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

Reinsurance Plaza in Nairobi. The reinsurer, whose 60 per cent owned by the government, has proposed major amendments to its Articles of Association. [File, Standard]

Kenya Reinsurance Corporation (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 managing director (MD).

The reinsurer, whose 60 per cent owned by the government, has proposed major amendments to its Articles of Association, which will also see the number of board members reduce to nine as well as its shares reclassified into two categories – one of shares owned by State and the other category being shares owned by other investors; in a move that could see Treasury solidify its hold on the firm.