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Kenya Re - 2018 and beyond
Rank: Chief Joined: 1/3/2007 Posts: 18,053 Location: Nairobi
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https://www.nation.co.ke...3464-8728ldz/index.html[“I strongly believe that my compliance with the directive of the Chief of Staff and Head of Public Service was the genesis of the perceived issues with some members of the board of directors of the respondent and in particular those who were due for retirement during the aforesaid AGM of June 16, 2017, as clearly demonstrated by sequence of events that followed,” says Mr Mwarania in an affidavit. Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Rank: Chief Joined: 1/3/2007 Posts: 18,053 Location: Nairobi
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Ericsson wrote:[quote=VituVingiSana]1) If Kinyua told Mwarania to arrange to replace Kemei, then why go after Mwarania and not Kinyua?-- Touching Kinyua is getting into the bad books of the president,he can't dare.Same difference? I can't see Kemei doing this unless he had the support of Rotich and/or Godfather #1
2) If the replacement was to be done on 16th June 2017, during the AGM, then why weren't they (Kemei, Mukoma, Shakaba] replaced? [Didn't GoK vote for them?]-- Their term is coming to an end in 2018 not 2017.NOTICE OF THE 2017 ANNUAL GENERAL MEETING
Notice is hereby given that the 19th ANNUAL GENERAL MEETING OF KENYA REINSURANCE CORPORATION LIMITED will be held at the Bomas of Kenya, Langata Road, Nairobi, on Friday, 16th June 2017 at 11.00 a.m. when the following business will be transacted, namely:
Election of Directors:
In accordance with Article 110 of the Corporation’s Articles of Association, the following Directors retire by rotation and, being eligible, offer themselves for re-election:
i. Mr. Maina Mukoma,
ii. Mr David Kemei,
iii. Mr. Chiboli Shakaba3) Don't the 3 [Kemei, Mukoma, Shakaba] have another 3-year term from 2017?-- It's from 2018.The previous chairperson Nelly Kariuki retired in 2015 when Kemei's term started.https://www.nation.co.ke...9528-qsypxfz/index.html
“I strongly believe that my compliance with the directive of the Chief of Staff and Head of Public Service was the genesis of the perceived issues with some members of the board of directors of the respondent and in particular those who were due for retirement during the aforesaid AGM of June 16, 2017, as clearly demonstrated by sequence of events that followed,” says Mr Mwarania in an affidavit.
4) Did Rotich out-manuever Kinyua? -- I am not privy to information if Rotich was involved in this fiasco. Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Rank: Elder Joined: 12/4/2009 Posts: 10,639 Location: NAIROBI
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VituVingiSana wrote:Ericsson wrote:[quote=VituVingiSana]1) If Kinyua told Mwarania to arrange to replace Kemei, then why go after Mwarania and not Kinyua?-- Touching Kinyua is getting into the bad books of the president,he can't dare.Same difference? I can't see Kemei doing this unless he had the support of Rotich and/or Godfather #1
2) If the replacement was to be done on 16th June 2017, during the AGM, then why weren't they (Kemei, Mukoma, Shakaba] replaced? [Didn't GoK vote for them?]-- Their term is coming to an end in 2018 not 2017.NOTICE OF THE 2017 ANNUAL GENERAL MEETING
Notice is hereby given that the 19th ANNUAL GENERAL MEETING OF KENYA REINSURANCE CORPORATION LIMITED will be held at the Bomas of Kenya, Langata Road, Nairobi, on Friday, 16th June 2017 at 11.00 a.m. when the following business will be transacted, namely:
Election of Directors:
In accordance with Article 110 of the Corporation’s Articles of Association, the following Directors retire by rotation and, being eligible, offer themselves for re-election:
i. Mr. Maina Mukoma,
ii. Mr David Kemei,
iii. Mr. Chiboli Shakaba3) Don't the 3 [Kemei, Mukoma, Shakaba] have another 3-year term from 2017?-- It's from 2018.The previous chairperson Nelly Kariuki retired in 2015 when Kemei's term started.https://www.nation.co.ke...9528-qsypxfz/index.html
“I strongly believe that my compliance with the directive of the Chief of Staff and Head of Public Service was the genesis of the perceived issues with some members of the board of directors of the respondent and in particular those who were due for retirement during the aforesaid AGM of June 16, 2017, as clearly demonstrated by sequence of events that followed,” says Mr Mwarania in an affidavit.
