Dear reader,
Another day, happy that you are here with me😊. I hope you’ve had a lovely week. Thank you for taking the time to read today’s blog, hope you find it insightful.
Today’s blog is a continuation of the mini-research I’m doing for listed firms on the Nairobi Securities Exchange (NSE). On the previous blog (https://frankmaina.finance.blog/2021/10/23/nse-auditor-analysis/) we saw the audit firms that audited listed companies in the previous financial year (FY20).
Today we’ll be looking at gender representation at the board level in these listed firms during the same financial year 2020.
Relating to the research:
- Company secretaries were excluded from the analysis. All other board members were included.
- For these firms, Deacons (East Africa) Plc., ARM Cement Plc., Mumias Sugar Co. Ltd., Kenya Orchards Ltd., Flame Tree Group Holdings Ltd., and Unga Group Ltd., information was difficult to find, and the first three firms mentioned were suspended from trading on the NSE.
- Excluding the above firms, researched companies totaled to 56 with a representation of about 495 directors.
- All the information was extracted from annual reports (FY 20) of the listed companies as well as company websites (In case of any errors, omission or inclusion, my apologies. Please free to correct me on any errors made)
- It is worth noting that board changes may have taken place during the year (2021) and this blog may have not captured such.
Male and Female Representation at the Board Level
The male gender had a significant representation at the board level for the 56 analyzed listed firms on the NSE.
Listed firms with equal gender representation
| Listed Firm | Females (%) | Males (%) | Number of directors |
| Stanbic Holdings Ltd. | 50% | 50% | 8 |
| Eveready East Africa Ltd. | 50% | 50% | 6 |
| Limuru Tea Co. Ltd. | 50% | 50% | 6 |
Only three firms had an equal representation of males and females at the board level.
Listed Firms (Board size from highest to lowest)
| Listed Firm | Female Representation | Male Representation | Total |
| The Co-operative Bank of Kenya Ltd. | 4 | 21 | 25 |
| Nation Media Group Plc. | 2 | 12 | 14 |
| KenGen Plc. | 4 | 9 | 13 |
| Kenya Airways Ltd. | 3 | 9 | 12 |
| Safaricom Plc. | 4 | 8 | 12 |
| Kenya Power & Lighting Plc. | 5 | 7 | 12 |
| NCBA Group Plc. | 1 | 10 | 11 |
| Diamond Trust Bank Kenya Ltd. | 2 | 9 | 11 |
| Umeme Ltd. | 2 | 9 | 11 |
| KCB Group Plc. | 2 | 9 | 11 |
| Kenya Re – Insurance Corporation Ltd. | 3 | 8 | 11 |
| Nairobi Securities Exchange Plc. | 3 | 8 | 11 |
| Centum Investment Plc. | 4 | 7 | 11 |
| Bamburi Cement Ltd. | 4 | 7 | 11 |
| BK Group Plc. | 4 | 7 | 11 |
| East African Breweries Ltd. | 4 | 7 | 11 |
| CIC Insurance Group Ltd. | 2 | 8 | 10 |
| British American Tobacco Kenya Plc. | 3 | 7 | 10 |
| Britam Holdings Plc. | 3 | 7 | 10 |
| Sanlam Kenya Plc. | 4 | 6 | 10 |
| Standard Chartered Bank Kenya Ltd. | 4 | 6 | 10 |
| Jubilee Holdings Ltd. | 1 | 8 | 9 |
| Standard Group Plc. | 2 | 7 | 9 |
| I & M Holdings Plc. | 2 | 7 | 9 |
| Total Kenya Ltd. | 2 | 7 | 9 |
| ABSA Bank Kenya Plc. | 2 | 7 | 9 |
| Longhorn Publishers Plc. | 2 | 7 | 9 |
| Uchumi Supermarket Plc. | 8 | 8 | |
| Kakuzi Plc. | 8 | 8 | |
| Sasini Plc. | 2 | 6 | 8 |
| HF Group Plc. | 3 | 5 | 8 |
| Equity Group Holdings Plc. | 3 | 5 | 8 |
| Stanbic Holdings Ltd. | 4 | 4 | 8 |
| ILAM Fahari I-REIT | 7 | 7 | |
| TPS Eastern Africa (Serena) Ltd. | 7 | 7 | |
| Williamson Tea Kenya Plc. | 7 | 7 | |
| E.A Portland Cement Ltd. | 7 | 7 | |
| Nairobi Business Ventures Plc. | 7 | 7 | |
| Kapchorua Tea Kenya Plc. | 7 | 7 | |
| E.A Cables Ltd. | 1 | 6 | 7 |
| Crown Paints Kenya Plc. | 1 | 6 | 7 |
| Car & General (K) Ltd. | 1 | 6 | 7 |
| Kurwitu Ventures Ltd. | 1 | 6 | 7 |
| Trans – Century Plc. | 1 | 6 | 7 |
| B.O.C Kenya Plc. | 2 | 5 | 7 |
| Liberty Kenya Holdings | 2 | 5 | 7 |
| Home Afrika Ltd. | 3 | 4 | 7 |
| WPP Scangroup Plc. | 6 | 6 | |
| Carbacid Investments Plc. | 1 | 5 | 6 |
| Homeboyz Entertainment Plc. | 1 | 5 | 6 |
| Sameer Africa Plc. | 2 | 4 | 6 |
| Eveready East Africa Ltd. | 3 | 3 | 6 |
| Limuru Tea Co. Ltd. | 3 | 3 | 6 |
| Express Kenya Plc. | 4 | 4 | |
