Kenya Power has hired Deloitte & Touche LLP to lead the process of onboarding independent directors to the Board.
This follows recent amendments to the Company’s Articles of Association which was approved by shareholders during an Extraordinary General Meeting held on November 10, 2023.
The amendments include restructuring of the Board of Directors to reflect the company’s shareholding structure.
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 firm said in a statement.
Kenya Power says the changes in board composition are meant to safeguard the interests of both minority and majority shareholders, in line with good corporate governance practices.
Further, 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.
