Kenya Power has engaged Deloitte & Touche LLP to oversee the inclusion of independent directors onto the Board. This move comes in the wake of recent changes to the Company’s Articles of Association, which received approval from shareholders during an Extraordinary General Meeting held on November 10, 2023.
The amendments involve restructuring the Board of Directors to align with the company’s shareholding structure.
Under this arrangement, four directors will be elected by private shareholders, representing the minority shareholders.
Simultaneously, the National Treasury, as the majority shareholder, will appoint the remaining five directors.
“Deloitte will oversee the nomination and election of the independent directors to give assurance on the integrity of the process and provide the required support to the Board of Directors,” the firm said in a statement.
Kenya Power says the changes in the board composition aim to protect the interests of both minority and majority shareholders, aligning with principles of good corporate governance.
Additionally, these changes are consistent with the government’s promise of transforming Kenya Power into a commercially viable entity. This involves separating development initiatives to enable the company to operate based on commercial principles.
