# The AGM that formalises Vodafone's grip on Safaricom > A month after the state sold its stake, shareholders vote on CEO nomination rights, board formulas and the protections that keep Safaricom's brand and expansion tied to Kenya. Author: Tim Humphreys Regions: Kenya Published: 2026-07-09T10:00:00.000Z Updated: 2026-07-09T10:00:00.000Z Canonical: /business/safaricom-agm-vodafone-kenya-control ## Why it matters Owning 55 percent of a company and controlling it are different things. The July 31 vote is where the ownership becomes control, deciding who Safaricom's next CEO answers to. ## Story Safaricom shareholders will vote on July 31, 2026 on fourteen special resolutions that would convert Vodafone Kenya Limited's 55 percent stake into formal control of Kenya's most valuable company. The proposals cover CEO nominations, board appointments, deadlock rules, electronic voting and the rights that remain with the Kenyan government. The vote follows the June 30 completion of the government's sale of a 15 percent stake to Vodafone Kenya Limited, the Vodacom-owned holding company. Vodafone Kenya now owns 55 percent, the government holds 20 percent, and public investors retain 25 percent. The headline proposal concerns the chief executive. While Vodafone Kenya owns more than half of Safaricom, the board would appoint the CEO from nominees supplied by Vodafone Kenya. The chief financial officer would act as the CEO's alternate director. A shareholding formula would allocate one director for every complete 10 percent stake, giving Vodafone Kenya five nominees and the government two. The expansion clause produced conflicting early reports. TechCabal reported that the government approval requirement would be removed. Business Daily, Reuters-based coverage and a detailed reading published by Tech-ish report the opposite: government consent would remain necessary for material brand changes and expansion beyond Kenya and Ethiopia. That retained veto is the more strongly corroborated reading of the AGM proposal. That distinction matters because Safaricom's next regional move could require billions of shillings and years of losses before returning a profit. Keeping a state consent right means expansion remains partly a national-interest decision, even after commercial control moves to Johannesburg. Other proposed changes modernise meeting procedure, recognise electronic participation and written resolutions, and create a mechanism for boardroom deadlocks. Shareholders will also vote on a final dividend of KSh1.15 per share. Customers should not expect an overnight change. M-Pesa keeps working, Safaricom remains listed in Nairobi, and day-to-day service continues. The important shift is the chain of command above those services and the person who will shape the company's next strategy. This AGM is the next chapter in a transaction tecMAMBO has followed from the transfer of majority control to the government's reported KSh244.5 billion proceeds. A court challenge to the original sale remains active, but the corporate machinery is already moving. ## FAQ ### What is being voted on at Safaricom's AGM? Fourteen special resolutions on July 31, 2026 that would rewrite Safaricom's Articles of Association to reflect Vodafone Kenya Limited's 55 percent majority. ### Who will choose Safaricom's next CEO? The board would make the formal appointment from nominees supplied by Vodafone Kenya Limited while it owns more than 50 percent. ### Does the Kenyan government still have a say? Yes. It retains a 20 percent stake, board representation and, under the reported AGM proposals, consent rights over material brand changes and expansion beyond Kenya and Ethiopia. ## Sources - [Business Daily: Government to have final say on Safaricom's regional expansion](https://www.businessdailyafrica.com/bd/corporate/companies/government-to-have-final-say-on-safaricom-s-new-regional-expansion-5521080) - [Tech-ish: After the takeover, Vodacom moves to change Safaricom's constitution](https://tech-ish.com/2026/07/08/safaricom-agm-2026-vodacom-articles/) - [tecMAMBO: Vodacom takes majority control of Safaricom](/business/vodacom-safaricom-majority-control) - [tecMAMBO: Government banks KSh244.5 billion from the Safaricom sale](/business/safaricom-sale-244-billion-infrastructure-fund) The vote will not change the Safaricom app on August 1. It will change who has the strongest hand when the next major decision reaches the boardroom.