KENYA – The Nairobi Securities Exchange(NSE) Board has appointed two new non-executive directors, Donald Wangunyu and Stephen Chege who will represent the interests of trading participants on the NSE Board and those of listed companies, respectively.
He is the founder and CEO of the Robo-Advisor, FourFront Management.
On the other hand, Chege has over 20 years of experience in policy, legal and regulatory affairs and Environmental Social and Governance matters, primarily within the telecommunications and ICT industry.
As Chief Corporate Affairs Officer at Safaricom, Chege is in charge of safeguarding and growing Safaricom’s reputation, Government and stakeholder engagement, shaping the policy, legal and regulatory environment and overseeing the growth of Safaricom’s sustainability agenda.
Similarly, during a Special Meeting of the Board of Directors of NSE Plc held on 9th June 2021, it was resolved according to the Articles of Association of the Company to re-appoint Kiprono Kittony as the Company Board Chairman appoint Paul Mwai as the Vice-Chairman of the Board.
Ms Risper Alaro-Mukoto (Independent Non-Executive Director) and Paul Mwai (Non-Executive Director representing Trading Participants) were re-elected as directors during this meeting.
At the NSE 67th Annual General Meeting held virtually on 3rd June 2021, Samuel Kimani (former Board Chairman and an Independent Non-Executive Director), Bob Karina (Board Vice-Chairman and Director representing Trading Participants), Hosea Kili (Independent Non-Executive Director) and Mrs Nasim Devji (Non-Executive Director representing Listed Companies) retired from the board.
“Their retirement is in line with the code of corporate governance practices which states that the tenure of an independent board member shall not exceed a cumulative term of nine years”
The first three directors are some of the longest-serving members on the NSE board and their retirement is in line with the code of corporate governance practices which states, “the tenure of an independent board member shall not exceed a cumulative term of nine years”.
Bob Karina joined the Nairobi Securities Exchange (NSE) board in 2012 and served as the vice-chairman of the NSE, the chairman of the Rwanda Stock Exchange and is a board member of the Central Depository and Settlement Corporation (CDSC) and is also the Chairman at Faida Investment Bank and Managing Director at Faida Securities Rwanda Ltd.
Samuel Kimani joined the NSE board in March 2012 and served as the chairman of the Nairobi Securities Exchange from June 6, 2016, to July 13, 2020.
Hosea Kili joined the NSE board of directors in March 2012 and has been an independent non-executive director on the board ever since.
Hosea is a Council member and the current Chairman of the East and Central Africa Social Security Association (ECASSA) and is also the President of Association of Pension Trustees Administrators of Kenya.