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{
    "id": 573005,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/573005/?format=api",
    "text_counter": 181,
    "type": "speech",
    "speaker_name": "Hon. G.W. Omondi",
    "speaker_title": "",
    "speaker": {
        "id": 1169,
        "legal_name": "George Washinton Mallan Omondi",
        "slug": "george-washinton-mallan-omondi"
    },
    "content": "Thank you, Hon. Temporary Deputy Speaker for giving me the opportunity to contribute to this Bill though I have a very short time. This Bill tends to overhaul and modernise the companies law in this country. As you know, one of the inhibitors of entrepreneurship in this country has been this old law. We have operated with the old English law for a long time. Its requirements in terms of registration and returns have been very cumbersome. This Bill intends to bring the companies law up to date with the modern requirements of running businesses. However, I intend to dwell on the other bit that this Bill tends to do. One of the problems that we have experienced all over the world, and particularly in Kenya, is poor corporate governance. This has made many people shy away from investing in companies. If you go through this Bill, you will find that in every page, it talks about the requirements of the directors and managers. I will go through a few examples. In addressing this issue, the Bill is tackling corporate governance that has destroyed many companies in the world. For instance, Part 9,Division III stipulates the director’s duties. In their activities or in running their companies, they are expected to have long-term consequences of 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."
}