ADVOKS GLOBAL · KENYA
State Corporations (Performance Contracting) Regulations
4. Autonomy and responsibility of Boards of Directors
Edition: 2022-12-31 · In force
4. Autonomy and responsibility of Boards of Directors
(1)Subject to the Act and any other written law, every state corporation shall have all the powers necessary or expedient for the performance of its functions.(2)Subject to paragraph (1), the Board of a state corporation shall—(a)implement budget approved by the National Treasury and the parent Ministry;(b)recruit staff including the Chief Executive Officer of the state corporation;(c)develop and negotiate with the parent Ministry performance targets for the state corporation for a specified financial year;(d)develop, maintain and review on a regular basis the strategic plan for the state corporations;(e)manage the assets of the state corporation;(f)enter into and implement performance contracts with the Chief Executive of the state corporation;(g)submit quarterly reports on the performance of the state corporation to the parent Ministry, the National Treasury and the Inspector-General (Corporations); and(h)perform any other duties that may be deemed necessary or expedient for the implementation of the performance contracts.(3)Every state corporation shall submit its annual budget to the parent Ministry and the National Treasury for approval not later than the end of February in every year and the parent Ministry and the National Treasury shall grant such approval not later than 30th April in every year.(4)Where the financial year of a state corporation is different from that of the Government, the corporation may, in consultation with the parent Ministry and the National Treasury, make arrangements for submission of performance targets in line with the financial year of the corporation, provided that no state corporation shall begin a new financial year before signing a performance contract.