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{
    "id": 573920,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/573920/?format=api",
    "text_counter": 49,
    "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": "Hon. Deputy Speaker, Part XXV, Division 9, requires the director’s remuneration report to be approved by the members. These are some of the areas which have caused problems in companies and brought about poor governance and failure by companies. In essence, it is a general requirement throughout the clauses of this Bill for directors to provide detailed information about what they have acquired from the company, including dealings in shares in public quoted companies. This is going to prevent the use of inside information for one to benefit unfairly. Finally, Clause 771(1)(a) of the Bill establishes an audit committee to set out corporate governance principles and Clause 771(2)(a) and (b) categorically states that:- “The audit committee of the quoted company is responsible for- (a) organising the company to promote the effective and prudent management of the company and the directors oversight of that management”."
}