Billionaire businessman Chris Kirubi. FILE PHOTO | NMG
Two announcements in the past two weeks by two of Kenya’s well
known corporate heads have put the issue of health status of senior
executives into focus. It is often said that a company is only as good
as its people.
That’s why firms spend top dollar on
hiring the best talent as they fight to stay at the top of the game. The
need for top notch employees applies from the bottom of the pyramid
junior workers all the way to the management and boardroom.
Once
a company has assembled a winning team, it ordinarily strives to
provide best health cover for its staff, in addition to competitive
wages. A private firm’s primary objective is to make money for its
investors. That is why the health of its people is paramount for company
owners
Safaricom
CEO Bob Collymore was about two weeks ago given sick off to receive specialised treatment abroad.
In
his absence, chief financial officer Sateesh Kamath will take charge
supported by Joseph Ogutu, the company’s director of Strategy and
Innovation.
Centum Investments
late
last week also disclosed that its single-biggest individual shareholder
billionaire Chris Kirubi had flown abroad for medical attention. The
information came through an internal memo to staff.
Safaricom makes up about 42 per cent of the wealth at the NSE as
measured by market capitalization, and employs millions of Kenyans
directly and indirectly. Its voice and mobile money networks are
systematically important.
That’s what makes the health of its CEO, top employees and the board a matter of public interest.
Mr
Kirubi, on the other hand, employs a lot of people and is a link to
billions in foreign cash invested in the country—from Amu Power to Two
Rivers Mall. He is a director and major shareholder of a public listed
company.
Both listed firms have to a good extent
recognised the importance of publicly disseminating critical information
and acted appropriately. This best practice is borrowed from more
mature markets.
Reporting on the illness of senior
managers and board members helps to avoid speculation and negative
impact on a listed company’s stock.
We urge listed firms to emulate the two firms. In fact the market regulator should make disclosure a regulatory requirement.
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