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APPOINTMENTS

Britam elects new board directors

In Summary

•The firm announced a loss of Sh2.86 billion for the year ended December 2018.

• Loss attributed to a tough operating environment.

Britam Group MD Benson Wairegi and chairman Andrew Hollas during the 2019 AGM at Safari Park Hotel,Nairobi.
Britam Group MD Benson Wairegi and chairman Andrew Hollas during the 2019 AGM at Safari Park Hotel,Nairobi.
Image: courtesy

Britam Holdings has appointed George Odo, Josephine Ossiya and Christopher Minter to its board during the company’s 23rd Annual General Meeting.

Group MD Benson Wairegi said the three new directors bring a wealth of expertise that will help create world-class diversified financial services company and drive growth across its markets.

"We shall continue building a sustainable business in the long term and focus on conducting our business to the highest levels of ethics and integrity,” Wairegi said.

Shareholders also re-elected Caroline Kigen, Mohamed Karama and Marianne Loner to the board’s audit committee to enhance corporate governance.

The company did not recommend any dividend for shareholders as opposed to 2017 when it paid out Sh756.9 million in dividends due to a decline in performance.

The firm announced a loss amounting to Sh2.86 billion for the year ended December 31, 2018, an aspect attributed to a tough operating environment.

‘’The slow-down was attributed to poor performance in the Stock Market, depressed property market, significant impairment to the Group’s investment in Housing Finance and one-off restructuring cost,’’ Wairegi said.

The firm however performed well in its core business with the growth of Assets Under Management (AUM) to Sh146.64 billion, a 14 percent increase from 2017.

Besides Kenya, the Group also operates in Uganda, Tanzania, Rwanda, South Sudan, Malawi and Mozambique.