The Kenya Reinsurance Corporation Limited has postponed its Annual General Meeting. Kenya Re had moved to court asking for an extension for the time to hold its AGM for the year ended 31 December 2019.
The company cited that its annual financial statements were yet to be signed off by the auditor general pursuant to the Public Audit Act thus postponement of AGM. Public companies are required to hold their AGMs within six months from and including the day following its accounting reference date in each year.
Justice David Majanja therefore extended the time for Kenya Re to hold its AGM for the year ended 31 December 2019 for a period of six months.
The absence of the auditor general has seen state-owned corporations delay the release of their financial reports. The companies’ financials must be audited by the Auditor-General before being released to the public. Former AG Edward Ouko left office in August 2019 following completion of his 8-year non-renewable tenure.
The ongoing Covid-19 pandemic has seen listed companies conduct their AGMs electronically.
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