Treasury Cabinet Secretary Prof Njuguna Ndung’u on Wednesday, November 23, wrote to the Kenya Power and Lighting Company (KPLC) demanding the immediate removal of its board of directors.
Prof Ndung’u in a letter, addressed to the KPLC’s Secretary, directed the company to hold elections for new members during the upcoming Annual General Meeting (AGM) scheduled for December 16.
The overhaul is targeting, among others, the company’s Board Chairperson Vivienne Yeda.
“As a shareholder with 50.1% shareholding in The Kenya Power and Lighting Company Plc we require the Board of Directors of the Company to table before the AGM an ordinary resolution for the removal of directors pursuant to Article 129 of the Company’s Memorandum and Articles of Association,” the letter read in part.
Consequently, Kenya Power published a notice to its shareholders apprising them of the upcoming elections.
In a notice seen by Kenyans.co.ke, Board Chairperson Yeda will leave the board alongside fellow member Yida Kemoli.
However, four members namely; Kairo Thuo, Humphrey Muhu, Aaron Ringera and James Gitiba have offered themselves for re-election by virtue of being members of the Board Audit Committee.
“Vivienne Yeda has given a notice of retirement as a Director with effect from the date of the AGM,” an excerpt from the notice read.
The board of directors offers leadership by setting purpose and values to steer the company towards realizing the company’s goals.
The directors are also tasked with the role of crafting strategies to ensure that the company remains financially viable.
Its composition includes the Treasury Cabinet Secretary, the company’s Managing Director and the Principal Secretary of the Energy Department.
According to KPLC’s Board Manual, the responsibility of appointing members of the board is bestowed on the shareholders. The shareholders are further accorded the authority to change the composition of the directors in case it fails to meet the agreed objectives.
Among the notable shareholders of the company is Kiaharu Member of Parliament Ndindi Nyoro who in September became the largest individual shareholder in the power distributor.
Source: kENYANS.CO.KE