Tracey Barnes, expatriate at centre of #RacismAtDiageoPLC row not qualified to hold head of EABL Group Finance docket

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Its is official. Ms Tracey Barnes, the Group Finance Director at the Diageo-PLC owned East African Breweries Limited is NOT qualified to hold the position of head of finance at EABL.

Ms Barnes has been at the centre of protracted racism allegations against her. She was summoned at the Immigration Department on March 18, 2015 together with EABL Group Human Resource Director Mr Paul Kasimu. 

The Capital Markets Act (Cap. 485A) Guidelines on Corporate Governance Practices by Public Listed Companies in Kenya require publicly-listed company finance heads to be registered members of the Institute of the Certified Public Accountants of Kenya (ICPAK). 

Section 2.5.2  of the Guidelines reads thus;  “Chief Financial Officers of Public Listed Companies (i) The Chief Financial Officers and persons heading the accounting department of every issuer shall be members of the Institute of Certified Public Accountants established under the Accountants Act. (ii) Where the persons referred to in paragraph (i) are members of other internationally recognized professional bodies and are yet to register as members of the Institute of Certified Public Accountants such persons shall register as members of the Institute within a period of twelve months from the date of appointment to such position, subject to requirements under the Capital Markets (Securities) (Public Offers, Listing and Disclosures) Regulations, 2002.”

Ms Barnes who has been in EABL employment since January 2012 is not a registered member of ICPAK after all.

“According to our records, Tracey Barnes is NOT a member of ICPAK as this date (April 13, 2015)”, said ICPAK’s Compliance Manager Mr Nebart Avutswa in a letter to Cofek.

“Requirements for joining ICPAK membership are stipulated in the Accountants Act Section 26(1)(a)(b) which states: “Subject to this Section, a person is qualified to be registered if the person: (a) has been awarded by the Examinations Board a certificate designated the Final Certificate or (b) Holds a qualification approved under sub-section (2) by the Council. Mmbers of foreign qualification may seek to become members of the Institute for as long as they satisfy the examining body (KASNEB)”, added Mr Avutswa.

ICPAK did not respond on whether or not there was any attempt on the part of Ms Barnes to register.

Effectively, Ms Barnes is in breach of Kenyan laws. We could not immediately reach the Capital Markets Authority Acting CEO Mr Paul Muthaura for his comment.

The request to and response from ICPAK for the clarification was copied to among others Mr Charles Ireland, Group CEO at EABL.

 

 

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