Electricity producer KenGen wants to amend its internal rules to grant the government board control, irrespective of its shareholding, mirroring a similar move at Kenya Reinsurance Corporation (Kenya Re).
The proposal, which is set to be considered by shareholders at an extraordinary general meeting (EGM) on February 12, will entrench the State’s influence over board composition and decision-making at the Nairobi Securities Exchange-listed firm even if its stake falls below current 70 percent.
