Board of Directors

Role and Legal Status
Under the Central Bank of Kenya Act (Cap. 491), the responsibility for determining the policy of the Bank, other than the formulation of monetary policy, is given to the Board of Directors. The Board of Directors of the Central Bank of Kenya are responsible for:

(a) Determining the policy of the Bank, other than the formulation of monetary policy;

(b) Determining the objectives of the Bank, including oversight for its financial management and strategy;

(c) Keeping under constant review the performance of the Bank in carrying out its functions;

(d) Keeping under constant review the performance of the Governor in discharging the responsibility of that office;

(e) Keeping under constant review the performance of the Governor in ensuring that the Bank achieves its Objectives;

(f) Determining whether the policy statements made are consistent with the Bank’s primary function and policy objectives of the Bank

(g) Keeping under constant review the use of Bank’s resources.

Membership
The Board comprises 11 members consisting of the Chairperson, the Governor; the Permanent Secretary to the National Treasury or his representative who shall be a non-voting member, and eight other non-executive directors.

The chairperson and directors are appointed by the President with the approval of Parliament and hold office for a period of four years but shall be eligible for re-appointment for one further term of four years. Persons eligible to be appointed to the Board must be citizens of Kenya who are knowledgeable or experienced in monetary, financial, banking and economic matters or other disciplines relevant to the functions of the Bank.

Meetings
The Chairperson convenes the meetings of the Board not less than once in every two months, or whenever the business of the Bank so requires, or whenever he is so requested in writing by at least three directors. In the absence of the Chairperson at a meeting, the members present shall elect one of the members appointed under paragraph to preside at that meeting of the Board.

A quorum for any meeting of the Board shall be the Chairperson, the Governor and three directors. Decisions of the Board are adopted by a majority of the votes of those present at that meeting and in case of an equality of votes the Chairperson or the person presiding at the meeting shall have a second or casting vote. The Board may delegate to any committee of the Board or to any member thereof, or to any officer, employee or agent of the Bank the exercise of any of the powers or the performance of any of the functions or duties of the Board under the CBK Act or any other written law.

The Board Members of the Central Bank of Kenya are listed below:

 


 

 AgChairmanWagacha2

Dr. Mbui Wagacha, 
Ag. Chairman
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ndungu

Prof. Njuguna Ndung'u
Governor, Member
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Florence

Ms Florence K. Muindi, 
Member
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apopo

Ms Vivienne A. Y. Apopo,
Member
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Ogara

Dr. William Otiende Ogara,
Member
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Msafari

Mr. John G. Msafari,
Member
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