Kenya power has appointed Deloitte and & Touche LLP to lead the process of onboarding independent directors to the Kenya Power board.
In a press statement on Thursday, the company said that this was in line with the recent amendments made to the company’s Article of Association. The amendments include restructuring of the Board of Directors to reflect the company’s shareholding structure.
“During an extraordinary general meeting that was held on 10th November 2023, shareholder approved the amendments key among them the restructuring of the Board of Directors to reflect the company’s shareholder structure,” the statement said.
Four directors are now expected to be elected by private shareholders who are minority shareholders, while the other five directors will be appointed by the National Treasury as the majority shareholder in the firm.
“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 statement added.
Kenya Power said that the changes in the structure of the Board of Directors are meant to safeguard the interests of both minority and majority shareholders that are in line with good corporate governance practices.
Further more, the changes are aligned to the Government’s commitment to transform Kenya Power to a commercially viable entity, by delinking development initiatives, to allow the company to operate on commercial principles.
