an elaborate picture.
It was the first time that the airline was receiving the award which Mr Mbugua noted was a global acceptance of the high financial reporting standards in Africa.
Speaking during an interview with World Finance at the London Stock Exchange Mr Mbugua added that; “Kenya Airways is one of the largest airlines in Africa. With a billion dollar annual turnover and a complex mix of shareholders, including private individuals, KLM and the Kenyan government, good communication is vital.”
He noted that it was important for shareholders to keep well informed about the business of the airline and its performance so that they could trust that their funds were well taken of and that the value of their equity investments was rising.
“What is particularly gratifying with this award is that it covers all industries, and not just aviation, across the entire continent,” noted Mr Mbugua.
The World Finance Awards are a part of the World Finance Magazine, a leading financial publication from the UK. The awards are presented after a detailed evaluation that the magazine conducts among various banks and other financial institutions across the globe.
The criteria for selecting winners include business numbers, customer-service, back-office capabilities and delivery systems among others.
World Finance is a leading financial magazine, produced every two months by World News Media from its Headquarters in London.