Kenya Power Shareholders Approve Change In Board Composition

Kenya Power shareholders have approved amendments to the Company’s Memorandum and Articles of Association during today’s Extraordinary General Meeting (EGM).

“The amendments, key among them the restructuring of the Board of Directors, were proposed to safeguard the interests of minority shareholders, in line with good corporate governance practices and the Government’s transformative growth agenda,” Kenya Power said in a statement.

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, which is the majority shareholder, will appoint five directors while the remaining shareholders will elect four directors.

“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,” the statement added.