Kenya Power has hired Deloitte & Touche LLP to lead the process of onboarding independent directors to the Board, in line with the recent amendments to the Company’s Articles of Association.
During a General Meeting that was held on 10th November 2023, shareholders approved the amendments, key among them the restructuring of the Board of Directors to reflect the Company’s shareholding structure. Following the approval, four directors will be elected by private shareholders (minority shareholders) while the other five directors will be appointed by the National Treasury (majority shareholder).
The government holds 50.09 per cent of the company’s shares.
Deloitte & Touche LLP 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 changes in the structure of the Board of Directors 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.
The accounting firm has in the past offered a number of advisory services to the utility firm.
In 2019, Deloitte won a Ksh. 60 million project from Kenya power, which involved restructuring services to optimize the organizational operations.