Director legal and company secretary | Britam Holdings and Group
Hilda Marigu Njeru
Director legal and company secretary | Britam Holdings and Group
Legal team size: 27 Lawyers
Major legal advisers/ external counsel : DLA Piper Africa, Bowman’s, Kaplan and Stratton.
Which recent political, economic or regulatory changes have impacted your work the most in recent years?
The 2023 yield curve (interest rates) escalation on government paper threw a spanner in our works, necessitating difficult business decisions such as revaluation of some of our fund assets. This negatively impacted the return Britam gave its customers, which in turn impacted our customer retention. As the lead counsel, my job has been to sense-check the customer acquisition and retention strategies the businesses are putting in place due to negative market sentiment.
Further, the tightening monetary policy in Kenya and most of the other countries we operate in, has meant that disposable income in households has been reducing, and this negatively impacts on discretionary investments. This has meant that for Britam to meet its highly stretched targets, we must constantly dive into the Blue Ocean for untapped clientele, and this means that as lawyers we are called upon to constantly come up with creative legal solutions e.g. enhanced contracts.
Are there any causes, business or otherwise, that you are passionate about?
Yes, I am passionate about ESG and sustainability matters. Governance is at the core of efficient and sustainable business. There is a need to stay informed on evolving ESG perspectives to ensure compliance with relevant laws and regulations, utilise opportunities as well as mitigate legal risks. This is especially key for a business like Britam that runs operations across countries in the eastern and southern Africa regions.
My job is to see that we incorporate robust ESG clauses in contracts to ensure adherence to sustainability commitments and to address third-party breaches. My KPI is to foster responsible business practices throughout the value chain.
Hilda is a financial services executive with over 17 years’ experience in legal and regulatory affairs and corporate governance leadership.
Hilda is the director for legal services as well as the group company secretary for Britam where she oversees a team of 27 lawyers charged with legal and governance affairs of the holding company (Britam Holdings) as well as its 12 operating entities spread across Eastern and Southern Africa. The legal practice areas in Britam include all classes of insurance, assets management, property, investments, pensions, and banking interests.
Prior to joining Britam in September 2022, Hilda was the company secretary and general manager in charge of legal, risk and compliance at the Central Depository & Settlement Corporation (CDSC). Hilda also worked with the Capital Markets Authority Kenya where she gained expertise in capital markets matters. Hilda was involved extensively in the implementation of the 2014-2023 Capital Markets Master Plan and has been recognised for her input in the implementation of the CMMP.
She was also a member of Arusha-based EAC Capital Markets, Insurance and Pensions Committee (CMIPC) Technical Working Group where she was instrumental in the drafting of the legal framework for the standardisation of practices in the financial services sectors of the EAC Member States. Hilda has also worked for Barclays Bank of Kenya (now Absa Bank) between 2007 and 2012.