Kenya Power is in the process of amending its Memorandum and Articles of Association to safeguard the interests of minority shareholders, in line with good corporate governance practices and the Government’s transformative growth agenda.
In this regard, the Company has issued a notice convening an Extraordinary General Meeting (EGM) that is scheduled to take place on 10 November 2023.
During the EGM, the Company will be seeking shareholders’ approval to amend its Memorandum and Articles of Association, specifically on restructuring of the Board of Directors.
The amendments provide a mechanism for appointing Directors in a manner that proportionately reflects the Company’s shareholding structure.
Currently, the Government holds 50.09% of the Company’s shares.
In the proposed restructuring, the Government, which is the Majority Shareholder, will appoint five directors while the remaining shareholders will elect four directors.
The proposed changes are aligned to the Government’s commitment to transform Kenya Power into a commercially viable entity, by delinking development initiatives, in order to allow the Company to operate on commercial principles.
