KENYATTA NATIONAL HOSPITALSTAFF RETIREMENT BENEFITS

SCHEME 2011 (DC) PENSION SCHEME

ANNUAL REPORT AND FINANCIAL STATEMENTSFOR THE YEAR ENDED 30 JUNE 2018

i

KENYATTA NATIONAL HOSPITALP.O Box 20723-00202, NairobiTel 2726300-9

STAFF RETIREMENT BENEFITS SCHEME 2011 (DC)

NOTICE OF ANNUAL GENERAL MEETINGNotice is hereby given that the Members Annual General Meeting for Kenyatta National Hospital Staff Retirement Benefits Scheme 2011 (DC) for the year ended 30th June 2018 will be held on Friday 25th January 2019, at the KNH Administration car park, starting from 9.00 am.

The agenda will be:Notice of the AGMKNH SRBS2011 Chairman’s reportReceive report of Audited AccountsReceive report of investment managersReceive report of the custodianReceive report of the AdministratorQuestions & Answers sessionAll members of the scheme are invited.

ELPHAS CHOGETRUST SECRETARYKNH STAFF RETIREMENT BENEFITS SCHEME 20113/1/2019

NOTICE OF ANNUAL GENERAL MEETING

TABLE OF CONTENTS

Notice of AGM ...................................................................................iiBoard of Trustee KNHSRBS 2011 (DC) .....................................................................iii

Former Board of Trustee KNHSRBS 2011 (DC) ................................... iv

KNHSRBS2011 Chairmans Report .....................................................v

Minutes of previous joint AGM 2017 ..............................................viii

Annual report and financial statements of KNHSRBS2011 as at 30th June 2018 ........................................................................xiii

ii

Board of Trustees KNHSRBS 2011 (DC) Pension Scheme

Ms. Irene MokeTrustee Appointed on 27 July 2018

Mr. Peter Mureithi Chairman

Appointed on 27 July 2018

Mr. Elphas Choge Trustee Secretary

Dr Thomas Mutie Ag CEO/ Trustee

Appointed on 25/9/2018

Ms. Alice Atamba Trustee

Mr. Kenneth Kimengech Trustee

Mr. Charles Mbaka Trustee Appointed on 27 July 2018

iii

Former Board of Trustees for KNH Staff Retirement Benefits Scheme 2011 (DC )

Pension Scheme

Mr. Albert Ambune Chairman

Retired on 26th July 2018

Lily Koros Tare CEO /Trustee

Retired on 24th Sept 2018

Dr. Richard Kamau Trustee

Retired on 24th Sept 2018

Mr. Duncan Msafiri Trustee

Retired on 26 July 2018

Ms. Grace Akinyi Trustee

Retired on 26 July 2018

iv

CHAIRMANS REPORTDear Members, I am delighted to provide you with our 7th annual general meeting report of the KNH Staff Retirement Benefits Scheme 2011 for the year ended 30 June 2018.

EstablishmentKNH Staff Retirement Benefits Scheme 2011 was established under irrevocable trust and commenced operations on 1 July 2011. The main purpose of the Scheme is to provide pension benefits to eligible employees of the hospital and benefits for dependants of deceased members.The Scheme operates on a defined contribution basis, whereby the benefits to the members and their dependants are based on accumulated contribution plus accrued interest.

Board of TrusteesMember elections were held in July 2018 and new Trustees were elected. In compliance with the provisions of the Retirement Benefits Act, members elect half of the Board while the Sponsor appoints the other half. The current Board of Trustees are:Mr Peter Mureithi - Member elected/ChairmanMs Alice Atamba - Sponsor appointedMr Elphas Choge - Sponsor appointedDr Thomas Mutie - Sponsor appointedMr Charles Mbaka - Member electedMr Kenneth Kimengech - Member electedMs Irene Moke - Member electedThe sponsor is yet to nominate one Trustee to replace Dr Richard Kamau.

