Before I start, I want to doff my hat to the Kenya Power technicians. It cannot be easy wading through calf-high waters to get to troubled transformers and fix power outages in these past two weeks. But they do it despite the cacophony of noise and abuse from their customers, punching furiously in the dark with rapidly diminishing phone batteries. So thank you, Kenya Power.
I also want to thank the Capital Markets Authority (CMA) for a thoroughly confusing set of regulations issued in October 2023 via their line ministry, the Treasury Cabinet Secretary. I don’t want to bore you, dear reader, with the law. Nor do I claim to be a legal expert. Back in 2015, our CMA, being the forward-looking institution that it is, issued a corporate governance code. It was different, modern and based on the governance regime of “apply or explain”. Because it was just a “code”, it was a guiding tool, which only got the full force of the law once the CMA converted the same into a set of regulations in 2016, which then converted the code into a “comply or explain” regime.
