British American Tobacco Kenya - Paul Muthaura

Nationality: Kenyan
Age: 47

Position:
Independent Non-Executive Director since October 2023. Member of the Board Nominations and Governance Committee and the Audit and Risk Committee.

Leadership and experience:
Paul is a governance and financial markets leader with a distinguished career spanning regulatory leadership, financial sector development and policy reform. Through to December 2025 he served as the CEO of the Africa Carbon Markets Initiative, where he contributed to shaping the development of carbon markets and climate finance frameworks and led efforts to scale high-integrity carbon markets across the continent. Paul previously served as an Independent Consultant with EMRD Advisory Limited, CEO and Principal Officer at ICEA Lion General Insurance Company Ltd and CEO of the Capital Markets Authority (CMA) Kenya where he spearheaded initiatives strengthening market integrity, broadening product diversity and investment participation and advancing regulatory innovation.

Academic and Professional Background:
Paul is an Advocate of the High Court of Kenya and an Honorary Fellow of the Institute of Certified Public Secretaries. He is an Executive Coach and Systemic Team Coach from the Academy of Executive Coaching (AoEC). He holds a Master of Philosophy in Business Administration from the Maastricht School of Management, Holland; a Masters in Banking and Finance Law from the London School of Economics and Political Science; a Bachelor of Laws from the University of Warwick, England and an Executive Diploma in Financial Management from KCA University, Kenya.

Recognition:
Paul was awarded the National Honour of the Order of the Moran of the Burning Spear (MBS) in 2017, in recognition of his contribution to the development and deepening of the capital markets in Kenya.

Distinct Board Expertise:
Capital markets stewardship | Regulatory insight | Corporate Governance | Climate finance leadership

Key Appointments:

• Trustee, International Valuation Standards Council
• Board Member of ICEA LION Asset Management
• Independent Member of the Financial Sector Deepening Trust Kenya