More than a third of the companies listed at the Nairobi bourse do not have women directors as State-owned firms outperformed private companies on boardroom gender equality, a study by Kenya Institute of Management has found. The study says 34 per cent of the 57 companies listed at the Nairobi Securities Exchange (NSE) do not have a woman on their board at a time when the capital markets regulator is pushing for mandatory gender caps...The Kenya Institute of Management blames the reliance on old-boy networks for directorship appointments since boards have traditionally been made up of retired males of similar backgrounds who recruit from a network of friends. [refers to Uchumi, Kenya- Re, BOC Kenya, DTB Bank, Deloitte, Kengen, East Africa Breweries, Nation Media & Standard Chartered]