The government has been given the green light to appoint five directors to Kenya Power’s Board following the company’s Extraordinary General Meeting (EGM) on Friday.
The minority shareholders will then appoint four directors to the board.
“Currently, the Government holds 50.09% of the Company’s shares. In line with the approved amendments, the Government, who is the Majority Shareholder, will appoint five directors while the remaining shareholders will elect four directors,” said the lighting company in a statement on X.
Kenya Power went on to say that the changes are in line with the government’s objective of improving the business feasibility of the company.
“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,” said Kenya Power.
The government has a 50.1 per cent stake in the Nairobi Securities Exchange (NSE) listed power distributor.
The firm believes that with the new structure, minority shareholders interests will be guarded.
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