NAIROBI, Kenya, Oct 24 – The Kenya Power and Lighting Company (KPLC) Board members earlier today held a virtual shareholder meeting as the company sought approval from shareholders to change the board’s structure to reflect the shareholding structure.
According to a statement posted on the company’s official social media page, the company was also seeking to accommodate the government’s and private shareholders’ interests.
Among the issues tabled during the Q&A session of the meeting was whether the company’s CEO was to be drafted from classes A or B of the company’s shareholder designations per the recent amendments to the company’s Article 96.
This was clarified by the board members, who revealed that the CEO’s appointment would be irrespective of their class designation.
As such, the CEO would be an appointee of the Board and not of a particular shareholding class.
The company, according to board chair Joy Masinde, wants to adopt the proposed changes as they are in alignment with Kenya Kwanza’s commitment to transform the company into a commercially viable entity.
“This is in order to allow it to operate on commercial principles and provide a return to all shareholders,” she said.
Further questions were raised as to whether future Annual General Meetings (AGM) will be undertaken physically in view of the post-COVID timelines, as far as the virtual meeting was concerned.
This was clarified by the chair, who alluded to the virtual meeting’s financial constraints but insisted on working towards restoring physical meetups as early as next year’s AGM.
These latest developments come in the face of the company’s announcement of an impending Extraordinary General Meeting (EGM) scheduled to take place on November 10, 2023, with the top agenda being to approve special resolutions for the amendment of the company’s Memorandum and Articles of Association to allow changes to the structure of the board.
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