George Washinton Mallan Omondi

All parliamentary appearances

Entries 61 to 70 of 225.

• 29 Jul 2015 in National Assembly: Thank you, Hon. Deputy Speaker. I was on the Floor when I was stopped to discuss the great man’s visit. From where I left, I was saying that this Bill tries to modernise and overhaul the current Companies Act. One area that this Bill is handling adequately is corporate governance. view
• 29 Jul 2015 in National Assembly: 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 ... view
• 29 Jul 2015 in National Assembly: Hon. Deputy Speaker, the next requirement for this audit committee is to establish standards of business conduct and ethical behaviour of the directors, managers and other personnel of the company. This will include policies for private transactions that involve the company’s employees like directors, managers, those who trade with the company and other transactions or practices which are not at an arm’s length. This in essence will entrench corporate governance in our companies. Part XXX of the Bill introduces a requirement that the affairs of the company could be investigated. Before, we would wait until a whole load is carried ... view
• 29 Jul 2015 in National Assembly: Hon. Deputy Speaker, this clause of the Bill provides that companies which have a capital of Kshs5 million or below can do self filing of secretarial matters at the Companies Registry. This will encourage individuals to go ahead and form their companies because expenses have been reduced. Finally, Clause 779(1) is on the approval of foreign qualified accountants. I think there should be an amendment to this clause, which I am going to bring; it gives the mandate to approve foreign accountants or auditors to the Cabinet Secretary. I recommend that it should be done with the recommendation of the ... view
• 29 Jul 2015 in National Assembly: Otherwise, I support it. view
• 28 Jul 2015 in National Assembly: Thank you, Hon. Temporary Deputy Speaker for giving me the opportunity to contribute to this Bill though I have a very short time. This Bill tends to overhaul and modernise the companies law in this country. As you know, one of the inhibitors of entrepreneurship in this country has been this old law. We have operated with the old English law for a long time. Its requirements in terms of registration and returns have been very cumbersome. This Bill intends to bring the companies law up to date with the modern requirements of running businesses. However, I intend to dwell ... view
• 28 Jul 2015 in National Assembly: their decisions in mind. At the same time, they are expected to have the interest of the employees in mind as well as the local communities from where they operate and the environment. Again, Section 147(1)(a) requires the directors to avoid any actions on their part that will bring conflict of interest either directly or indirectly. Section 148 also talks about what is required of the directors and managers. Section 152 of this Bill requires the directors to declare their interest in any transaction that they are going to undertake with the company. Again, Part 9, Division V stipulates that ... view
• 28 Jul 2015 in National Assembly: Yes, Hon. Temporary Deputy Speaker. view
• 28 Jul 2015 in National Assembly: Thank you, Hon. Temporary Deputy Speaker. view
• 28 Jul 2015 in National Assembly: Thank you, Hon. Temporary Deputy Speaker. Let me try to correct the belief that Obama is an American. When he came here, he recognized that he is from Alego Usonga and apologized to the people for not visiting them. I stand here on behalf of the people of Alego Usonga to thank the Kenyan Government and the people of Kenya for showing a lot of maturity when the son of Alego Usonga and son of Kenya visited this country. The unity we showed during his visit is what we should move ahead with from the time he left us. President ... view