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{
    "id": 740522,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/740522/?format=api",
    "text_counter": 116,
    "type": "speech",
    "speaker_name": "Hon. Mwaura",
    "speaker_title": "",
    "speaker": {
        "id": 13129,
        "legal_name": "Isaac Maigua Mwaura",
        "slug": "isaac-mwaura"
    },
    "content": "Thank you, Hon. Speaker. I rise to support the Companies (Amendment) Bill. Indeed, it is very timely in relation to the various concerns raised such as holding companies more accountable. I have looked at some of the proposals which are very important like the definition of who is an associate to companies like the spouse, children an associated body corporate or other legal entities. This is important because a situation may arise and you have to look at the particulars of a company so that you can know whether there have been proceeds of crime or malfeasance. You might lose the details because that company is owned by another company and sometimes you cannot get to the bottom of it. This Amendment Bill will ensure that we have a cleaner and elaborate way of following through issues. Another thing which stands out is the fact that it recognises the new role of electronic data in terms of companies’ electronic addresses, copies and forms. This is very important because many transactions are nowadays being done online. It will help in the terms of tracking data, funds and issues of eligibility and transfer so that they do not operate in an opaque environment. I have also noted another amendment which is critical regarding the transparency of running of companies by the fact that members of a company have to be listed including the shareholding they have. This is important because looking traditionally at how companies are registered you may find that there are a few directors and there may be third party engagements entered by individuals. Shareholders therefore suffer as a result of the actions of a few individuals who have been recorded as the true directors of that company. This is going to be important especially when looking at issues such as land transactions and other properties 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."
}