Private investors gain powers to elect KenGen Directors

Under the new framework, non-state shareholders will elect independent directors without participation from the majority shareholder. Kenya breaking news | Kenya news today |..

✨ Key Highlights

Kenya Electricity Generating Company (KenGen) has approved significant governance reforms, allowing private investors to elect independent directors. This move aims to strengthen board independence and boost investor confidence, with reforms approved during a virtual Extraordinary General Meeting.

Private shareholders will now independently elect directors without interference from the majority shareholder, the Kenyan government, which owns 70 percent of KenGen.
Chairman Alfred Agoi stated the reforms enhance predictability and trust, while Managing Director and CEO Eng. Peter Njenga noted stronger governance will lower financing costs for projects through 2034.
The new rules require independent directors to resign if they assume political office or become employees of government or state-owned entities, reducing political exposure and governance risks.

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