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{
    "id": 573932,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/573932/?format=api",
    "text_counter": 61,
    "type": "speech",
    "speaker_name": "Hon. (Eng.) Gumbo",
    "speaker_title": "",
    "speaker": {
        "id": 24,
        "legal_name": "Nicholas Gumbo",
        "slug": "nicholas-gumbo"
    },
    "content": "our country, it should not be confused with empowering foreigners. This is because there is no country in the world which can grow by having the empowerment of foreigners at its primary agenda. Hon. Deputy Speaker, I think as we discuss this Bill, all of us must be not only converts but also disciples of pursuit of wealth through labour, commitment, honesty, hard work and respect for the rights of fellow citizens and humanity in general. I have disputed this notion that acquiring wealth in itself can be bad. Some people tend to think that when we make our people acquire wealth that is bad. It can never be bad. Wealth acquisition for any country--- If our goals with regard to nationhood, if our goals with regard to fellow citizens are correct, wealth acquisition cannot be bad. I believe every Kenyan should be empowered to aspire to acquire wealth. What we must condemn and describe as a deadly sin is any attempt by anybody, be it a Kenyan or a foreigner living in Kenya, to acquire wealth without working. As the late Mahatma Gandhi said, wealth without work is a deadly sin. As I have said before, this Bill is very voluminous. Having read it, I am quite happy that the Committee has done a good job. I want to thank Hon. Chepkong’a. According to me, to propose about 30 amendments to a Bill of 1027 clauses looks limiting. I would like the Committee to engage some of us who have looked at the Bill in detail to have some of the amendments we have proposed looked at very positively. It is one of those Bills you come across once in a lifetime. Hon. Deputy Speaker, in the Committee’s Report, they have captured quite a few of the views of the professionals who are interested in this. I noticed that under Clause 224, the Institute of Certified Public Secretaries of Kenya (ICPSK) has made a proposal for all companies to have a company secretary. That for me will be introducing another barrier on the path of Kenyans to owning companies. If we are to pass this amendment as proposed by the ICPSK, it will equate to erecting a barrier to Kenyans who want to pursue business. And it would definitely be inhibiting the growth of entrepreneurship in general and small companies in particular. As we go forward and look into this Bill, the proposal that wants to make it mandatory for all companies to have company secretaries is very inhibiting. We must encourage as many Kenyans as possible to embrace the spirit of entrepreneurship and to own companies. Indeed, my sense is that this recommendation by ICPSK seems aimed at achieving no more than selfish interests through expansion of relevance, which I think is rather narrow and should be rejected. I have also noticed that in the Committee’s Report, ICPSK has proposed that no person should qualify to be appointed a secretary unless that person is registered and qualified under the ICPSK Act, Chapter 534. I believe that proposal is a good one. Much as we want to seek entrepreneurship, empower our people to own companies and enterprises, I think we will be starting on a wrong footing if we throw professionalism out of the window. I have looked at the Bill and small companies have been defined as those with a turnover of less than Kshs720 million, net assets of less than Kshs360 million and employees fewer than 50. That definition does not capture the reality in our country. Until the Kenyan Shilling started misbehaving, a company with a turnover of Kshs720 million was worth about US$10 million. Hon. Deputy Speaker, net assets of Kshs360 million were about US$5 million. In the context of Kenya, to limit that definition to assets of less than Kshs360 million cannot qualify to be called small companies. That provision does not capture the realities in our country, and I will be proposing that we change that definition through an amendment, so that we look at an annual 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."
}