In compliance with new regulations published by outgoing Attorney-General Githu Muigai, the Capital Markets Authority (CMA) has disclosed the fat sitting allowances that it pays its directors.
The financial sector's regulating agency paid seven independent directors an average of Sh48,250 for every meeting for the year ending June 2017.
The figure is more than double what most listed firms pay their directors.
At other listed firms such as East Africa Portland Cement Company (EAPCC), Kengen and Kenya Power and Lighting Company (KPLC), directors earn sitting allowances of Sh20,000.
CMA independent director Christine Okoth took home the biggest package having attended 21 meetings.
[caption caption="CMA CEO Paul Muthaura"]
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She was paid Sh2,072, 258 for the year to June 2017, which comes to a monthly average of Sh172,688.
CMA's other independent directors are James Ndegwa, Linda Muriuki, George Mose Moibi, Thomas Kibua, Harry Kimutai and Paul Ngugi.
CMA is the government watchdog responsible for supervising, licensing and monitoring the activities of market intermediaries, including the stock exchange, and the central depository and settlement system and all the other persons licensed under the Capital Markets Act of Kenya.
The new regulations published by the Attorney-General will give Kenyans a clearer picture of how board members of publicly-owned firms are paid, something that has for a long time been shrouded in mystery.
Kenya Power, KenGen and EAPCC are the first listed firms to comply with the regulations.
They are set to disclose the figures in annual reports from next month, with their financial years ending in December.
[caption caption="An investor at the National Securities Exchange (NSE), which is regulated by CMA"]
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