ADVOKS GLOBAL · KENYA
The Companies (General) Regulations
23. Information about payments made or benefit provided in respect of termination of directors' services
Edition: 2022-12-31 · In force
23. Information about payments made or benefit provided in respect of termination of directors' services
(1)The information prescribed by paragraph (2) about payments made, or benefits provided, in respect of the termination of the services of directors (whether in the capacity of directors or in any other capacity while directors) is information required to be included in the notes to the financial statements of a company for a financial year.(2)The information referred to in paragraph (1) is—(a)the aggregate amount of the payments for loss of office (as defined by section 180 of the Act) made to or receivable by the directors of the company, whether in cash or otherwise, in respect of the termination of the qualifying services of the directors; and(b)if any such payments for loss of office consist of a benefit otherwise than in cash, the nature of that benefit.(3)The information is required to distinguish between—(a)the payments made to or receivable by a person for the loss of office as a director, whether of the company or its subsidiary undertaking; and(b)the payments made to or receivable by that person for the loss of any other office in connection with the management of the affairs of the company or its subsidiary undertaking.(4)The information is also required to distinguish between—(a)the amounts paid by or receivable from the company;(b)the amounts paid by or receivable from the subsidiary undertakings of the company; and(c)the amounts paid by or receivable from any other person.(5)For the purposes of this regulation, if any payments for loss of office consist of a benefit otherwise than in cash, to that extent, a reference to the amount of the payments is a reference to the estimated money value of that benefit.