| Comair chair Lindsay Ralphs, who took control of the airline's board of directors last October, has wasted no time in addressing some of the concerns of investors - including his own as CEO of shareholder Bidvest. A number of so-called independent, non-executive directors have stepped down from the board, some of whom had occupied their positions for decades. More may follow. Apart from the issue of the billion rand settlement the airline was awarded, but may now not receive from South African Airways since it was placed in voluntary business rescue, it is one of a number of issues the airline faces this year. Another is litigation by Metaco, a strategic leadership consultancy it bought in 2018 and decided to dispose of less than a year later, leaving the company in tatters. Governance at the airline was a big concern raised at its AGM in October and Ralphs appears intent in addressing it. More to follow in today's newsletter, along with an update from FirstRand, Remgro and Rand Merchant Bank Holdings on last year's surprise announcement that will see the two holding companies unbundling their stakes in the bank and, in the case of RMBH, winding up the rest of its business. FirstRand is one of the banks that Ingham Analytics believes may be negatively affected if Denmark's Saxo Bank is correct with its prediction that Eskom debt will weigh heavily on the economy and creditors' willingness to continue funding the country. If it proves even half right, Ingham Analytics says the consequences for the local banking sector could be dire. Follow this link for access to its latest research. I hope you have a good day. And if you're still on holiday, enjoy! Stephen Gunnion Managing Editor, InceConnect | 