Kenya Power has set in motion plans to restructure its Board of Directors which will see an almost 50-50 shareholding between the government and other shareholders.
Currently, the government is the majority shareholder with a 50.09 per cent stake.
In a statement on Tuesday, the power utility firm said it will amend its Memorandum and Articles of Association for purposes of safeguarding the interests of minority shareholders.
As such, the company said it has convened an Extraordinary General Meeting on November 10 to seek shareholders' approval of the changes.
"During the EGM, the company will be seeking shareholders' approval to amend its Memorandum and Articles of Association, specifically on the restructuring of the Board of Directors.
The company said the amendments are in alignment with the government's commitment to transform Kenya Power into a commercially viable entity by delinking development initiatives to allow the company to operate on commercial principles.
It said the move is also in line with good corporate governance practices and the government's transformative agenda.
"The amendments provide for a mechanism for appointing Directors in a manner that proportionately reflects the company's shareholding structure," Kenya Power said.
"In the proposed restructuring, the government, who is the majority shareholder, will appoint five directors while the remaining shareholders will elect four directors."
