The extract below is from the new Kenyan Companies Bill that makes interesting reading from in investor relations perspective. We will be covering more of this in later posts but here’s one issue that’s bound to get the attention of executives of Kenyan listed companies: jail sentences and or a fine for not publishing an annual report on the corporate website:-
387 Quoted companies: annual financial statements to be made available on
website
(1) A quoted company must ensure that its annual financial statements and reports—
(a) are made available on a website, and
(b) remain so available until the annual financial statements for the company’s next financial year are made available in accordance with this section.(2) The provisions of section 389 (requirements as to website availability) apply.
(3) In the event of default in complying with this section (or with the requirements of section 389 as it applies for the purposes of this section), an offence is committed by every officer of the company who is in default.
(4) A person guilty of an offence under subsection (3) is liable on conviction to a fine not exceeding 50,000 shilling or to imprisonment for a term not exceeding six months or both.