Safaricom shareholders back changes as State cedes control

Safaricom Chief Executive Peter Ndegwa (centre), his Safaricom Ethiopia counterpart Wim Vanhelleputte (right), and Safaricom Group Chief Finance Officer Dilip Pal during the release of the telco\'s full-year financial results in May this year. [Wilberforce Okwiri, Standard]

Safaricom shareholders have approved landmark governance changes that formalise the end of State dominance in East Africa's most profitable company.

They also backed a record Sh80.13 billion dividend that will deliver a multi-billion-shilling windfall to the cash-strapped National Treasury at the company's 18th Annual General Meeting held on Friday.