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{
    "id": 928813,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/928813/?format=api",
    "text_counter": 85,
    "type": "speech",
    "speaker_name": "Baringo North, JP",
    "speaker_title": "Hon. William Cheptumo",
    "speaker": {
        "id": 50,
        "legal_name": "William Cheptumo Kipkiror",
        "slug": "william-kipkiror"
    },
    "content": " Thank you, Hon. Deputy Speaker. First of all, I wish to thank Hon. Wamalwa for coming up with this Bill. I confirm that, indeed, this Bill was introduced in the 11th Parliament. It came before the Departmental Committee on Justice and Legal Affairs, which I was a member with Hon. Ochieng’. We passed the Bill that time. When the Bill went before the President, it was returned with a memorandum. Hon. Wamalwa, thereafter, came up with this Bill in the 12th Parliament. It came before the Departmental Committee on Justice and Legal Affairs and we subjected it to the usual public participation. Article 118 of our Constitution requires that we receive views and comments from the public because that will inform the decision of the House. We received views from the Institute of Certified Secretaries (ICS), the Institute of Certified Public Accountants of Kenya (ICPAK), Anjarwalla and Khanna Advocates, the Association of Professional Societies in East Africa (APSEA) and Mr. James Nabangi. The decision of the Committee was mainly guided by the presentations of these institutions. I want to briefly mention some of the comments raised by these institutions. The submissions by the Institute of Certified Secretaries are well-laid in the Report that we tabled in the House, which is currently before the Members. It will help the Members to understand this. One key issue came up which had not come up when we considered the Bill in the 11th Parliament. I must confess that this time, the level of participation was very comprehensive and we got comments from institutions which had never commented. One of the concerns raised during the public participation is that there is no known specific body of professional skills that can identify a director from other persons who run organisations. The other issue is that the Bill seeks to regulate boards of directors. That role has already been assigned to sector regulators including and not limited to the State Corporations Advisory Committee, which regulates State corporations. The Capital Markets Authority (CMA) for insurers of securities of the public, the Insurance Regulatory Authority, the Retirement Benefits Authority, the SACCO Societies Regulatory Authority and the Central Bank of Kenya (CBK). There is a challenge. It is important that we do not pass laws in this House that conflict with other existing laws which are consistent with our Constitution. There are a number of laws and statutes that govern the regulation of directors. For example, the State Corporations Act gives guidance on how directors of State parastatals are supposed to be managed. This Bill is still trying to manage, control and train the same directors, which has already been provided for in those statutes. The ICS was of the view that the Bill has no utility since regulation of directors fall under different existing laws. I just want to quote a The electronic version of the Official Hansard Report is for information purposes only. Acertified version of this Report can be obtained from the Hansard Editor."
}