Safaricom—Safaricom shareholders stripped Kenyan-government oversight powers, handing Vodacom/Vodafone expanded control including CEO nomination rights

Following Vodacom's June 30, 2026 completion of a deal buying a controlling 55% stake in Safaricom (KES 204bn/EUR1.36bn for 15% from the Kenyan government plus KES 68bn/EUR450m for 5% from Vodafone), Safaricom sought and won shareholder approval on July 31, 2026 to remove long-standing governance protections tied to Kenyan-government ownership. The changes give Vodafone/Vodacom the right to nominate the CEO and all executive and shareholder-appointed directors (previously requiring board/government input), remove the requirement for government approval before regional expansion including into Ethiopia, eliminate the requirement that the executive committee be 'predominantly Kenyan', replace prior 10%/40% ownership-threshold protections with a single 50% threshold, and drop the mandatory dividend policy. Vodacom subsequently appointed two South African executives to Safaricom's board, increasing its board representation to 5 seats while Kenyan-government ownership fell from 35% to 20%.