Kenya Re to lock out politicians in new board shake-up rules

Kenya Re has proposed the restructuring of its governance framework in a move to lock out political appointees from its board, even as the board gets full powers to fire and hire the MD...

✨ Key Highlights

Kenya Reinsurance Corporation (Kenya Re) is proposing significant changes to its governance structure to prevent political interference in its board. These amendments will also empower the board with full authority over the hiring and firing of the managing director.

The government owns 60% of Kenya Re.
The number of board members will be reduced to nine.
Shares will be reclassified into two categories: State-owned and investor-owned, potentially strengthening Treasury's control.
The proposed changes are amendments to the company's Articles of Association.

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