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{
    "id": 698009,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/698009/?format=api",
    "text_counter": 87,
    "type": "speech",
    "speaker_name": "Hon. F.K. Wanyonyi",
    "speaker_title": "",
    "speaker": {
        "id": 2065,
        "legal_name": "Ferdinard Kevin Wanyonyi",
        "slug": "ferdinard-kevin-wanyonyi"
    },
    "content": "The principal objective of setting up the Institute of Directors of Kenya is to enhance corporate governance. I am speaking from the knowledge I got because I was a Chief Executive Officer (CEO) of more than three companies and two parastatals in this country. This Bill is very useful in the sense that appointment of directors has always been done for various reasons. One might be appointed a director because he is a neighbour of the appointing authority, or because of political expedience. We should establish the proposed institute so that directors can go through formal induction on various businesses. They should have general knowledge on how companies or State corporations are run. Companies have objectives and business lines. I thank Hon. Ochieng for coming up with this timely Bill. Directors join companies for various reasons. There are those who come in to draw sitting allowances, which is possible because they will be working. Some join companies because they think that is a way of making businesses. That is a conflict of interest. That should be spelt out in the general knowledge when the institution will finally be set up. Some directors represent various interests. That should also be covered in the institution so that directors understand how to run companies. 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."
}