Annual General Managers Conference Held

The 13th Annual General Managers’ Conference of MIDROC Ethiopia Investment Group was held in Adama at Dire International Hotel from January 15 to 17, 2010. The Conference dealt with three major issues: Global Financial Distress, Global Economic Crisis, and the Establishment of Audit Committee in MIDROC Ethiopia, and was attended by Executives of MIDROC Ethiopia Group Companies, Senior Advisors and Department Managers.

Professor Emeritus Johannes Kinfu, Director of Training Department of MIDROC Ethiopia, in his opening remark said that we should be able to appreciate the causes and consequences of the global crisis and to ponder on the implications on MIDROC Ethiopia Investment Group. 

Ato Teklu Haile, Manager - Treasury, Finance and Accounting Department of MIDROC Ethiopia and Chairperson of the Training Committee, addressing the conference, stressed the importance of the theme of “Global Financial and Economic Crisis” in order to alert businesses who seem to still be “sleep-walking” on the matter, while the aftermath of the global crisis is still going on.  He said that we need to take active and conscious steps to appreciate and forge a common approach to mitigate the problems on our investment group.

The first resource person on “Global Financial Distress” was Dr. Alemayehou Seyoum, who is currently working for the Washington based- IFRPS, while the second resource person, Dr. Alemayehou Gedda, currently a Professor at the Department of Economics, FBE/Addis Ababa University, dealt with the “Global Economic Crisis”.

Both resource persons in their presentations covered extensive issues and shared very useful information on the impact created in Africa in general and in Ethiopia in particular.

The second session covered the proposal for the establishment of Audit Committee in MIDROC Ethiopia Group Companies.

Ato Getachew Yitna, Manager-MIDROC Ethiopia Internal Audit, presented the mechanism for the establishment of Audit Committee in all group companies, specifying the distinct roles and functions of Internal Audits and Audit Committees.

It was finally decided to first and foremost strengthen the internal audit up to the end of June, 2010 and to implement the establishment of Audit Committee there after.

Questions, answers and discussions were made on important issues. Finally,  the Meeting was closed by Ato Teklu Haile, with words of appreciation to  the two resource persons and Ato Getachew Yitna for their valuable contributions and the participants for their active interactions.

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