Clarification on the Board of the Capital Markets Authority
We would like to clarify that the Board of the Capital Markets Authority has adequate quorum as prescribed under the Capital Markets Act Chapter 485A of the Laws of Kenya to conduct business and make decisions notwithstanding the lapse of term for some of its members.
The Board currently has seven members and this number surpasses the quorum requirement of six members in accordance with the provisions of the Act. The Board of the Authority has therefore since the end of May 2014 continued to hold meetings and made decisions in compliance with the provisions of the Act always being quorate.
Further Section 6 subsection 3 of the Act which states that in the absence of the Chairman "the members present shall elect one of their number who shall, with respect to that meeting and the business transacted thereat, have all the powers of the chairman provides for the seamless holding of the meetings of the Authority even in the event of a vacancy in the office of chairman and this has been the case since the departure of the previous office holder. "
We would like to confirm that the Board of the Authority has the quorum to make all decisions according to the power vested upon it to ensure the smooth running of the organization and the capital markets industry.