Press Release

CMA Chief Executive opts not to renew contract expiring in January 2020

Nairobi, 26 July 2019… The Capital Markets Authority (CMA) Board wishes to announce that the current Chief Executive, Mr. Paul Muthaura, has served notice of his intention not to seek a second four-year term when his contract expires on 01 January 2020.

The Chairman of the Board, Mr. James Ndegwa, announced that the Board accepted Mr. Muthaura’s decision at its meeting today. Mr. Ndegwa elaborated that Mr. Muthaura had scored highly in all his performance appraisals since becoming Chief Executive and that, while respecting his decision, the Board would have gladly considered a further renewal of Mr. Muthaura’s contract.

Mr. Ndegwa highlighted the Board’s appreciation of Mr. Muthaura’s immense contribution to the development of the capital markets industry in Kenya, the region and globally in the 14 years that he has served at Authority since he joined in 2005. The Board also thanked Mr. Muthaura for his transformative role and leadership since July 2012 when he took over as Chief Executive, initially in an acting capacity. The CMA Chairman noted Mr. Muthaura has been instrumental in leading the team at the Authority in positioning Kenya in the regional and global capital markets arena through enhancing the regulatory and legal framework, expanding the scope of capital markets products, and ensuring that Kenya attains the ambition of the 10-year Capital Markets Master Plan (2014-23) to become the heart of African capital markets.

Mr. Muthaura has since September 2014 been an elected Board Member of the International Organization of Securities Commissions (IOSCO) and is currently the Chairman of the Africa and Middle East Regional Committee of IOSCO (April 2018 – May 2020). He is also the Chairman of the Consultative Committee of the East African Securities Regulatory Authorities (EASRA). At the national level he serves on the boards of the Insurance and Pensions regulators as well as the Vision 2030 Delivery Board.

During Mr. Muthaura’s tenure as Chief Executive, CMA has been feted as the Most Innovative Capital Markets Regulator in Africa four years in row, 2015-2018, and for its Outstanding Contribution to Capital Markets Stability Africa in 2018.

Mr. Ndegwa assured the capital markets industry in Kenya that the Board will coordinate the process of recruiting its next Chief Executive with a view to ensuring a smooth transition.



The Capital Markets Authority (CMA) was set up in 1989 as a statutory agency under the Capital Markets Act Cap 485A. It is charged with the prime responsibility of both regulating and developing an orderly, fair and efficient capital markets in Kenya with the view to promoting market integrity and investor confidence. The regulatory functions of the Authority as provided by the Act and the regulations include; Licensing and supervising all the capital market intermediaries; Ensuring compliance with the legal and regulatory framework by all market participants; Regulating public offers of securities, such as equities and bonds & the issuance of other capital market products such as collective investment schemes; Promoting market development through research on new products and services; Reviewing the legal framework to respond to market dynamics; Promoting investor education and public awareness; and Protecting investors’ interest. For more information, please contact: Antony Mwangi, Head of Corporate Communications on This email address is being protected from spambots. You need JavaScript enabled to view it.

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