Service ProvidersThe Scheme’s service providers for the year were:Administrator : Minet Kenya Insurance Brokers LimitedFund Managers : Sanlam Investments : GenAfrica Asset ManagersCustodian : KCB BankAuditor : VC Karani & Associates

Scheme’s OverviewContributionsThe Members contributed 5% of their basic salary to the Scheme while the Sponsor contributed 10% of member’s basic salary within the year.

NSSF Act 2013We confirm that the NSSF Act 2013 is still a matter in court and therefore the new contribution rates are not yet effec-tive. We shall keep members updated in regards to the court ruling as and when it happens.

Remuneration of TrusteesThe Retirement Benefits Act requires that we disclose and request members to approve of the Trustees sitting allow-ance every three years. I confirm that currently, the Board of Trustees are paid a sitting allowance of Kes. 20,000 per sitting that is subjected to tax and is paid from the pension Scheme. The same was approved by members in the last AGM and there has been no change.

Audit for The Year Ended 30 June 2018The Scheme was audited by VC Karani & Associates and the financial statements were approved and signed by the Trustees in accordance to the retirement regulations. The financials were also filed with the relevant authorities within the stipulated timelines.

Results for year 2017/2018Our scheme recorded a positive growth despite the many economic challenges that the investment environment was facing. Assets under the Scheme increased from Kes. 2,147,529,725 in June 2017 to Kes. 2,785,920,015 in June 2018.The Scheme return to June 2018 was 11.24% and we confirm the same interest allocation was awarded to the mem-bers statements as at 30 June 2018.

v

Scheme GrowthThe scheme has grown over the last 7 years from Kes. 287million as at 30 June 2012 to Kes. 2.7billion as at 30 June 2018.

GROWTH OF THE FUND FROM JUNE 2012 TO JUNE 2018Year Fund Value ‘000June 2012 286,991June 2013 706,327June 2014 1,372,922June 2015 1,203,958June 2016 1,602,642June 2017 2,147,530June 2018 2,785,920

Members TrainingThe Trustees wish to assure members that they will organise for more training on topics that are relevant to personal growth. We confirm that about 700 members were trained in 2018.

Benefit StatementsThe details of the benefits you are entitled to as a member of the defined contribution Scheme are set out in your in-dividual benefit statement.Please ensure that the personal details contained in your benefit statement are correct. If you have any questions about the statements please liaise with the Trust Secretary or the Pension Secretariat office.

Members Statement & Nomination of BeneficiaryWe encourage members to continue accessing their statements online. We thank the administrator, Minet Kenya for their continued support and improvement on their services.The link is as follows: http://pensions.minet.co.ke/loginMembers can also access their benefits update through their mobile phones by going to the Playstore (for Andorids) and Appstore (for iOS) and search for the app ‘Minet’ and download the same.We would like to request members to ensure that their nomination of their beneficiaries’ forms are completed and or updated for those who have completed before. Please liaise with the HR office or the pension secretariat and ensure you update your nomination of beneficiary form so that in the unfortunate event of your death the Trustees will know who your Pension Scheme benefits are payable to.

PropertyLast year, as Trustees we reported that we are looking into diversifying into the property market as an investment strat-egy and had reviewed a couple of properties, we wish to report that we bought two properties in Kitengela and Isinya which are 14.20Ha and 20.23Ha respectively.

ConclusionIn conclusion I wish to thank all the members and service providers for their continued support to the Board of Trus-tees.

Thank you.

Mr Peter MureithiChairmanBoard of TrusteesKNH Scheme Retirement Benefits Scheme 2011

vi

MINUTES OF THE MEMBERS ANNUAL GENERAL MEETING FOR THE KENYATTA NATIONAL

HOSPITAL STAFF SUPERANNUATION SCHEME (DB SCHEME) & KENYATTA NATIONAL HOSPITAL STAFF RETIREMENT BENEFITS SCHEME 2011 (DC SCHEME)

HELD ON 26TH JANUARY 2018

vii

Kenyatta National Hospital Staff Superannuation Scheme & Kenyatta National Hospital Staff Retirement Benefits Scheme 2011