4) Did Rotich out-manuever Kinyua? -- I am not privy to information if Rotich was involved in this fiasco. This is a fight between the two factions in jubilee. The Godfather #1 and the president. It goes back to what i stated that it was a retaliation to Koros sacking Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Rank: Chief Joined: 1/3/2007 Posts: 18,053 Location: Nairobi
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Ericsson wrote:VituVingiSana wrote:Ericsson wrote:[quote=VituVingiSana]1) If Kinyua told Mwarania to arrange to replace Kemei, then why go after Mwarania and not Kinyua?-- Touching Kinyua is getting into the bad books of the president,he can't dare.Same difference? I can't see Kemei doing this unless he had the support of Rotich and/or Godfather #1
2) If the replacement was to be done on 16th June 2017, during the AGM, then why weren't they (Kemei, Mukoma, Shakaba] replaced? [Didn't GoK vote for them?]-- Their term is coming to an end in 2018 not 2017.NOTICE OF THE 2017 ANNUAL GENERAL MEETING
Notice is hereby given that the 19th ANNUAL GENERAL MEETING OF KENYA REINSURANCE CORPORATION LIMITED will be held at the Bomas of Kenya, Langata Road, Nairobi, on Friday, 16th June 2017 at 11.00 a.m. when the following business will be transacted, namely:
Election of Directors:
In accordance with Article 110 of the Corporation’s Articles of Association, the following Directors retire by rotation and, being eligible, offer themselves for re-election:
i. Mr. Maina Mukoma,
ii. Mr David Kemei,
iii. Mr. Chiboli Shakaba3) Don't the 3 [Kemei, Mukoma, Shakaba] have another 3-year term from 2017?-- It's from 2018.The previous chairperson Nelly Kariuki retired in 2015 when Kemei's term started.https://www.nation.co.ke...9528-qsypxfz/index.html
“I strongly believe that my compliance with the directive of the Chief of Staff and Head of Public Service was the genesis of the perceived issues with some members of the board of directors of the respondent and in particular those who were due for retirement during the aforesaid AGM of June 16, 2017, as clearly demonstrated by sequence of events that followed,” says Mr Mwarania in an affidavit.
4) Did Rotich out-manuever Kinyua? -- I am not privy to information if Rotich was involved in this fiasco. This is a fight between the two factions in jubilee. The Godfather #1 and the president. It goes back to what i stated that it was a retaliation to Koros sacking @Ericsson - You are confusing me but please help clarify the matter at hand. 1) Why did you bring up the " Their term is coming to an end in 2018 not 2017"? [What was the relevance? As per the Notice, Kemei was on the ballot on 16th June 2017] 2) Per the BD article, based on JM's affidavit, Kinyua wrote to JM on 8th June 2017 to "remove" Kemei? Wasn't Koros fired/suspended in March 2018? Kemei must have been pissed at JM since June 2017. JM said as such in his affidavit. 3) If Kinyua, representing the cabinet/PORK, wanted Kemei out then why did GoK/Treasury vote to retain Kemei during the AGM on 16th June 2017? Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Rank: Elder Joined: 12/4/2009 Posts: 10,639 Location: NAIROBI
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VituVingiSana wrote:Ericsson wrote:VituVingiSana wrote:Ericsson wrote:[quote=VituVingiSana]1) If Kinyua told Mwarania to arrange to replace Kemei, then why go after Mwarania and not Kinyua?-- Touching Kinyua is getting into the bad books of the president,he can't dare.Same difference? I can't see Kemei doing this unless he had the support of Rotich and/or Godfather #1
2) If the replacement was to be done on 16th June 2017, during the AGM, then why weren't they (Kemei, Mukoma, Shakaba] replaced? [Didn't GoK vote for them?]-- Their term is coming to an end in 2018 not 2017.NOTICE OF THE 2017 ANNUAL GENERAL MEETING
Notice is hereby given that the 19th ANNUAL GENERAL MEETING OF KENYA REINSURANCE CORPORATION LIMITED will be held at the Bomas of Kenya, Langata Road, Nairobi, on Friday, 16th June 2017 at 11.00 a.m. when the following business will be transacted, namely:
Election of Directors:
