Tuesday, August 16, 2005

KQ follow-up



Results are out following the Kenya Airways director elections which were again decided by KLM (120m shares) and the Government in Kenya (106m shares), the major shareholders, who were in harmony in their voting this time. Minor shareholders (i.e. the rest of the top 10 owners) had limited impact on the outcome.

New directors in bold are:
Neil Canty: for 251m votes, against 5.6m votes (against all major shareholders for; one minor shareholder against)
Joram Kariuki for 500,000 votes, against 256m (all major shareholders against)
Ayisi Makatiani for 241m, against 15m (all major shareholders for; some minor shareholders against)
Evanson Mwaniki: for 241m, against 15m (all major shareholders for; some minor shareholders against
Chris Obura: for 15m, against 241m (1 minor shareholders for; KLM, Government & other minor shareholders against)
Japheth Rob: for 745,000, against 256m (all major shareholders against)
Lois Wambua: for 934,000, against 241m (all major shareholders against)

Also, the East African Standard has an intriguing take on the exit of former Chairman, Isaac Omolo Okero.

3 comments:

Mashatall said...

guess change of guard is finally taking place in corporate boardrooms across Kenya, wish the same would happen in the political arena.By the way is Ayisi Makatiani still running a venture capital firm? And are there any local venture capital firms run by locals?

Anonymous said...

Interesting that Obura got chucked. Oh, well he is on many boards including Olympia.

Mwaniki was also elected as Chairman. Ayisi according to Standard or Nation was favoured by Naikuni. Regardless, both Mwaniki & Ayisi got the KLM+KQ vote.

Let's face it Joram had no chance but now I see why Wanderi even with 2.3% of the shares stayed out. He might have given his shares/vote to Obura but that wasn't enough!

It only gets fun when KLM is pitted against the govt coz then the deciding votes are with shareholders e.g. when JB Wanjui ran against Okero (among others). KLM supported Okero, Kapila & Cheserem. Govt supported Wanjui but thankfully the other shareholders helped lock out wanjui.

Imagine any more friends of kibaki & we will be buying soviet era planes at inflated prices!

Anonymous said...

Why was Okero forced out of KQ?

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