This is what Kenya's state corporations directors earn per sitting to how much they get for lunch and airtime every day
Early this year, Treasury signed a memo that increased monthly pay of directors of State corporations by up to 87.5 per cent.
Months after former Attorney-General Githu Muigai published new regulations requiring public listed firms to disclose directors’ remuneration and the basis of such payments in annual financial reports, Kenya’s public listed firms have begun complying with the new rules.
Kenya Power, KenGen and East Africa Portland Cement Company (EAPCC), whose financial years end in June in agreement with the government calendar year, are first listed firms to comply with the new rules.
The remuneration report also includes all allowances and sitting perks for every board meeting or committee meeting attended as well as travel allowances and per diem paid to directors away on official duties.
The firms whose financial year ends in December are expected to make the disclosures in the annual reports from next month.
Here is what some of Kenya’s public listed firms pays their directors as per their first public disclosers.
Capital Markets Authority (CMA)
CMA directors are some of the most highly paid in the country, their allowances is more than double what most listed firms compensate executive directors earn.
The authority paid its seven independent directors an average of Sh48,250 ($482) as sitting allowance per meeting for year to June last year.
Besides the sitting perks, CMA offered the independent directors an average retainer of Sh853,957 ($8,539) annually or Sh71,163 ($711) monthly.
CMA independent director Christine Okoth earned the highest total package at Sh2,072, 258 ($20,722) for the year to June 2017, translating to a monthly average of Sh172,688 ($1,726), having attended 21 meetings.
Directors of Kenya Power and East Africa Portland Cement Company (EAPCC) currently earn sitting allowances of Sh20,000 ($200) per meeting.
State-backed electricity generator KenGen paid out a total of Sh58 million ($580,000) in directors’ expenses as at June 2016 from Sh49 million ($490,000) in 2015.
It has 11 directors and held a dozen board meetings in the 2016 fiscal year.
Directors of KenGen earn sitting allowances of Sh20,000 ($200) per meeting and the company has a retainer of Sh50,000 ($500) monthly.
Treasury secretary Henry Rotich issued a memo that will see board chairpersons, who have been earning honoraria at a flat rate of Sh80,000 ($800) per month since July 2005, get between Sh100,000 ($1000) and Sh150,000 ($1500) beginning July 1.
The chairpersons of the Central Bank of Kenya, the Kenya Revenue Authority, Kenya Power , the Kenya Ports Authority, Kenya Airports Authority, KenGen , the National Oil Corporation, the Kenya Pipeline Company and Kenyatta National Hospital will draw retainers at the rate of Sh150,000 ($1500) per month.
Board members of East Africa Portland Cement, Geothermal Development Company, Kenya Electricity Transmission Company (Ketraco), Kenya Re and the National Housing Corporation, will get monthly retainers at the rate of Sh120,000 ($1200) per month.
Board chairpersons of Kenya Railways, Industrial and Commercial Development Corporation, Posta, the Capital Markets Authority, the Export Processing Council, the Commission of Higher Education, the Kenya Bureau of Standards (Kebs), the National Social Security Fund (NSSF), the National Hospital Insurance Fund (NHIF) and the Retirement Benefits Authority will also earn retainers at the rate of Sh120,000 ($1200) per month.
Chairpersons of the rest of the State corporations have been put on a monthly retainer of Sh100,000 ($1000)each.
In addition to the monthly retainers, each of the chairpersons, irrespective of parastatal category, will also earn sitting allowances at a higher rate of Sh25,000 ($250), up from Sh20,000 ($200) per sitting at the moment.
Other monthly allowances, including Sh5,000 ($50) for airtime, Sh2,000 ($20) per day for lunch, personal accident insurance cover and medical expense, remain at current rates.
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