Nairobi — Former top government officials are among those vying for four slots reserved for minority shareholders on Kenya Power’s Board of Directors.
They include former ICT permanent secretary (PS) Jerome Ochieng, ex-Kenya Electricity Transmission Company Limited (KETRACO) Chairman James Rege, and Engineers Board of Kenya CEO Margaret Ogai.
Others are former Kenya Power managing director (MD) Jared Othieno and former Nuclear Power and Energy Agency (NUPEA) MD Collins Juma, among others.
Last month, the shareholders of the utility firm agreed to increase the number of minority shareholders on its board.
It followed an amendment to the firm’s Memorandum and Articles of Association during an Extraordinary General Meeting (EGM).
”The amendments will provide a mechanism for appointing Directors to fairly reflect the Company’s shareholding structure. Currently, the Government holds 50.09% of the Company’s shares. In line with the approved amendments, the Government, who is the Majority Shareholder, will appoint five directors while the remaining shareholders will elect four directors,” Kenya Power said in a statement earlier.
”The changes are aligned to the Government’s commitment to transform Kenya Power into a commercially viable entity, by delinking development initiatives, to allow the Company to operate on commercial principles.”
KPLC commenced the process in October of this year, which it said would give minority shareholders a say in the firm’s decision-making.
”The amendments provide a mechanism for appointing directors in a manner that proportionately reflects the company’s shareholding structure.”
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Publish date : 2023-12-08 20:20:33