East African Cables Ltd

Corporate Governance

Corporate governance is the process by which companies are directed, controlled and held to account. The Board of Directors of East African Cables PLC is responsible for the governance of the company and is accountable for the governance to the shareholders for ensuring that the company complies with the law, the highest standards of corporate governance and business ethics.

Business Ethics

The directors attach great importance to the need to conduct the business and operations of the company with integrity and in accordance with good corporate governance practice as set out in the Capital Markets Authority Guidelines for listed companies in Kenya and any other internationally developed principles on good governance.

The company adopts the best principles of good corporate culture that requires the directors and all employees to maintain the highest personal and ethical standards and to act in good faith and in the interest of the company. The company has developed and implemented a code of conduct that sets out guidelines and rules, which are based on good governance principles of:

  • Full compliance with the law
  • Application of best accounting practices
  • Safety of all stakeholders
  • Product quality and customer focus
  • Care of our environment
  • Application of best business practices
  • Fair competition


Committees Of The Board

The board has three standing committees which meet regularly
under the terms of reference set by the board.

Audit Committee

The board has constituted an audit committee which meets quarterly or as required. Its membership is composed of Davinder Sikand and Peter Kanyago who are non-executive directors. Its responsibilities include review of financial information in particular half year and annual financial statements, compliance with accounting standards, liaison with external auditors, remuneration of external auditors and maintaining oversight on internal control systems.

Other responsibilities are to receive and consider the company’s annual budget, to review the purchasing regulations and to consider recommendations for insurance renewals. The committee is guided by a charter from the board which outlines its mandate.The committee met five times in the year.

Staff Committee

The committee meets quarterly or as required. Its membership is composed of Peter Kanyago and Z.G.Mbugua who are nonexecutive directors. The committee is responsible for monitoring and appraising the performance of management, review of all human resources policies and determining the remuneration of senior management.The commitee met twice per year.

Strategy Committee

The committee meets quartely or as required. Its membership is composed of Z. G. Mbugua, Bruno Thomas, Gachao Kiuna and George Njoroge. Z. G. Mbugua, Bruno Thomas and Gachao Kiuna are non- executive directors of the company while George Njoroge, a non-executive director of East African Cables (Tz) Ltd was appointed to the committee in order to benefit from his expertise in the electrical business.

The main responsibility of the committee is to chart the strategy of the company and to oversee implementation of strategic decisions of the board which include product and or geographical diversification, strategic partnerships and also review proposals involving capital expenditure. The committee met four times in the year.

The Managing Director is invited to all committees while senior managers are invited to the relevant committees. The committees submit their findings and recommendations at the quarterly board

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