| Olympia Capital Holdings Ltd. | 1 | 3 | 4 |
| Eaagads Ltd. | 3 | 3 | |
| Grand Total | 113 | 382 | 495 |
Listed Firms (Board size representation in %)
| Listed Firm | Females (%) | Males (%) |
| Uchumi Supermarket Plc. | 0% | 100% |
| Kakuzi Plc. | 0% | 100% |
| ILAM Fahari I-REIT | 0% | 100% |
| TPS Eastern Africa (Serena) Ltd. | 0% | 100% |
| Williamson Tea Kenya Plc. | 0% | 100% |
| E.A Portland Cement Ltd. | 0% | 100% |
| Nairobi Business Ventures Plc. | 0% | 100% |
| Kapchorua Tea Kenya Plc. | 0% | 100% |
| WPP Scangroup Plc. | 0% | 100% |
| Express Kenya Plc. | 0% | 100% |
| Eaagads Ltd. | 0% | 100% |
| NCBA Group Plc. | 9% | 91% |
| Jubilee Holdings Ltd. | 11% | 89% |
| Nation Media Group Plc. | 14% | 86% |
| E.A Cables Ltd. | 14% | 86% |
| Crown Paints Kenya Plc. | 14% | 86% |
| Car & General (K) Ltd. | 14% | 86% |
| Kurwitu Ventures Ltd. | 14% | 86% |
| Trans – Century Plc. | 14% | 86% |
| The Co-operative Bank of Kenya Ltd. | 16% | 84% |
| Carbacid Investments Plc. | 17% | 83% |
| Homeboyz Entertainment Plc. | 17% | 83% |
| Diamond Trust Bank Kenya Ltd. | 18% | 82% |
| Umeme Ltd. | 18% | 82% |
| KCB Group Plc. | 18% | 82% |
| CIC Insurance Group Ltd. | 20% | 80% |
| Standard Group Plc. | 22% | 78% |
| I & M Holdings Plc. | 22% | 78% |
| Total Kenya Ltd. | 22% | 78% |
| ABSA Bank Kenya Plc. | 22% | 78% |
| Longhorn Publishers Plc. | 22% | 78% |
| Kenya Airways Ltd. | 25% | 75% |
| Sasini Plc. | 25% | 75% |
| Olympia Capital Holdings Ltd. | 25% | 75% |
| Kenya Re-Insurance Corporation Ltd. | 27% | 73% |
| Nairobi Securities Exchange Plc. | 27% | 73% |
| B.O.C Kenya Plc. | 29% | 71% |
| Liberty Kenya Holdings | 29% | 71% |
| British American Tobacco Kenya Plc. | 30% | 70% |
| Britam Holdings Plc. | 30% | 70% |
| KenGen Plc. | 31% | 69% |
| Safaricom Plc. | 33% | 67% |
| Sameer Africa Plc. | 33% | 67% |
| Centum Investment Plc. | 36% | 64% |
| Bamburi Cement Ltd. | 36% | 64% |
| BK Group Plc. | 36% | 64% |
| East African Breweries Ltd. | 36% | 64% |
| HF Group Plc. | 38% | 63% |
| Equity Group Holdings Plc. | 38% | 63% |
| Sanlam Kenya Plc. | 40% | 60% |
| Standard Chartered Bank Kenya Ltd. | 40% | 60% |
| Kenya Power & Lighting Plc. | 42% | 58% |
| Home Afrika Ltd. | 43% | 57% |
| Stanbic Holdings Ltd. | 50% | 50% |
| Eveready East Africa Ltd. | 50% | 50% |
| Limuru Tea Co. Ltd. | 50% | 50% |
| TOTAL |
Industry gender representation (Highest to Lowest)
| Industry | Female Representation | Male Representation | Total |
| Banking | 31 | 90 | 121 |
| Commercial & Services | 10 | 72 | 82 |
| Insurance | 15 | 42 | 57 |
| Energy & Petroleum | 13 | 32 | 45 |
| Manufacturing & Allied | 13 | 27 | 40 |
| Agricultural | 5 | 34 | 39 |
| Investment | 10 | 26 | 36 |
| Constructions & Allied | 6 | 26 | 32 |
| Automobiles & Accessories | 3 | 10 | 13 |
| Telecommunication & Technology | 4 | 8 | 12 |
| Investment Services | 3 | 8 | 11 |
| Real Estate Investment Trust | 7 | 7 | |
| Grand Total | 113 | 382 | 495 |
Industry gender representation (Highest to Lowest in %)
| Industry | Females% | Males% |
| Real Estate Investment Trust | 0% | 100% |
| Commercial & Services | 12% | 88% |
| Agricultural | 13% | 87% |
| Constructions & Allied | 19% | 81% |
| Automobiles & Accessories | 23% | 77% |
| Banking | 26% | 74% |
| Insurance | 26% | 74% |
| Investment Services | 27% | 73% |
| Investment | 28% | 72% |
| Energy & Petroleum | 29% | 71% |
| Manufacturing & Allied | 33% | 68% |
| Telecommunication & Technology | 33% | 67% |
Reminder: This research was primarily done to show the representation of males and females at the board level of listed firms. Please note that board sizes and composition often depend on the size and needs of a company. Diversity of gender, competencies & skills is encouraged, and an appropriate board structure should fundamentally help achieve the company’s objectives.
Once again, I’m grateful for reading with me. I know the most recent blogs have been saturated with numbers and tables. I hope in one or another they still have become informative to all of us.
Till next time, be blessed and keep being awesome😊.
frank.finance 