KenGen has disclosed that chief executive Rebecca Miano earned Sh11.2 million in the year ended June 2018, a figure that is less than half of what her predecessor Albert Mugo received in 2017.
In its latest annual report released on Wednesday, November 21, 2018, the Nairobi Securities Exchange-listed power producer said Miano’s compensation amounted to 47 per cent of Mugo’s Sh23.7 million package in the year ended June 2017.
Miano was appointed acting chief executive in August 2017 before being confirmed two months later. The company’s filing shows that her entire remuneration was paid as salary, without the allowances and other benefits that often accompany executive contracts at listed firms.
KenGen said the chief executive is charged with overseeing day-to-day operations, protecting company resources and driving the corporate strategy needed for long-term competitiveness.
The report also placed her pay among the lower end of chief executive salaries at listed companies. It said her Sh11.2 million package trailed Unga Group, Deacons East Africa and National Bank of Kenya, whose CEOs were paid Sh15.1 million, Sh22.8 million and Sh48 million respectively per year.
KenGen added that it does not publish specific performance targets for its chief executive or the incentives tied to them. The State-owned firm said staff remuneration follows government policy, with directors’ pay set under the State Corporations Act and guidance from the Salaries and Remuneration Commission.
Mrs Miano is responsible for the operational running of the company to ensure that the mission is achieved, and efficacy is optimised.
The CEO is accountable for the company’s actions, security of resources as well as ensuring execution of the identified corporate strategy for long term competitiveness.