Minutes of the Members Annual General Meeting for the Kenyatta National Hospital Staff Superannuation Scheme (DB Scheme) & Kenyatta National Hospital Staff Retirement Benefits Scheme 2011 (DC Scheme) held on 26th January 2018, at the Kenyatta National Hospital premises, commencing at 1000amPresent:Board of Trustees of the KNH SSS (DB Scheme)Dr Simeon Monda Sponsor Appointed Trustee (Chairperson)Mr. Calvin Nyachoti Sponsor Appointed Trustee (Trust Secretary) Mrs. Lily Koros Tare Sponsor Appointed TrusteeMr. Elphas Choge Sponsor Appointed Trustee Mr. Kipkemoi Arap Bor Sponsor Appointed TrusteeMr. Wycliffe Lisalitsa Member Elected TrusteeMr. Jared Owiny Member Elected TrusteeBoard of Trustees of the KNH SRBS 2011 (DC Scheme)Mr. Albert Ambune Member Elected Trustee (Chairperson)Mr. Duncan Msafiri Member Elected Trustee (Trust Secretary)Mrs. Lily Koros Tare Sponsor Appointed TrusteeMrs. Alice Atamba Sponsor Appointed TrusteeDr. Richard Kamau Sponsor Appointed TrusteeMr. Elphas Choge Sponsor Appointed TrusteeMr. Kenneth Kimengech Member Elected TrusteeMs. Grace Akinyi Member Elected TrusteeMembers Present List in the file of KNH Pension SecretariatService Providers:Mr. Mathew Maina Zamara Actuaries Administrators & Consultants Mr. Adil Suleman Zamara Actuaries Administrators & Consultants Mr. Daniel Mainga Minet Kenya Insurance Brokers LimitedMr. Nick Muhuni NIC Bank LimitedMrs. Eva Bore Mwangi NIC Bank LimitedMrs. Rosemary Omayo Stanlib Kenya LimitedMr. Brian Chege British American Asset Managers Mr. Mohamed Adil GenAfrica Asset Management LimitedMr. Matthew Mue PineBridge Investments E A LimitedMr. Samson Kagati King’ang’i Kamau & CoMr. Mary Luvisya King’ang’i Kamau & CoMr. Evans Ogari VC Karani & AssociatesMrs. Enidjoy Muriungi Ebony Estates LimitedMr. Timothy Machira Retirement Benefits Authority

Master of Ceremony Ms. Irene Moke Kenyatta National Hospital 1. (Min 01/18) Open Prayers 1.1 Present and Apologies The DB Scheme Chairman, Dr. S Monda called the meeting to order and welcomed all present. He informed the members that the Annual General Meeting (AGM) would be co-Chaired jointly with Mr. A Ambune, the chairperson of the DC Scheme. He advised that the KNH CEO, L K Tare, the Board Chairman, Mr. M Bor, the Corporation Secretary, Mr. C Nyachoti and Board Director Dr. R Kamau who were also Trustees of the DB & DC Schemes were attending a meeting in par-liament and would be joining the AGM later. He further requested all present to observe a minute of silence in honor of Dr. Njuguna, their colleague who had passed on. Rev. Joseph Miriti Kanamba of Chaplaincy was invited to give a short sermon and pray for the meeting.

viii

2. (Min 02/18) Notice of the Annual General Meeting and Agenda 2.1 Reading of the AGM Agenda The Trust Secretary of the DC Scheme Mr. D Msafiri read the notice and the agenda for the annual general meeting which was adopted. 3. (Min 03/18) Confirmation of the Minutes of the Joint DB and DC Scheme Annual General Meeting for the finan-cial year ended 30 June 2016 held on 27th January 2017 The Minutes of the AGM held on 27th January 2017 were read by Mr. D Mainga of Minet Kenya. The Scheme mem-bers confirmed the minutes to be a true record of proceedings and were proposed and seconded by Messrs Pius Che-boi and Eric Otieno. 4. (Min 04/18) Matters arising from the Minutes of the Joint DB and DC Scheme Annual General Meeting for the financial year ended 30 June 2016 held on 27th January 2017 There were no matters arising from the minutes of the previous AGM

