KenGen SRBS AGM

KenGen RBS TAKES ITS AGM TO MOMBASA

The Board of Trustees decided to have rotational AGMs so as to have all members and pensioners participate. This was the 3rd rotational AGM, having held the last two at Kamburu and Sondu in 2015 and 2016 respectively.  This year’s AGM was hosted by Kipevu at the coastal city, held at PrideInn Paradise Beach Resort and Convention Centre. The meeting which attracted 200 participants, started by a warm welcome by Eng. Odumbe, the Kipevu Operations Manager. Esther Amani, also from the Kipevu planning Secretariat opened with a prayer. The Trust Secretary, Josphat Muriuki, read the notice of convening the meeting and introduced the Secretariat Staff, Purity Kamau, Hannah Nguhi, Peter Miano, Gloria Kikete, Albert Anam, Jane Namnyak, Anthony Mang’eli, Rashid Kanyua and Eunice Omollo. The continuing Board members present were Rebecca Miano, Ernest Nadome, Abraham Serem and Peter Mutemi. Eng. Albert Mugo sent his apologies.

A major highlight in this year’s AGM was the change of guard in the Trustee Board. The incoming Chair of the DB Scheme, Joseph Sitati, inspected the guard of honor by St John’s Ambulance Kipevu, as his predecessor Ziporah Ndegwa looked on. Mrs Ndegwa had served the Scheme diligently since 2014. In her tenure, she oversaw the Scheme’s growth and helped establish several corporate governance programs. Her invaluable input and expertise will surely be missed. Henry Nyachae, who was a Trustee since 2014, and the chair of the Audit & Risk Committee of the DB Scheme had also been replaced by another sponsor nominated Trustee, Mary Maalu. She brings onboard similar Finance & Investment experience and the Trustee Board welcomed her in absentia. Another retiring Trustee, George Muga, was replaced by another sponsor nominated Trustee, Mr Kizito Yaola. Mr Muga had sat in the Finance & Investment Committee since 2010. Mr Kizito brings in a wealth of experience in guiding the Scheme’s strategy. For the pensioners, they had held elections that saw Rev. Sospeter Mbogo replaced with Patrick Kimemia. Rev. Mbogo will be missed for his input in the Procurement Oversight Committee which he chaired. Fortunately, Mr Kimemia is also a procurement guru.

In the DC Scheme, Ziporah Ndegwa who chaired the Admin/ Legal Committee was replaced by a sponsor nominated Trustee, Dr. Musa Arusei. Dr Arusei brings in great research and leadership skills. The sponsor also desired to bring in some HR touch, and nominated its HR/Admin Director Abraham Serem to the DC Scheme Board. As per the requirements of the Trust Deed & Rules, the embers have two vacant positions in the DC Board to match the sponsor nominated Trustees. Elections would be held soon.

It was a great opportunity for the 68 old members who were delighted to meet their old friends and reminisce the old days at KenGen. They spoke passionately about the days when they set the foundation and planted the trees whose fruits are now enjoyed across the company. The sponsor’s report was read on behalf of the MD & CEO by Mrs Rebecca Miano.

Among the service providers were the Fund Managers who invest the Scheme Funds.  The DB Scheme was represented by James Mose (BRITAM) and Nicholas Ithondeka (Co-optrust). On the hand, the DC Scheme was represented by Humprey Gathungu & Dominic Njihia (STANLIB) and Peter Anderson of Old Mutual. Kanza Musyoka and Gibson Moraira represented the administrator, Alexander Forbes; and the custodian, NIC Bank was represented by Eva Mwangi. The AGM was also graced by the regulator, RBA, whose Yvonne Muthwi confirmed the Scheme’s compliance and the Authority’s commitment to support the Scheme. PricewaterhouseCoopers, who audit both funds, gave a clean audit report, read out by Mwende Kausya.

In the Chairpersons’ reports, the Scheme growth was highlighted. The DB Scheme had grown 6.99% to close the year 2016 at 7.86 billion. The return declared t members in the year was 10%. In the DC Scheme, there had been a 34.8% growth from the previous year closing the fund at 3.05 billion. This Scheme struggled in the tough economic situation but managed to declare a 4.7% return to members. Thankfully, both Scheme returns were above the average Scheme return in 2016, as declared in the annual industry index conducted by Alexander Forbes Consulting Actuaries Scheme Survey (AFCASS).

The meeting flowed pleasantly under Blasto Ooko, the day’s MC and some entertainment by Sengenya dancers from the coast. Bernard Maina of Kipevu gave the vote of thanks and the meeting ended just before a sumptuous lunch with a prayer from Rev.Sospeter Mbogo, who had fondly become the Schemes’ pastor.

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