Investment firm TransCentury #ticker:TCL has appointed Anne Mutahi as a non-executive director of its board, marking the first appointment of a female board member at the firm since Carol Musyoka resigned two years ago.
TransCentury, which is going through a major shakeup of the boardroom since selling a significant stake to New York-based equity fund Kuramo Capital last year, says Mrs Mutahi joins the five male directors in its board immediately.
They include Shaka Kariuki, the TransCentury chairman and Kuramo Capital chief executive as well as Ng'ang'a Njiinu, the NSE-listed firm’s CEO, and Wale Adeosun, Kuramo’s chief investment officer.
“The board of TransCentury is pleased to announce the appointment of Anne Wanjiku Mutahi as a new non-executive director with immediate effect,” the company said in a statement Tuesday.
Mrs Mutahi is currently the executive director of Biashara Factors Limited - a consultancy which provides trade services to Small and Medium Enterprises (SMEs).
Her professional career has seen her work in several top financial institutions including Citibank, ABN AMRO Bank as well as a microfinance institution called Jitegemee Trust Limited.
She is a director at Old Mutual Life Assurance Company and the chairman of Standard Chartered Bank Kenya #ticker:SCBK.
Mrs Mutahi is the wife of Nyeri Senator Mutahi Kagwe and daughter of former Environment minister, the late John Michuki.
TransCentury has been lagging behind in terms of gender diversity in its board, and the appointment of a lady is seen as a move to start correcting this imbalance.
Indeed, the boards of most publicly traded firms are dominated by men, including controlling shareholders and their nominees. A 2015 study by the Institute of Directors Kenya found that women account for 30 per cent of board memberships in Kenya.
This gender imbalance in the boardroom, which often times also manifests at the employment level, sees company lose out on the skills and expertise that women have to offer.