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{
"id": 1561175,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1561175/?format=api",
"text_counter": 427,
"type": "speech",
"speaker_name": "Molo, UDA",
"speaker_title": "Hon. Kuria Kimani",
"speaker": null,
"content": "approval hearing of nominees for appointment as members of the Board of Central Bank of Kenya, laid on the Table of the House on Tuesday, 29th April 2025, and pursuant to Section 11(2) of the Central Bank of Kenya Act, Cap 491, this House approves the appointment of the following nominees as members of the Board of Central Bank of Kenya – (i) FCPA Sophie Moturi. (ii) CPA Abdullahi Mohamed Abdi. (iii) Ms. Beatrice Kosgei. (iv) Mr. David Simpson Osawa Owuor. The Board of Directors of the Central Bank of Kenya (CBK) is established under Section 10 of the Central Bank of Kenya, Cap 491. Further, Section 11 (1)(d) of the Act provides that the Board shall consist of a chairperson appointed by the President, a Governor, a Principal Secretary to the National Assembly or his or her representative who shall be a non-voting member, and eight other non- executive directors. The Board of Directors of CBK is established under Section 10 of the CBK Act. It is responsible for the following: 1. Determining the policy of the bank, excluding policy formulation. 2. Setting the bank's objections, overseeing its financial management, and strategic direction. 3. Continuously reviewing the bank's performance according to its functions. 4. Consistently monitoring the Governor's performance in fulfilling the responsibility of the office and ensuring achieving the bank objectives. 5. Assessing whether policy statements issued under Section 4(b) align with the bank's primary functions and objectives under Section 4. 6. Maintaining constant oversight over the use of the bank's resources. Appointment of the Director of the Board of CBK shall take provisions of Section 11(7) of the CBK Act into consideration. The Section provides that persons shall be eligible for appointment as Director if the person is a citizen of Kenya, is knowledgeable, and experienced in monetary, financial, banking and economic matters, or other disciplines relevant to the functions of the Central Bank of Kenya. The Committee assessed the nominees against criteria of their academic and professional qualifications, leadership and integrity, financial probity, political neutrality, and conflict of interest. The Committee also received clearance reports from the Ethics and Anti- Corruption Commission (EACC), the Kenya Revenue Authority (KRA), the Directorate of Criminal Investigation (DCI), the Higher Education Loans Board (HELB), and the Office of the Director of Public Prosecution (ODPP). All four nominees demonstrated knowledge and professionalism in the banking sector and that they possess extensive experience relevant to monetary policy, banking, finance, and regulatory matters. They fulfilled all legal and constitutional requirements for appointment. There is brief Curriculum Vitae (CV) of the nominees. I will start with FCPA Sophie Moturi who is a seasoned finance and governance expert, with over 38 years of experience spanning through public service, accounting, non-governmental organisations (NGO), corporate boards and international development work. She has served in various capacities. They include being an accountant at the Clients Accounting Department (CAD) of the PricewaterhouseCoopers (PwC) and a finance administration manager at the Action Africa in Need Kenya. She was a director at Life in Abundance International, a chairperson of Association of Women Accountants of Kenya, and The electronic version of the Official Hansard Report is for information purposesonly. A certified version of this Report can be obtained from the Hansard Editor."
}