In accordance with Article 110 of the Corporation’s Articles of Association, the following Directors retire by rotation and, being eligible, offer themselves for re-election:
i. Mr. Maina Mukoma,
ii. Mr David Kemei,
iii. Mr. Chiboli Shakaba3) Don't the 3 [Kemei, Mukoma, Shakaba] have another 3-year term from 2017?-- It's from 2018.The previous chairperson Nelly Kariuki retired in 2015 when Kemei's term started.https://www.nation.co.ke...9528-qsypxfz/index.html
“I strongly believe that my compliance with the directive of the Chief of Staff and Head of Public Service was the genesis of the perceived issues with some members of the board of directors of the respondent and in particular those who were due for retirement during the aforesaid AGM of June 16, 2017, as clearly demonstrated by sequence of events that followed,” says Mr Mwarania in an affidavit.
4) Did Rotich out-manuever Kinyua? -- I am not privy to information if Rotich was involved in this fiasco. This is a fight between the two factions in jubilee. The Godfather #1 and the president. It goes back to what i stated that it was a retaliation to Koros sacking @Ericsson - You are confusing me but please help clarify the matter at hand. 1) Why did you bring up the " Their term is coming to an end in 2018 not 2017"? [What was the relevance? As per the Notice, Kemei was on the ballot on 16th June 2017]-Lets wait for the AGM 2018 2) Per the BD article, based on JM's affidavit, Kinyua wrote to JM on 8th June 2017 to "remove" Kemei? Wasn't Koros fired/suspended in March 2018? Kemei must have been pissed at JM since June 2017. JM said as such in his affidavit.--Tit for tat is a fair game 3) If Kinyua, representing the cabinet/PORK, wanted Kemei out then why did GoK/Treasury vote to retain Kemei during the AGM on 16th June 2017? --My fren we were heading towards an elections and such a move would have had political ramifications. Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Rank: Elder Joined: 12/4/2009 Posts: 10,639 Location: NAIROBI
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This counter is the equivalent of General electric in the new York stock exchange Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Rank: Member Joined: 2/28/2014 Posts: 188 Location: Nairobi
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This counter requires activist (s) investors who can "encourage" the Board and management to perform actions that see shareholder value in NSE unlocked. Should be trading at around 38!!! I remember Unga used to behave like KENRE Offering my personal finance knowledge for free
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Rank: Chief Joined: 1/3/2007 Posts: 18,053 Location: Nairobi
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nashx wrote:This counter requires activist (s) investors who can "encourage" the Board and management to perform actions that see shareholder value in NSE unlocked. Should be trading at around 38!!! I remember Unga used to behave like KENRE GoK owns 60%. Mta-do? Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Rank: Elder Joined: 1/21/2010 Posts: 6,675 Location: Nairobi
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VituVingiSana wrote:nashx wrote:This counter requires activist (s) investors who can "encourage" the Board and management to perform actions that see shareholder value in NSE unlocked. Should be trading at around 38!!! I remember Unga used to behave like KENRE GoK owns 60%. Mta-do? IF GOK sells half of its stake to a strategic investor like Munich Re or any other player looking to make headway into Africa significant value will be unlocked here. It could end up being the next safcom Mark 12:29
Deuteronomy 4:16
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Rank: Chief Joined: 1/3/2007 Posts: 18,053 Location: Nairobi
