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Economy

Marende takes home Sh255,000 Kenya Power pay a month

Kenya Power board chairman Kenneth Marende. file photo | nmg
Kenya Power board chairman Kenneth Marende. file photo | nmg 

Kenya Power #ticker:KPLC has revealed that it pays former National Assembly Speaker Kenneth Marende Sh255,000 per month as chairman of the electricity distributor.
Mr Marende takes home a total of Sh3.07 million annually, translating to Sh255,833 a month, Kenya Power says in its financial statements for the year ended June 2017.

The payout is, however, a far cry from what the ex-Speaker was entitled to (up to Sh1.32 million a month) when he served in the National Assembly between 2008 and 2013.

The Salaries and Remuneration Commission (SRC) puts the pay of the current House Speaker Justin Muturi at Sh1.15 million per month, four times higher than Mr Marende’s pay at the utility firm. Kenya Power managing director Ken Tarus is paid Sh1 million a month.

But the Kenya Power job comes on top Mr Marende’s generous pension of nearly Sh1 monthly contained in a law recently reviewed to include former speakers.

Of the Sh3.07 million payout to Mr Marende, Sh960,000 comprised his annual salary, Sh1.5 million as allowances and a further Sh600,000 as fees. The Nairobi bourse-listed firm recorded a flat net profit of Sh7.2 billion in the year to June, weighed down by rising operation costs.

Kenya Power has widened its customer base to 6.3 million, a six-fold growth from one million in 2010, powered by the government’s last mile connectivity project where homes are connected to the national grid at a subsidised cost of Sh15,000.

The company’s total revenue was up 11 per cent to Sh120.7 billion in year to June and maintained a Sh0.50 dividend per share.

It will hold its annual general meeting on December 1 to approve the dividend payout.

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