Kisumu Water & Sanitation Company Ltd on 17th December,2020, held an Extra General Meeting (EGM) as outlined by Company Law of Kenya as well as to comply with the Water Services Regulatory Board (WASREB) corporate governance guidelines. The EGM mainly deliberated on the amendment of the Memorandum and Articles of Association in regards to shareholding structure, composition of the board of directors and eligibility criteria for election of board of directors.
In respect to shareholding structure and composition of the board of directors it was concluded that the county government owns up to 4,997 with each county executive committee member acquiring one share each. Three county executive committee members automatically qualifies for a sit at the board by the virtue of their respective offices in the county; that is the City Manager, CEC Finance and also CEC Water and Climate, and, a nominee from the office of the governor as provided in the Memorandum and Articles of Association.
Other positions included; representatives from business and manufacturing community, local professionals, consumers and also, local hotel and hospitality industry. All the aforementioned positions would be filled through a competitive recruitment process with a bare minimum eligibility of a bachelor degree from a recognized university except for the position of the managing director of the company.
It was during this meeting that two new directors were introduced and endorsed by the stakeholders present. This was done after a rigorous recruitment exercise that was undertaken prior to the EGM. The remaining two positions will be filled in due course.