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guru267 wrote:VituVingiSana wrote:nashx wrote:This counter requires activist (s) investors who can "encourage" the Board and management to perform actions that see shareholder value in NSE unlocked. Should be trading at around 38!!! I remember Unga used to behave like KENRE GoK owns 60%. Mta-do? IF GOK sells half of its stake to a strategic investor like Munich Re or any other player looking to make headway into Africa significant value will be unlocked here. It could end up being the next safcom Of course, but at the moment that's a pipe dream. Yes, I would be thrilled if this were to happen. In the meantime, the crooks are in charge. Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Rank: Elder Joined: 12/4/2009 Posts: 10,639 Location: NAIROBI
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VituVingiSana wrote:nashx wrote:This counter requires activist (s) investors who can "encourage" the Board and management to perform actions that see shareholder value in NSE unlocked. Should be trading at around 38!!! I remember Unga used to behave like KENRE GoK owns 60%. Mta-do? Kengen is 70% GOK but is behaving differently. Just needs a change of the board and a substantive MD who will put shareholders interest first. Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Rank: Elder Joined: 1/21/2010 Posts: 6,675 Location: Nairobi
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Ericsson wrote:VituVingiSana wrote:nashx wrote:This counter requires activist (s) investors who can "encourage" the Board and management to perform actions that see shareholder value in NSE unlocked. Should be trading at around 38!!! I remember Unga used to behave like KENRE GoK owns 60%. Mta-do? Kengen is 70% GOK but is behaving differently. Just needs a change of the board and a substantive MD who will put shareholders interest first. Actually Kengen's stock is way undervalued for the same reason. GOK should divest to GE or a similar player Mark 12:29
Deuteronomy 4:16
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Rank: Chief Joined: 1/3/2007 Posts: 18,053 Location: Nairobi
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Ericsson wrote:VituVingiSana wrote:nashx wrote:This counter requires activist (s) investors who can "encourage" the Board and management to perform actions that see shareholder value in NSE unlocked. Should be trading at around 38!!! I remember Unga used to behave like KENRE GoK owns 60%. Mta-do? Kengen is 70% GOK but is behaving differently. Just needs a change of the board and a substantive MD who will put shareholders interest first. True but which GoK controlled entity has a board and MD whose interests are aligned with the shareholders? I made KenRe my one exception and was rewarded with a ngoto! [I hope KenGen stays "clean" but it needed a bailout and there have been stories of massive corruption] https://www.nation.co.ke...3436-jmsmnnz/index.html and https://www.standardmedi...-return-to-haunt-kengen
Anyway, fingers crossed that #BringBackMwarania works or a reputed CEO with a good track record in reinsurance is competitively appointed. And Kemei leaves but if wishes were horses... Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Rank: Elder Joined: 12/4/2009 Posts: 10,639 Location: NAIROBI
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VituVingiSana wrote:Ericsson wrote:VituVingiSana wrote:nashx wrote:This counter requires activist (s) investors who can "encourage" the Board and management to perform actions that see shareholder value in NSE unlocked. Should be trading at around 38!!! I remember Unga used to behave like KENRE GoK owns 60%. Mta-do? Kengen is 70% GOK but is behaving differently. Just needs a change of the board and a substantive MD who will put shareholders interest first. True but which GoK controlled entity has a board and MD whose interests are aligned with the shareholders? I made KenRe my one exception and was rewarded with a ngoto! [I hope KenGen stays "clean" but it needed a bailout and there have been stories of massive corruption] https://www.nation.co.ke...3436-jmsmnnz/index.html and https://www.standardmedi...-return-to-haunt-kengen
Anyway, fingers crossed that #BringBackMwarania works or a reputed CEO with a good track record in reinsurance is competitively appointed. And Kemei leaves but if wishes were horses... Do you want to say there is no corruption in kenol kobil, I&M,unga, Equity bank,DTB etc. Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Rank: Member Joined: 9/11/2014 Posts: 228 Location: Nairobi
