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{
    "id": 570458,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/570458/?format=api",
    "text_counter": 138,
    "type": "speech",
    "speaker_name": "Hon. Chepkong’a",
    "speaker_title": "",
    "speaker": {
        "id": 1154,
        "legal_name": "Samuel Kiprono Chepkonga",
        "slug": "samuel-kiprono-chepkonga"
    },
    "content": "As part of enhancing good corporate governance, provisions have been introduced to enhance accountability by directors and the companies’ officers. Various penalties have been introduced for directors and company officials who fail to comply with the provisions of the Act. In the current Act, the directors have always escaped responsibility because they have hid under: “We are a limited liability company.” The company is a different entity from directors. So, they have run away from responsibilities. This Bill ensures that directors and other officials, including the company secretary, shall be responsible for the actions of a company because a company cannot operate without directors. The 1948 Act, which is Chapter 486 now in Kenya ensures that the directors are protected from any liability because they hide under the cover that the company is a different legal entity from directors and that if there is any liability, it shall only lie with the company."
}