5. (Min 05/18) Chief Executive Officer’s (CEO’s) RemarksMr. E Choge, the Hospital’s Head of Human Resources delivered the speech on behalf of the CEO. He welcomed all present to the AGM and the following was the highlight of the speech:• Hethankedmemberswhowerepresent foravailingthemselvesandemphasizedtheAGMwasanimportant

event for members to receive feedback from the Trustees and Service providers. He requested for those present to be ambassadors of the Scheme and encourage others to attend the function in future;

• He reaffirmed theSponsor’s commitment to supporting theDBandDCScheme’s and thereforeencouragedmembers to take interest in their schemes;

• HenotedthattheMembersensitizationforumstheDBSchemewouldbeheldsoonalthoughtheHRdepartmentwas in conjunction with the RBA conducting training for members who were close to retirement. This program, assisted by the administrators would be cascaded to member’s in the lower age bands;

• Henotedthehospitalwascommittedtoprovidingagoodworkingenvironmentforallstaffandwouldlookatways of promoting healthy living including possible annual medical checks for the staff of KNH; and

• HereaffirmedtheSponsor’ssupporttoallthestaffintheirworkstationsandassuredthemofadequatesecurityso that they could continue working without fear. He however reminded members to be vigilant and report any suspicious ongoing within the hospital as everyone was responsible for the security of the hospital.

6. (Min 06/18) KNH SSS (DB Scheme) Chairman’s Report The Chairman Dr. S Monda welcomed all members to the AGM and informed them of the following

Economic OverviewThe economic environment in 2016/17 improved fom year 2015 with the Kenyan ecomony growing by 5.8% largely driven by tourism and non-core sectors such as ICT and Transport. The economy also experiences some challenges with erratic rains affecting food security and increasing energy process while the capping of interest rates lead to a reduction of private sector credit growth which greatly affected funding for real esteate and infrastructure projects as well as investor confidence in banking stocks. This saw the NSE 20 and NASI indices decline by 21% and 8.5% re-spectively. The low interst rates however increased the revaluation of bonds and encouraged purchase of government treasuries to cushion investors from poor performance at the NSE.

Scheme PerformanceThe Scheme assets increased to K Shs. 6.965bn as at 30 June 2017 from K Shs. 6.690bn as at 30 June 2017 an increase in the value of assets by K Shs.275mn. This growth was attributable to the positive investment returns and increase in the value of the Scheme’s property investment

Recalculation of Scheme benefits During the year 2017, Trustees and the Scheme Administrator, Zamara embarked on a recalculation of benefits for members who retired after 30th June 2011 based on the revision of 2011 closure terms. This exercise saw 346 cal-culations revisited and over K Shs 100 paid to qualifying members as an enhancement to what they had earlier re-ceived.

Payment of Actuarial Deficit and commutation factor. The Board of Trustees during the year presented to the Board of the Sponsor a remedial plan to clear the actuarial deficit together with a recommendation from the actuary for the Sponsor to increase their contribution rate into the Scheme from 10% to 14.1%. The Sponsor was already working to obtain funding to clear the deficit as well as for raising the contribution rates.

ix

Changes to the Board of Trustees During the Scheme’s financial year, Trustees Michael Kihuga and Wilson Owuor left the Board while Messrs Mark Bor and Eliphas Choge were appointed into the Board. The Chairman, on behalf of the Trustees encouraged members to plan for their retirement and reaffirmed the Board’s commitment to manage the Scheme in accordance with the Regulations and international best practices. He further encouraged members to update their Nomination of Beneficiary Forms regularly. 7. (Min 07/18) KNH SRBS 2011 (DC Scheme) Chairman’s Report The Chairman Mr. A Ambune welcomed all members to the AGM and informed them of the following

Contributions The Scheme was established as an irrevocable Trust and commenced operations on 01 July 2011. It operates on a De-fined Contribution (DC) basis with contributions of Employee 5% and Employer 10% of basic salary. The purpose of the Scheme was to provide pension benefits to employees and benefits for dependents of deceased members.

