Capital markets industry donates Ksh30 million in support of national efforts to address the adverse effects of the Coronavirus pandemic
Nairobi 11 May 2020…In line with the commitment to support national efforts to address the adverse effects of the Coronavirus pandemic, the capital markets industry stakeholders led by the Capital Markets Authority (CMA) have donated Ksh30 million to the Covid-19 Emergency Response Fund. The funds were presented to the Board Chairperson, Mrs Jane Karuku, by industry stakeholders led by the CMA Board Chairman, Mr. James Ndegwa.
The contributions were made through the Capital Markets Covid-19 Fund. Contributions were received from; CMA (Ksh20 million); CMA Board and staff who have committed to a voluntary contribution of Ksh781,706 and so far remitted Ksh268,300; Nairobi Securities Exchange (Ksh2 million); Central Depository and Settlement Corporation (Ksh1 million); ICEA Lion Asset Management Ltd (Ksh1 million); SBG Securities (Ksh1 million); CIC Asset Management (Ksh1 million); Old Mutual Investment Group (Ksh1 million); Standard Investment Bank (Ksh500,000); Pepperstone Markets Kenya Ltd;(Ksh500,000); GenAfrica Asset Managers (Ksh500,000); Renaissance Capital (Ksh250,000); Dry Associates Investment Bank (Ksh200,000); AIB Capital/Apex Africa Capital (Ksh150,000); Faida Investment Bank (Ksh150,000); Agusto & Co (Ksh100,000); Madison Investment Managers Limited (Ksh100,000);; Sterling Capital Ltd (Ksh100,000); Kestrel Capital (East Africa) Ltd (Ksh100,000); Old Mutual Securities Ltd (Ksh100,000) and Zimele Asset Management Company (ksh50,000). The Sanlam Group of companies (including Sanlam Kenya Plc and Sanlam Investments East Africa Ltd) and EGM Securities remitted Ksh8 million and Ksh1 million respectively, directly to the Covid-19 Emergency Response Fund. The Fund remains open to receive more contributions with some of the industry players in the process of transferring their contributions.
The contribution comes on the back of a raft of measures unveiled last month to ensure business continuity in the capital markets industry in the wake of the Coronavirus pandemic. Other The key stakeholders include; Nairobi Securities Exchange (NSE), Central Depository and Settlement Corporation (CDSC), Fund Managers Association (FMA), Kenya Association of Stockbrokers and Investment Banks (KASIB), and the Capital Markets Authority (CMA).
Key outcomes of the engagements include; issuing guidance to postpone Annual General Meetings (AGMs) in response to the Government’s ban on all public gatherings; waiver of the need for listed companies and market intermediaries to publish their financials in newspapers and flexibility to use websites and social media channels instead; and guidance to the Boards of listed companies to progress key issues such as approval and payment of dividends and appointment of auditors which would be ratified once AGMs are convened.
BACKGROUND INFORMATION ON THE NAIROBI SECURITIES EXCHANGE
BACKGROUND INFORMATION ON THE CENTRAL DEPOSITORY AND SETTLEMENT CORPORATION
BACKGROUND INFORMATION ON THE KENYA ASSOCIATION OF STOCKBROKERS AND INVESTMENT BANKS (KASIB)
BACKGROUND INFORMATION ON THE FUND MANAGERS ASSOCIATION