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Ericsson wrote:VituVingiSana wrote:Ericsson wrote:VituVingiSana wrote:nashx wrote:This counter requires activist (s) investors who can "encourage" the Board and management to perform actions that see shareholder value in NSE unlocked. Should be trading at around 38!!! I remember Unga used to behave like KENRE GoK owns 60%. Mta-do? Kengen is 70% GOK but is behaving differently. Just needs a change of the board and a substantive MD who will put shareholders interest first. True but which GoK controlled entity has a board and MD whose interests are aligned with the shareholders? I made KenRe my one exception and was rewarded with a ngoto! [I hope KenGen stays "clean" but it needed a bailout and there have been stories of massive corruption] https://www.nation.co.ke...3436-jmsmnnz/index.html and https://www.standardmedi...-return-to-haunt-kengen
Anyway, fingers crossed that #BringBackMwarania works or a reputed CEO with a good track record in reinsurance is competitively appointed. And Kemei leaves but if wishes were horses... Do you want to say there is no corruption in kenol kobil, I&M,unga, Equity bank,DTB etc. No doubt there is, but it is not as easy for crooks to fire management using thin excuses
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Rank: Elder Joined: 12/4/2009 Posts: 10,639 Location: NAIROBI
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iris wrote:Ericsson wrote:VituVingiSana wrote:Ericsson wrote:VituVingiSana wrote:nashx wrote:This counter requires activist (s) investors who can "encourage" the Board and management to perform actions that see shareholder value in NSE unlocked. Should be trading at around 38!!! I remember Unga used to behave like KENRE GoK owns 60%. Mta-do? Kengen is 70% GOK but is behaving differently. Just needs a change of the board and a substantive MD who will put shareholders interest first. True but which GoK controlled entity has a board and MD whose interests are aligned with the shareholders? I made KenRe my one exception and was rewarded with a ngoto! [I hope KenGen stays "clean" but it needed a bailout and there have been stories of massive corruption] https://www.nation.co.ke...3436-jmsmnnz/index.html and https://www.standardmedi...-return-to-haunt-kengen
Anyway, fingers crossed that #BringBackMwarania works or a reputed CEO with a good track record in reinsurance is competitively appointed. And Kemei leaves but if wishes were horses... Do you want to say there is no corruption in kenol kobil, I&M,unga, Equity bank,DTB etc. No doubt there is, but it is not as easy for crooks to fire management using thin excuses True on crooks to fire management using thin excuses. Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Rank: Chief Joined: 1/3/2007 Posts: 18,053 Location: Nairobi
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17/-  Crooks calling the shots. #BringBackMwarania Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Rank: Elder Joined: 12/7/2012 Posts: 11,901
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VituVingiSana wrote:17/- Crooks calling the shots. #BringBackMwarania Crazy to think i once sold some Safcom shares and bought Kenya Re, Saaaaad  In the business world, everyone is paid in two coins - cash and experience. Take the experience first; the cash will come later - H Geneen
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Rank: Elder Joined: 5/25/2012 Posts: 4,105 Location: 08c
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VituVingiSana wrote:17/- Crooks calling the shots. #BringBackMwarania I am a buyer. Ole wangu  Pesa Nane plans to be shilingi when he grows up.
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Rank: Veteran Joined: 4/4/2016 Posts: 1,996 Location: Kitale
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Pesa Nane wrote:VituVingiSana wrote:17/- Crooks calling the shots. #BringBackMwarania I am a buyer. Ole wangu  Towards the goal of financial freedom
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