Equity Group is preparing to usher in a fresh chapter in its governance structure by replacing four Kenyan directors with six foreign nationals, as part of its strategic pivot towards a more global perspective.
Shareholders will vote on the changes during the company’s annual general meeting scheduled for 25 June.
The Nairobi-based lender has nominated Mrs Farida Khambata, Nick O'Donohoe, Dr Aloysius Uche Ordu, Obadiah Biraro, Ms Lakshmi Shyam-Sunder, and Eng David Mutombo to take up board positions.
Their appointments, all made between August 2024 and May 2025, are subject to shareholder approval and, where applicable, regulatory nods.
According to the AGM agenda, Equity will seek “to approve the appointment of Farida Khambata as a Director, who having been appointed by the Board on 26th August 2024, retires from office in accordance with Article 101 of the Company's Articles of Association and being eligible, offers herself for election.”
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Similar resolutions have been proposed for the other five expatriates. O'Donohoe, Dr. Ordu, MBiraro, Ms Shyam-Sunder, and Eng Mutombo were all appointed in March or May this year and are now seeking election after interim appointments.
Each has offered themselves for confirmation in accordance with the firm’s Articles of Association.
Meanwhile, four Kenyan directors will be bowing out of the boardroom, opting not to seek re-election despite being eligible.
The company disclosed that shareholders will “note the retirement of Dr. Edward Odundo who retires from office in accordance with Article 100 of the Company's Articles of Association and though eligible, does not offer himself for re-election.”
The same applies to Vijay Gidoomal, Dr Helen Gichohi, and Samwel Kirubi.
This reshuffle signals a deliberate push by Equity to diversify its oversight with individuals drawn from international circles, potentially in a bid to align more closely with global governance practices and attract broader investor confidence.
The development comes against a backdrop of internal upheaval at the lender.
Just days earlier, Equity Group Chief Executive Officer Dr James Mwangi responded to public concern following reports that job losses were looming across the bank’s network.
The conversation had been fuelled by an extensive staff audit that began in December 2024.
During the probe, staff were summoned to explain their financial records—including deposits in their M-Pesa and bank accounts—for a two-year period.
Those found with suspicious or unexplained transactions were summoned for disciplinary hearings.
Equity confirmed that employees had been issued with show cause letters citing “gross misconduct, conflict of interest, and ethical breaches.”
The bank added that affected individuals were offered the opportunity to defend themselves during face-to-face hearings, framing the process as part of a broader initiative to reinforce internal ethics and accountability.
While the fate of the affected employees remains uncertain, the boardroom shake-up indicates that Equity is pursuing deep institutional reforms, both at the executive and governance levels.
The upcoming AGM is expected to offer a clearer picture of the group’s future direction, both in terms of leadership composition and corporate culture.
