The (GDC SRBS) Geothermal Development Company Staff Retirement Benefits Scheme successfully held its 14th Annual General Meeting (AGM) on 31st July 2025 at the Midland Hotel, Nakuru. The meeting brought together trustees, members, and key stakeholders to reflect on the Scheme’s performance for the financial year ending 31st December 2024.
During the AGM, the Board of Trustees presented a strong performance report, highlighting astounding growth achieved over the year. Members were taken through the audited financial statements, investment performance, and future strategies aimed at safeguarding and growing their retirement benefits.
Investment Highlights
The Scheme’s total portfolio value reached Kshs 4.44 billion by the close of 2024, reflecting steady growth despite challenging economic conditions.
Asset Allocation:
The bulk of investments were held in Kenya Government Securities (77.4%), ensuring stability and compliance with the Retirement Benefits Authority (RBA) regulations. Other allocations included Quoted Shares (15.3%), Offshore Investments (4.8%), and smaller positions in Short-term Deposits, Corporate Bonds, and Cash holdings.
Contribution & Growth Trends:
Since 2015, net member contributions and investment growth have steadily expanded. By 2024, contributions reached Kshs 2.06 billion, while investment returns surged to Kshs 2.38 billion, showing a strong balance between savings and investment performance.
Total Fund Growth:
Over the last decade, the Scheme’s assets have grown from Kshs 890 million in 2015 to Kshs 4.44 billion in 2024, demonstrating consistent upward performance and prudent fund management.
Commitment to Members
The Chairperson commended members for their continued trust and emphasized the Scheme’s commitment to transparency, prudent investment, and service excellence. Strategic initiatives focused on sustainability, digital transformation, and member education were also outlined as priorities going forward.
The 14th AGM reaffirmed GDCSRBS’s mission of providing a secure and rewarding retirement future for all its members. The Scheme continues to grow stronger, positioning itself as one of the most reliable staff retirement schemes in the region.