Listed utility company Kenya Power & Lighting Company Plc (KPLC) is seeking to amend its Memorandum and Articles of Association, aiming to give minority shareholders a voice in the company’s decisions.
The company has scheduled an Extraordinary General Meeting (EGM) on November 10, 2023, to seek shareholders’ approval for the amendment.
The proposed changes include restructuring the Board of Directors to reflect the company’s shareholding structure.
“The amendments provide a mechanism for appointing directors in a manner that proportionately reflects the company’s shareholding structure,” KPLC announced in a statement.
Currently, the government, which holds 50.09 per cent of the company’s shares, will appoint five directors, while the remaining shareholders will elect four directors.
“The proposed changes are aligned to the Government’s commitment to transform Kenya Power into a commercially viable entity, by delinking development initiatives, in order to allow the Company to operate on commercial principles,” it added.
Current Board Composition
The current Kenya Power Board is composed of state bureaucrats.
The board is led by Joy Brenda Masinde.
Other members include Dr Eng. Joseph Siror, the Managing Director and Chief Executive Officer of Kenya Power; Prof. Njuguna Ndung’u, the Cabinet Secretary for National Treasury & Economic Planning; Alex Wachira, the Principal Secretary for the Ministry of Energy; Dr Duncan Ojwang, Kairo Thuo; Humphrey Muhu, a Non-Executive Director and Alternate Director to the Cabinet Secretary for the National Treasury; Eng. Benson Mwakina, an Alternate Director to the Principal Secretary for the Ministry of Energy; Eng. Albert Mugo, Logan Christi Hambrick, Veska Kangogo; and Imelda Bore, the General Manager for Corporate Affairs and company Secretary at Kenya Power.