Old Mutual Announces Major Leadership Changes After Shareholders’ Meeting

Old Mutual Holdings PLC has announced a series of board changes following the resolutions passed during its 18th Annual General Meeting (AGM) held virtually on June 30, 2026.

In a notice dated July 3, the company said shareholders approved several resolutions, including the appointment of Barbara Chesire to the Board of Directors, changes to the board’s composition, and the re-election of several directors.

“The Board of Directors announces and informs the general public that at the 18th Annual General Meeting (AGM) of the shareholders of the Company held as a virtual meeting on Tuesday, 30th June 2026, at 11:00 am, the following resolutions were passed by the Shareholders,” read part of the notice.

Old Mutual Shareholders Approve Barbara Chesire’s Appointment to the Board

According to Old Mutual Holdings PLC, shareholders approved the appointment of Barbara Chesire as a director of Old Mutual Holdings PLC during the AGM and announced the resignation of Craig Aitchison from the Board of Directors.

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In addition, shareholders approved the retirement of Robert Mbugua following the expiry of his term, while Joseph Wanjui Jnr and Flora Mutahi were re-elected after retiring by rotation.

Old Mutual also announced the re-election of members of its Board Audit Committee.

The committee will continue to comprise:

• Francis Kamulegeya (Chairman)
• Dr. Catherine Adeya
• Flora Mutahi
• Joyce-Ann Wainaina

The company further confirmed the reappointment of Ernst & Young LLP (EY) as its external auditors until the conclusion of the next Annual General Meeting, with directors authorised to determine the auditors’ remuneration.

Shareholders Approve Financial and Governance Resolutions

Old Mutual Holdings also stated that shareholders approved the audited financial statements for the year ended December 31, 2025, together with the reports of the chairman, directors and external auditors.

They also approved the directors’ remuneration report for the 2025 financial year and adopted the board’s recommendation not to declare or pay a dividend for the year.

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In addition, shareholders approved the implementation and regular review of several corporate governance policies covering board member attraction and retention, corporate disclosure procedures, and internal and external dispute resolution.

The company further revealed that the reduction of the company’s share premium account, amounting to Ksh4.664 billion, was also approved to offset accumulated negative retained earnings.

Old Mutual Company argued that the reduction remains subject to confirmation by the High Court of Kenya in accordance with the Companies Act, 2015.

Therefore, directors have been authorised to make the necessary application to the High Court and undertake any steps required to implement the reduction once approved.

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Photo of Barbara Chesire speaking at a past Britam event. PHOTO/Chesire