Results of the Year 2016/17 It was noted the Scheme was audited by VC Karani & Associates and the financial statements were approved and signed by Trustees as required by law. The Scheme assets increased to K Shs 2.147bn in June 2016 from K Shs. 1.602bn in June 2017 and as a result the Trustees were able to declare a rate of return of 10.75% an allocation which was re-flected in the already distributed member benefits. Members were encouraged to obtain their benefit statements from the Minet online portal as well as confirm their bio data details.

NSSF Act 2013 The chairman reported the NSSF Act had not taken effect as it was still in court. He however advised that the Sponsor was willing to match enhanced contributions by members if the proposals of the new NSSF act were implemented.

Strategic Plan It was noted the Scheme launched its five (5) year strategic plan during the year and members were encouraged to read thedocumentandfamiliarizethemselveswithit.

Member Training During the year, the Scheme held member education sessions for those aged 50 years and above courtesy of GenAfrica Asset Managers. The Scheme was looking at ways of expanding the session to younger members of the Scheme and wouldcommenceassoonastheyhadfinalizedthetrainingmaterial

Property Investments During the year, the Trustees resolved to venture into the asset class with a view to diversify the portfolio of invest-ments. The Trustees were currently reviewing viable opportunities which once was complete would see the Scheme purchase its first property by end of March 2018.

Member Trustee Elections The chairman informed the meeting that the term in office of Member Trustees were coming to an end in the second half of the year. He encouraged members to turn out in large numbers and elect their representativesThe Chairman, on behalf of the Trustees reaffirmed the commitment to manage the Scheme in accordance with the Regulations and international best practices. 8. (Min 08/18) Remuneration of Scheme Trustees The joint Chairman confirmed that Trustees of both the DB and DC Schemes received a taxable sitting allowance of K Shs. 20,000 per sitting. However, new Regulations by the RBA required for members to approve the sitting allowance to be paid to Trustees for the for the new financial year. The DB and DC Scheme Chairpersons confirmed Trustee of the two schemes were proposing to retain the same rate for the coming financial year and requested members to vote to retain the same or not. The votes cast were as follows

Member Taxable Votes Proposed Allowance Cast

8,000.00 3 10,000.00 24 20,000.00 72With the above votes cast, K Shs 20,000 was confirmed as the sitting allowance, net of taxes payable to the Trustees of the two Schemes during the new financial year.

x

9. (Min 09/18) Report of the Audited Financial Statements for the year ended 30th June 2017 9.1 KNH SSS (DB Scheme) Mr. Samson Kagati of Kingang’i Kamau & Company presented to the members the audited financial statements for the year ending 30th June 2017. The highlight of the report was as below:

Results of the Year The net assets available for benefits as at 30th June 2017 were K Shs 6,936,784,278 an increase of K Shs. 275,598,214 up from K Shs 6,662,791,372 as at June 2016. The members were taken through the statement of net assets available for benefits, the statement of changes in net assets and the statement of cash flows.

Actuarial ValuationMembers noted the valuation of the Scheme conducted as at 30 June 2014 revealed the Scheme was underfunded by 33% or with a deficit being K Shs. 2.8bn. A new valuation would be carried out as at 30 June 2017 to determine the new funding levels.

9.2 KNH SRBS 2011 (DC Scheme)Mr. Evans Ogari of VC Karani & Associates presented to the members the audited financial statements for the year ending 30th June 2017. The highlight of the report was as below:

Results of the Year: The net assets available for benefits as at 30th June 2017 were K Shs 2,147,529,725 an increase of K Shs. 544,888,210 down from K Shs 1,602,641,515 as at June 2017.The members were taken through the statement of net assets available for benefits, the statement of changes in net assets and the statement of cash flows.

