Sale of Shares procedure FAQ

Sale of Shares procedure FAQ

HomeSale of Shares procedure FAQ

The profit achieved was Ksh. 337m against a budget of Ksh.300m, this translates to a 25% return on the investments in 2015.

35% will be paid out and 65% will be ploughed back. This was adopted as a policy going forward. Payment will start from 1st March 2016.

The size was expanded to 9 members from the previous 7 members. This also saw the inclusion of one non-Safaricom staff into the Board for the first time. 

The board

This was presented and adopted through a resolution. The key highlights of this policy are:
  1. Constitution of an Electoral Committee
  2. Members of the Electoral Committee to be the S.I.C. CEO, a representative from the Law Society of Kenya, a representative from ICPAK, a representative from the Electoral Commission of Kenya and a representative from the Commissioner of Cooperatives.
  3. This Committee will receive applications from interested candidates; vet them for `meeting the minimum requirements, verify their presented proof of qualification and issue nomination certificates.
  4. Duly nominated persons shall be notified to the members ahead of the AGM for members to interact with them before and know them better before the election date.

To facilitate the Management Committee in effectively planning for investments within the different time horizons of short, medium and long term, it was agreed that the distribution ratio to be adopted would be 35% cash payout and 65% plough-back. This would obtain until we achieve enhanced cash-flows from the businesses invested in.

The proposal shared by the Management Committee to have a performance based structure for the payment of honoraria was referred to the Cooperative Department for refinement. Members agreed to make contributions towards its definition and these are to be sent to the representative from the Cooperative department for consolidation and presentation at the next AGM. The contact to whom the proposals are to be shared is Davis Kathurima and his email is kathurimadavis@gmail.com