KPLC to Restructure its Board Representation

Kenya Power is revising its Memorandum and Articles of Association (MAS) to give minority shareholders a say in the company’s actions.

The firm issued a notice convening an Extraordinary General Meeting (EGM) on Wednesday, with the date set for November 10, 2023.

The utility firm will seek shareholder approval at the EGM to alter its MAS, specifically the restructure of the Board of Directors.

“The amendments provide a mechanism for appointing directors in a manner that proportionately reflects the company’s shareholding structure,” KPLC announced in a statement.

The government currently owns 50.09 percent of the company’s stock.

The government, as the biggest shareholder, will appoint five directors in the proposed restructuring, 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,” it added.