Corporate News
Sicily Kariuki, the Principal Secretary Agriculture ministry. PHOTO | FILE
By GEORGE NGIGI
The principal secretary in the Ministry of
Agriculture Sicily Kariuki has exited the board of Commercial Bank of
Africa, casting the spotlight yet again on other public officials that
are still clinging on to directorships in private companies despite
warning shots from the Ethics and Anti-Corruption Commission.
CBA, whose ownership is associated with President Uhuru
Kenyatta’s family, did not include Ms Kariuki as a member of its board
in its information memorandum issued on Wednesday to sell to investors
its plans for a Sh10 billion bond.
“The information memorandum is accurate as Ms
Sicily Kariuki resigned as director earlier this year on July 25,” said
the CBA’s head of marketing, Chris Pasha.
Ms Kariuki’s fellow principal secretary Nduva Muli,
Controller of Budget Agnes Odhiambo and the Salaries and Remuneration
Commission (SRC) chairperson Sarah Serem are directors on boards of
companies listed at the Nairobi Securities Exchange.
Ms Kariuki had previously defended her position on
the CBA board, saying she was gaining private sector experience that is
critical for her docket at the Ministry of Agriculture.
During her appointment to the board, in October
2012, she was the chief executive officer of the Tea Board of Kenya. CBA
is one of the banks used to channel import income from tea exports, a
major foreign currency earner for the country.
Ms Kariuki’s exit leaves CBA with no woman sitting
on its board. Other board members include the President’s brother Muhoho
Kenyatta as vice-chairman, the President’s lawyer Desterio Oyatsi,
former speaker of the East African Legislative Assembly, Abdirahin Abdi,
Nicholas Nesbitt and Stuart Armitage.
Ms Kariuki joins a growing list of government
officials who have left boardrooms after the Ethics and Anti-Corruption
Commission Chairman Mumo Matemu said he was contemplating writing
warning letters to them for contravening the law.
The Constitution and the Public Officer Ethics Act
bar State officers and public officials from taking up appointments in
private companies that offer gainful employment.
Board directors receive a monthly retainer in
addition to sitting allowances. Their positions on the boards may also
expose them to conflict of interest especially considering that the
government is the largest buyer of goods and services in the economy
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