Samuel Kiprono Chepkonga

All parliamentary appearances

Entries 1651 to 1660 of 3315.

• 9 Jul 2015 in National Assembly: having considered the nature of private companies that conduct business, the Bill considers that the mandatory requirement for a company secretary ordinarily hinders business. If you look at Clause 245 of the Bill, you will find that it provides that it is no longer mandatory for a private company with a share capital of less than Kshs5million to have a company secretary. However, this has been opposed seriously by the Institute of Certified Public Accountants of Kenya (ICPAK). They gave us a memorandum in which they stated very clearly that majority of the companies - 80 per cent - share ... view
• 9 Jul 2015 in National Assembly: The regime for small and private companies is simplified and places greater responsibility on promoters and directors together with other company officials in the management of companies. However, companies best practices and the doing of business indicator show that the requirements of a company secretary for a private company is a hindrance to the doing of business by Small and Medium-Enterprises (SMEs). So, that is the reason why the Bill was providing for a threshold of Kshs5million. However, having considered the views of ICPAK, we came to the conclusion that probably that is a higher threshold. It should be reduced ... view
• 9 Jul 2015 in National Assembly: As part of enhancing good corporate governance, provisions have been introduced to enhance accountability by directors and the companies’ officers. Various penalties have been introduced for directors and company officials who fail to comply with the provisions of the Act. In the current Act, the directors have always escaped responsibility because they have hid under: “We are a limited liability company.” The company is a different entity from directors. So, they have run away from responsibilities. This Bill ensures that directors and other officials, including the company secretary, shall be responsible for the actions of a company because a company ... view
• 9 Jul 2015 in National Assembly: Clear reporting arrangements are now required with express procedures on how to deal with conflict of interest situations. It has been very difficult in the current legislation to deal with conflict of interest of directors. For instance, the borrowing of monies from a bank by the directors is in total conflict of their requirements that they must not participate in borrowing monies to reduce the value of the company. This legislation or Bill ensures that we do away with those bad practices by directors of interfering with the management of companies. Hon. Temporary Deputy Speaker, banks are also companies. Stiff ... view
• 9 Jul 2015 in National Assembly: because of poor governance of their companies. This Bill will ensure that the directors operate in such a manner as to protect the interests of the shareholders. view
• 9 Jul 2015 in National Assembly: Hon. Temporary Deputy Speaker, in this Bill default fines have been introduced for directors and company officers who do not comply with the Act. If you fail to comply with the Act, you will be fined. We are ensuring that we create greater responsibility for directors and mangers of companies. All these provisions are contained in Clauses 122-254 and Clauses 620- 703 of the Bill. view
• 9 Jul 2015 in National Assembly: With regard to the directors, the general duties that a director owes to the company are currently established in case law rather than in the statute, making it hard for them to be widely understood. That has been very difficult. Many of the gray areas have been contested in court, and the courts have made decisions that can only be found in the archives of the courts. Unfortunately, many Kenyans are not aware of case law because it is something that is mostly known to lawyers alone. All the best practices contained in case law have been encapsulated in this ... view
• 9 Jul 2015 in National Assembly: Companies by saying “the Office of the Registrar of Companies is hereby established” to make it very clear that that office has been established in the Bill. The Bill also proposes to make express provisions on derogative actions. The Bill makes it possible for a shareholder of a company to take action in respect, of a course, of action vested in the company. One can seek relief on behalf of the company, especially where the directors are negligent or are not willing to take action. Shareholders are now being empowered. Directors can no longer sit in a dark corner and ... view
• 9 Jul 2015 in National Assembly: Hon. Temporary Deputy Chairman, I sympathize with the position taken by Hon. Jakoyo Midiwo. You know that I have a lot of respect for him but on this matter, I beg to disagree with him for very good reasons. The Committee considered that position of retaining two commissioners. The Committee felt that it is unacceptable to have two commissioners just to form a quorum of a serious commission like that one. Today, if you say that Hon. Jakoyo Midiwo and I will form a quorum of a serious commission like that, certainly, there will be collusion. Secondly, the other issue ... view
• 9 Jul 2015 in National Assembly: Thank you, Hon. Temporary Deputy Chairman. When Hon. Amina approached me, I was skeptical. But looking at the law, if you look at the persons that are referred to forming the selection panel, some are nebulous. For instance, we have the Joint Forum of Religious Organisations which is comprised of Supreme Council of Kenya Muslims (SUPKEM), Kenya Episcopal Conference (KEC), National Council of Churches of Kenya (NCCK), Evangelical Fellowship of Kenya and the Hindu Council of Kenya. Now, who is going to attend? view