The Lower Eastern Times Opening The Third Eye
Related Articles
Kenya Electricity Generating Company (KenGen) has adopted new governance reforms allowing private investors to elect independent directors, a step aimed at enhancing board autonomy and strengthening investor confidence.
Under the revised structure, non-government shareholders will now choose independent directors without involvement from the majority shareholder.
Click here to join our WhatsApp Channel
Previously, the Kenyan government — which holds a 70 percent stake in the utility — had sole authority to appoint independent directors.
The resolutions were passed during a virtual Extraordinary General Meeting, where shareholders also broadened the mandate of independent directors.
The updated guidelines stipulate that independent directors must resign if they take up political positions or accept employment within government or state corporations, a move intended to limit political influence and reduce governance risks.
Click Here To Subscribe To Our YouTube Channel
Board Chairman Alfred Agoi said the reforms are designed to promote stability and investor trust while preserving the government’s majority ownership.
Managing Director and CEO Eng. Peter Njenga noted that improved governance standards are expected to lower borrowing costs as the company advances long-term investments in geothermal, hydro, nuclear, solar, and wind energy projects through 2034.
