Corporate Governance Statement

Mhasibu Investment Company Limited (MICL) Board has undertaken to the shareholders to drive the company’s vision of “Bringing Superior Returns to Members” as its key focus in creating value and growing the members’ investment. Every effort in this direction has been made by the Board as seen through increasing actions of diversifying the company’s investments. The Board is aware of the members’ high expectations and takes the same as a challenge to respond to them through various investment strategies, some of which may not have been fully implemented, but actively being pursued. In order to realize these expectations, the Board has adopted a corporate governance structure based on good practice and international best practices.

The Board of Directors

The Board is made up of six (6) non-executive directors, all of whom are professionals of high standing. This has also made it possible for the Board to exercise effective oversight on the activities of the company. The secretariat has continued to give the Board timely and appropriate information which has enabled it to exercise full and effective control over the company’s business and implementation of its strategic policies; including financial and non-financial.

The Board members do not engage in any businesses or interests that could result in conflict of interest. There is a clear mechanism for such disclosures should they arise. In addition, the company has observed all the provisions of the company’s articles of association which form the basic document of governance, and has ensured that it does not conflict with the companies Act (Cap.486), Laws of Kenya. The Board’s accountability to the shareholders has remained at the core of its role. In addition to the annual general meetings, the Board has arranged some shareholders briefing sessions and circular updates, whenever required. To support the Board’s systems and processes, experts in different fields and industries have been engaged to share their understanding of the issues and help facilitate better decision-making by the Board.

Board committees

In line with good corporate governance practice, the Board conducts significant amount of its work through the four (4) standing committees and ad hoc committees, each of which has clear terms of reference. The standing committees currently established and functioning are: