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Section 650 of The Companies Act No. 17 of 2015: Directors to include in notes to company's annual financial statement details of their benefits other than remuneration

    

(1) Except in the case of a company that is subject to the small companies regime, the directors of a company shall include in the notes to the company's individual financial statement details of the benefits that they have received during the relevant financial year of the company.
(2) The details required to be included in the notes include (but are not limited
to)—
(a) gains made by directors on the exercise of share options;
(b) benefits received or receivable by directors under long-term incentive schemes;
(c) payments for loss of office;
(d) benefits receivable, and contributions for the purpose of providing benefits, in respect of past services of a person as director or in any other capacity while director;
(e) consideration paid to, or receivable by, third parties for making available the services of a person as director or in any other capacity while a director.
(3) For the purposes of this section, amounts payable to, or receivable by—(a) a person connected with a director; or
(b) a body corporate controlled by a director, are taken to be payable to, or receivable, by the director.
(4) A director or former director of a company shall give notice to the company of such matters relating to himself or herself as are prescribed by regulations made for the purposes of this section.
(5) A director or former director of a company who, without reasonable excuse,fails to comply with subsection (4) commits an offence and on conviction is liable to a fine not exceeding five hundred thousand shillings.
(6) In this section—
(a) "connected with" and "controlled by" have the same meanings as in Part IX;
(b) "former director", in relation to a company, means any person who is or has at any time in the preceding five years been a director of the company.

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Disclaimer: This document is not to be taken as legal advise.

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