Politics and policy
Suspended NSSF managing trustee Richard Lang’at (left) and Former
Transport Principal Secretary Nduva Muli. Britam said the two directors
had expressed their intention to retire at the company’s forthcoming
shareholders’ meeting. PHOTO | FILE |
NATION MEDIA GROUP
By DAVID HERBLING, hdavid@ke.nationmedia.com
In Summary
- Mr Muli, who was named in President Uhuru Kenyatta’s ‘List of Shame’, was in November last year sacked and replaced with Irungu Nyakera.
- Mr Langat also featured in the Uhuru dossier tabled in parliament last year and was forced to step aside from the State-run pension scheme pending conclusion of his graft case.
- Britam did not disclose the reasons behind Messrs Muli and Langat's exit although CMA requires detailed disclosure of the circumstances of any exit by board members.
- The remaining government official on Britam’s board is controller of budget Agnes Odhiambo.
- The Constitution bars State officers from taking up any other gainful employment.
Former Transport Principal Secretary Nduva Muli and
suspended boss of the National Social Security Fund (NSSF) Richard
Langat are set to quit the board of Britam Holdings.
Britam,
in a regulatory filing, said the two graft-linked directors had
expressed their intention to retire at the company’s forthcoming
shareholders’ meeting slated for June 24.
Mr Muli, who was named in President Uhuru
Kenyatta’s ‘List of Shame’, was in November last year sacked and
replaced with Irungu Nyakera.
Mr Langat also featured in the Uhuru dossier tabled
in parliament last year and was forced to step aside from the State-run
pension scheme pending conclusion of his graft case.
“We are thankful to Mr Langat/Mr Muli for their
contribution to the company during his directorship,” Britam said in a
disclosure note to the Capital Markets Authority.
State officers
Mr Muli, 47, also served on Britam’s board audit
committee. His tenure at the NSE-listed insurer elicited a lot of debate
given that he was a State officer.
The remaining government official on Britam’s board is Controller of Budget Agnes Odhiambo.
The Constitution bars State officers from taking up any other gainful employment.
Mr Langat was appointed a Britam director in August 2014, after NSSF bought a sizeable stake in the firm.
However, the listed financial services group did not disclose in detail the reasons behind Messrs Muli and Langat exit.
Newly-gazetted governance code by the capital
markets regulator requires detailed disclosure of the circumstances of
any exit by board members.
“The CMA shall be notified immediately the resignation takes
place and such notification shall include detailed circumstances
necessitating the resignation,” reads the Code of Corporate Governance.
The exits mean that the Britam board has changed
significantly in the past year including the departure of beleaguered
billionaire Dawood Rawat who resigned from the Board on April 22, 2015
amid allegations the he was running a Ponzi scheme in Mauritius.
His stake was seized by the Mauritian government, which is currently seeking a buyer for the 23.34 per cent stake in Britam.
Britam also disclosed that Equity Bank
chairman Peter Munga (aged 73) and former chairman of Real Insurance
Samson Kamau intend to continue serving as directors despite attaining
the age of 70 years.
The new CMA rules set 70 as the age limit for members serving in the boards of public listed firms.
Britam in 2014 acquired 99 per cent of Real Insurance and has now renamed the entity Britam General.
Britam Holdings maintained a dividend payout of
Sh0.30 a share despite announcing a Sh1 billion loss for the year ended
December 2015 linked to lower valuations of the companies it has
invested in at the Nairobi bourse.
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