10. (Min 10/18) Report of the Investment Managers The Investment Managers Messrs. M Adil and B Chege of GenAfrica and British American Asset Managers presented their reports which included an economic review and their outlook for the domestic and global markets. The follow-ing was also noted in relations to the role of the Investment Manager.The investment manager offered investment advice to the Board of Trustees and was responsible for security selection and portfolio management in adherence to international best practices and RBA guidelines. They were also respon-sible for the overall asset growth of the individual portfolios and provided reports of performance to the Board of Trustees on a quarterly basis.The investment managers were guided by the Investment Policy Statements as regards to strategic asset allocations.The two investment managers reported they had a positive performance outlook for the market for the current finan-cial year and were look for good declarations by the schemes come year 2018.Assets as at 30 June 2017 were noted as follows;KNH SSS (DB Scheme): K Shs. 6,936,784,278; andKNH SRBS 2011 (DC Scheme): K Shs. 2,147,529,725The members noted the contents of the report

11. (Min 11/18) Report of the Custodian Mr. N Muhuni of NIC Bank Custody and Mr. Timothy Ndemwa of Kenya Commercial Bank Custody presented the custodial report and the following was noted. The main role of the custodian was noted as safekeeping of the Scheme assets. Other roles that the custodian held were, trade settlements, receipt of Scheme remittances, execution of payment instructions, proxy voting and corpo-rate actions events such as providing access to offshore markets.The assets under custody as at 30th June 2015 were confirmed as follows.KNH SSS (DB Scheme): K Shs. 6,936,784,278; andKNH SRBS 2011 (DC Scheme): K Shs. 2,147,529,725They also confirmed assets of the two schemes were safeMembers noted the contents of the report.

12. (Min 12/18) Report of the Property Manager for the KNH SSS (DB Scheme) Mrs. Muriungi of Ebony Estate presented the property report and made her presentation with the following being noted;

xi

The DB Scheme had completed the Westlands property and were now letting to the general public. In order to diver-sify the property portfolio and in line with the property strategy the DB Scheme had purchased 74acres along Naman-ga Road in Isinya, Kajiado County. Property values in satellite towns close to Nairobi County and in particularly in Kajiado county were rapidly increasing, with a high demand for mixed user developments which the Scheme would consider venturing into in future.She also informed the members the DC Scheme was also seeking venture into property and would notify members once the purchase was completeShe further informed members that her company was committed to managing the Scheme properties in line with best practices and that they would continue advising Trustees of new development in the property market.The members noted the contents of the report.

13. (Min 13/18) Report of the AdministratorM Maina and Mr. D. Mainga of Zamara and Minet Kenya respectively presented the administration reports which highlighted the DB and DC Schemes’ benefit structures.The DB Scheme design was such that members only contributed a small proportion of their basic salaries although the Sponsor retained the responsibility of funding the Scheme. The final benefit payable to retiring members was based on a formula and not on returns earned over the savings period. Members were encouraged to review the Trust Deed and RulesoftheDBSchemetobestfamiliarizethemselveswiththeSchemeRules.The DB Scheme actuary, Mr. A Suleman of Zamara clarified that the salary which was used to calculate the final bene-fit was a members’ pensionable salary, as defined in the Scheme Rules. He also advised that the firm had recalculated benefits for over 350 members and paid those who qualified enhanced lumpsums and pension benefits. He urged members to seek correct information from the right sources and avoid any information that has not been verified by the Trustees.The DC Scheme design was such that a member’s retirement income was determined by the level of their combined employee and employer contributions into the Scheme and the investment income earned to their date exit.Members were reminded of the importance of saving for retirement and preservation of Scheme benefits upon with-drawal as it affected their final retirement dues. Further that increasing their Scheme contributions by making Addi-tional Voluntary Contributions would boost their retirement savings and greatly increase their chances of a financially sound retirementThe members noted the contents of the report.

14. (Min 14/18) Address by the Retirement Benefits Authority RepresentativeThe RBA representative Mr. Timothy Machira addressed members and the following was noted• HethankedTrusteesfortheinvitationtotheAGMandcommendedpresentmembersforattendingtheAGM;• HeinformedthemembersthattheRBAwasresponsibleforsupervisingtheindustry,protectingmemberbenefits

and ensuring compliance by Schemes;• HeencouragedmemberstoattendtheAGMandmembertrainingssotheycanunderstandtheSchemeoperations

better.HealsowishedthatmembersfamiliarizethemselveswiththeSchemeRulesasmostofthecomplaintcasesthey were receiving showed members did not have a good understanding of their Scheme rules.

