Wakoli Bifwoli

All parliamentary appearances

Entries 201 to 210 of 1331.

• 24 May 2011 in National Assembly: So, that is the regime of small companies or group of small companies. view
• 24 May 2011 in National Assembly: Mr. Temporary Deputy Speaker, Sir, at the beginning I stated that directors are now going to be held more accountable. You start getting the inkling of that in Clause 366, which provides for matters about which information may be required, and particularly on the directors’ benefits and remuneration. I am quite sure that these are matters which my learned friend, hon. Baiya, knows about since they relate to income and law. There was a situation where the directors were really employees, but the shareholders could not get any money because their remuneration packages swallowed almost all the profits. So, there ... view
• 24 May 2011 in National Assembly: Mr. Temporary Deputy Speaker, Clause 414 (2) (a) gives rights to members to require an audit. I thought I should mention that as part of the rights of the members. view
• 24 May 2011 in National Assembly: It is now an offence to give false information to an auditor. This was not very clear before, but if it is proved that you gave false information to an auditor then you have committed an offence under Clause 433. view
• 24 May 2011 in National Assembly: Mr. Temporary Deputy Speaker, Sir, I will try to move fast because it is a big document. Another concept that has been introduced on page 1475 is that each quoted company must appoint an audit committee which is appointed by the shareholders and not by the directors to make directors accountable. The concept of corporate governance, which we have been hearing of, is incorporated under Clause 468. This clause deals with corporate governance principles that are appropriate for the nature and scope of the business, established policies, strategies for achieving them annually, ways of measuring adherence to these policies and ... view
• 24 May 2011 in National Assembly: Whereas under the old Companies Act we just had a passing reference in the definition that there will be a Registrar of Companies, here you have a whole chapter devoted to the Registrar of Companies and his or her powers. That is on page 1495, part 24. view
• 24 May 2011 in National Assembly: Mr. Temporary Deputy Speaker, Sir, as you can see, the Bill has four Schedules attached of forms and everything else. So, that task force, to me, has come up with the best law on the companies. If this is enacted, I know as a fact that it will be the best company law in this part of Africa, being the latest and taking into account the best practices from the region. view
• 24 May 2011 in National Assembly: The company law is the basis for commercial activity in this country. Therefore, an early passage of the Companies Bill, which is long overdue, is required. I do hope that we shall have a very good debate here and take on board good suggestions so that we come up with the Companies Law. Personally, I am very happy that I have survived long enough to move this Bill, which has come out as a result of the task force that I appointed way back in the 1990s. It is not just a task force which looked at this. I also ... view
• 24 May 2011 in National Assembly: Mr. Temporary Deputy Speaker, Sir, I beg to move. view
• 24 May 2011 in National Assembly: Mr. Temporary Deputy Speaker, Sir, I really want to thank hon. Mutula Kilonzo, who seconded this Bill. I also want to thank hon. John Michuki, hon. Njoroge Baiya and hon. Njuguna for their positive contributions, which clearly highlighted the spirit of the Companies Bills that we are now enacting into law. I am very grateful for the comments they have made. view