NAIROBI, Kenya, Feb 3- Walter Andrew Hollas has stepped down as the chairman and director of the board of Britam Holdings after nearly three and a half years in the position.
Hollas, who became Britam chairman in August 2017 has resigned from his position in line with the recommendations that board members retire when they attain 70 years.
“This is in compliance with the board charter requirement that independent directors shall not be over the age of 70 and in line with the best corporate governance practices for issuers of security to the Public 2015,” reads the notice that was signed by the company secretary Nancy Kiruki.
Kiruki added that Hollas will now be replaced by Mohamed Said Karama, in an acting capacity who has been part of the board since 2017, and the Vice-chairman of the board beginning 2020.
“Karama was appointed as a director of Britam Holdings Board of Directors on 25th April 2017 and has been Deputy Chairman of the board since 12th May 2020,” Karuki added in a notice to investors.
In 2017, the Capital Markets Authority published regulations recommending that board member voluntarily retire once they turn 70.
However, shareholders can, at an annual general meeting, vote to retain them.
Britam has in recent weeks been seen making leadership changes such as the appointment of Tavaziva Madzinga as the new Managing Director Britam Holdings.
He has taken over from Benson Irungu Wairegi who retired as Britam boss on 31st January 2021.