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"id": 249695,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/249695/?format=api",
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"type": "speech",
"speaker_name": "Mr. Kimunya",
"speaker_title": "The Minister for Finance",
"speaker": {
"id": 174,
"legal_name": "Amos Muhinga Kimunya",
"slug": "amos-kimunya"
},
"content": " Mr. Speaker, Sir, Section 5(1) of the Act provides for the various officers appointed by the President, the Attorney-General, the Permanent Secretary to the Treasury, seven members, not being public officers, appointed by the Minister and approved by the relevant committee of Parliament by virtue of their expertise in such matters as would ensure that the commission achieves its objectives and very critically, the Executive September 12, 2007 PARLIAMENTARY DEBATES 3901 Director. Further Section 10, Subsection 1, of the Act says that the Minister shall, through a competitive process, appoint an Executive Director of the Commission who will be the Chief Executive Officer (CEO) of the Commission and who shall in addition, perform such duties as the Commission shall assign to his office. I have, therefore, proposed to operationalise the Act as follows:- (i) To identify, through, a transparent process, the person to be appointed as the Executive Director, in accordance with the law. (ii) To propose the seven directors to be appointed to the Departmental Committee on Finance, Planning and Trade of Parliament. (iii) To get the Commission to be categorised by the State Corporations Advisory Committee which will then determine the salaries. Once the Executive Director has been identified and the seven proposed directors have been approved by the Departmental Committee on Finance, Planning and Trade of Parliament, I will then request His Excellency the President to appoint and gazette a Chairman for the Commission. I will, thereafter, gazette the directors and concurrently appoint the Executive Director. Accordingly, looking at the events and expected timing, I will be gazetting the commencement date in accordance with Section 1 of the Act which we have agreed on as 1st November, 2007. So far, I have also done the following:- (i) I have obtained the categorization of the corporation by the State Corporations Advisory Commission. This is important in order to get a basis for the remuneration level of the Executive Director when the Act comes into operation. (ii) I have competitively sourced a recruitment agency to run the competitive process required of me by Section 10, Subsection 1 of the Act in the appointment of the Executive Director of the Commission. (iii) We have advertised for the recruitment of the Executive Director which was placed in the media on 24th August, 2007 and which was to run up to the 6th September, 2007. As we talk, the vetting process is ongoing, after which we would then conduct the interviews and identify an Executive Director. Mr. Speaker, Sir, as required by Section 5(1), Subsection (d) of the Act, I will also be then proposing for approval by the Departmental Committee on Finance, Planning and Trade the seven members of the Commission. Mr. Speaker, Sir, in the meantime, there are ongoing transactions as contemplated by the transitional provisions of the Act. These transactions, for the benefit of the record and the House, are being undertaken within the existing laws which are currently operating as follows:- The first law that we are applying is the Permanent Secretary to the Treasury Incorporation Act, Cap.101 which empowers the Corporation to buy and sell assets on behalf of the public. We are also using the Companies Act, the Capital Markets Authority Act, the Procurement Act, the individual Acts of Parliament under which each of the State corporations are established. We are also using any other law that may be relevant to a specific transaction. Mr. Speaker, Sir, I would like to inform this House, that through the Procurement Act, specifically, we are getting great value for the taxpayer in the course of advisory service for privatisation transactions as was evidenced by the bit we received for advisory services for the Safaricom IPO. We have also empowered Kenyans to directly own shares in companies previously held on their behalf by the Government, deepened our Capital Markets and raised resources for the development of our infrastructure, which is a prerequisite for the rapid economic growth we all 3902 PARLIAMENTARY DEBATES September 12, 2007 desire and which is well in the spirit of the Privatisation Act that was passed by this House. Mr. Speaker, Sir, last and most importantly, I have never had any intention, and would never have any intention, of disobeying or belittling this House which I hold in great esteem. Thank you."
}