Like most corporates, KMRC has a three-tiered governance structure consisting of shareholders (acting through the Annual General Meeting), a board of directors elected by the shareholders and the management team to which the Board delegates the day to day running of the Company. The Company’s Articles provides the number of Directors (other than any alternate Directors) to be at least five (5) and not more than seven (7). However, this excludes the CEO who is an ex officio member of the Board.
The Board of Directors is constituted as follows:
- One (1) director appointed by the National Treasury;
- One (1) director appointed jointly by SACCOs who have a shareholding in the Company;
- One (1) director appointed by participating development finance institutions (DFIs) for as long as they have a shareholding in the Company;
- Two (2) directors appointed by banks and microfinance banks; provided that any institutions that owns 20% shareholding shall have an automatic board seat.
- Two (2) independent directors.