• HealsoencouragedTrusteestoeducatemembersandencouragememberstoattendthesesessionsonce;• HeadvisedthatRBAhadissuedpracticenotes thatrequiredmembers toapprovetheTrusteesallowancesand

related expenses at Scheme AGMs in a bid to control Scheme expenses. He further commended the DB and DC Scheme chairman for informing the members of the new Law and members for voting for the allowances to be paid for the coming financial year;

• HecommendedtheDBScheme&DCSchemeinvestmentstrategiesandpledgedtheRegulatorssupporttotheSchemes. The Schemes were encouraged to manage risk appropriately in order to ensure that members’ funds were safeguarded and that they were assured of their benefits upon leaving the Scheme.

15. (Min 15/18) Question and Answer SessionMembers were given the chance to write all their questions and forward to the service providers and Trustees for re-sponses.The Trustees and service providers responded to all the questions that had been raised to the members’ satisfaction

16. (Min 16/18) Remarks by the SponsorThe CEO, Mrs. L Koros Tare informed members the Directors of the Scheme who were also Sponsor Appointed Trus-tees would have wished to be present for the entire AGM but had to attend a meeting scheduled by the Parliamentary Health Committee earlier in the morning.

She gave her condolences to the family, friends and colleagues of the departed Dr. Njuguna who she termed was hard working, committed and dedicated to his work at the hospital and to the nation.She assured members the Sponsor was committed to resolving the Scheme issues and commended Trustees, Secre-tariat and the DB administrator for handling retiree issues well and encouraged those who felt aggrieved to meet the Trustees.She encouraged staff to continue praying for the institutions and reaffirmed the Sponsor’s commitment to investigate and resolve all issues at the hospital and encouraged all to remain motivated and work without fear

17. (Min 17/18) Vote of ThanksDr. S Monda thanked Trustees and members for giving him the opportunity to serve as the DB Scheme chairman. He informed the meeting that he would be retiring come end of the year 2018 and wished the Scheme and the remaining members of the Board of Trustees well as they manage Scheme affairs.Ms. Grace Akinyi in conclusion further thanked the following• TheGodAlmighty,forthedayandproceedingsthroughoutheAGM;• theco-ChairpersonsDr.SMondaandMr.AAmbunefortheirstewardship;• theKNHSSS(DBScheme)andKNHSRBS2011(DCScheme)TrusteesforprudentmanagementoftheSchemes;• thePensionSecretariatfortheirsupporttothetrustees;• theserviceproviderfortheirqualityservices;• theRBAandtheRBArepresentativeMs.TMachirafortheassistanceaccordedtotheScheme;• TheDramateamfortheinsightfulSkitonsavingsforretirement• TheAGMorganizingcommitteefororganizingtheAGM;• theSponsor,KNHforthesupportandfundingtheSchemes;and• theMasterofCeremonyMrs.IreneMokeandChaplainRev.J.M.Kanambaforajobwelldone

18. (Min 18/18) CLOSE MEETINGThere being no further matters to discuss the Chairman thanked all for their participation and closed the meeting at 01.30 pm

________________________ ________________________Trust Secretary DB Scheme Date

________________________ ________________________Trust Secretary DC Scheme Date

____________________ ________________________Chairman DB Scheme Date

______________________ ________________________Chairperson DC Scheme Date

xii

KENYATTA NATIONAL HOSPITAL STAFF RETIREMENT BENEFITS SCHEME 2011 ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED

30TH JUNE 2018

xiii

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

NOTES

KENYATTA NATIONAL HOSPITALSTAFF RETIREMENT BENEFITS

SCHEME 2011 (DC) PENSION SCHEME

ANNUAL REPORT AND FINANCIAL STATEMENTSFOR THE YEAR ENDED 30 JUNE 2018