Nairobi stock Exchange

The Nairobi bourse board has submitted a request to CMA seeking approvals extending the terms of CEO Geoffrey Odundo and the chairman, Kiprono Kittony.

“We received a request from the Nairobi Securities Exchange to amend our regulations to make the exchange a fully listed company. Currently, the NSE is regulated both as a listed company, having gone public in September 2014, and as a licensee of the CMA, which places it under the term limits set in the CMA regulations. NSE is undergoing restructuring and one of the points they are asking is for review of the term of the chairman, which is for two years total, and that of the CEO,” the CMA told the Business Daily in an e-mail response. They require the chairman to serve for a maximum of two consecutive years and chief executive’s term of four years that is renewable once. The NSE chief executive is expected to serve for a maximum of eight years and the chairperson for two years under CMA regulations. The market regulator says the NSE has cited ongoing restructuring of the exchange and need for continuity as the reasons behind the request to scrap the limits.