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The remuneration report of Kenya Power and Lighting Company (KPLC) revealed the substantial earnings of its board members.
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The financial report of KPLC indicated that the chairman of the board receives a monthly salary along with additional benefits.
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Throughout the reviewed timeframe, the company’s CEO, Joseph Siror, received the highest compensation among all officials.
A journalist from LFHCK.ID.co.ke, Japhet Ruto, brings more than eight years of expertise in covering finance, business, and tech sectors, providing valuable perspectives on both Kenya’s and worldwide economic developments.
A report detailing the compensation of directors at the Kenya Power and Lighting Company (KPLC) indicated that the electricity provider distributed KSh 51.9 million among all its board members during the fiscal period concluding in June 2024.
It increased from KSh 33.9 million during the fiscal year ending June 2023.
The head of the KPLC Board receives a monthly salary of KSh 80,000 along with an additional KSh 20,000 for each meeting attended.
The position also comes with a KSh 20,000 monthly mobile phone credit and access to a corporate vehicle.
Do members of the KPLC board receive compensation?
Members receive an allocation of KSh 20,000 per session.
The annual fee for the director, calculated proportionally, amounts to KSh 600,000 per person.
The chairman and participants are also eligible for a midday meal subsidy of KSh 2,000 and a lodging reimbursement of KSh 18,200 each night when staying away from Nairobi.
What was the income of every KPLC board member?
- Joseph Siror – the chief executive officer – received a total amount of KSh 23.67 million, which includes an annual salary of KSh 13.49 million along with additional benefits totaling KSh 9.77 million.
- Chair of KPLC Board, Joy Brenda Masinde – KSh 5.04 million.
- Caleb Bwauma (Non-Executive Director) – KSh 1.9 million.
- Ezekiel Saina (Non-Executive Director) – KSh 2.14 million.
- James Rege (independent board member) – KSh 1.09 million.
- Ruth Muiruri (Non-Executive Director) – KES 1.19 million.
- Kairo Thuo (independent board member) – KSh 720,000.
- Duncan Ojwang (Non-Executive Director) – KES 2.69 million.
- Albert Mugo (independent board member) – KSh 2.63 million.
- Logan Christi Hambrick (Non-Executive Director) – KSh 3.58 million.
- Veska Kangogo (independent board member) – KES 1.87 million.
- Isaac Kiva (Non-Executive Director) – KES 100,000.
- Benson Mwakina (independent board member) – KSh 2.46 million.
- Humphrey Muhu (Non-Executive Director) – KSh 2.13 million.
- PS Ministry of Finance – KES 600,000.
- PS Energy – KES 600,000.
What was KPLC’s profit?
KPLC’s net income rose sharply to KSh 9.9 billion for the first half of 2024, compared to KSh 319 million recorded in the corresponding period of 2023.
As per KPLC’s most recent financial report, the power distribution company experienced a 5% rise in sales, moving from 5,225 GWh to 5,507 GWh.
The firm credited the better results with a stable Kenyan shilling compared to the US Dollar and other international currencies.
KPLC attributed the rise in electricity sales to higher demand caused by improved network reliability, additional customers signing up, and quicker restoration of power outages.
This was backed by the presence of key elements, including transformers and measuring devices.
The KPLC Board of Directors proposed an interim dividend of KSh 0.20 per share.
