Kenya steps up corporate governance

Kenya is seeking to step up corporate governance in the capital market and guard against risks that threaten the financial system. The Capital Markets Authority (www.cma.or.ke) has announced today (11 January) that it has appointed a 9-member Capital Markets Corporate Governance Committee.
CMA Acting Chief Executive Paul Muthaura commented in a press release: “Since the issuance of the ‘Guidelines to Corporate Governance Practices by Listed Companies’ in 2002, there have been several developments nationally, regionally, and internationally precipitating the need for special attention to be paid to corporate governance to guard against risks that would threaten the financial system. Recent marketplace activities have pointed to the need to review the appropriateness of our regulatory regimes in light of the complexity of the challenges before us to ensure that we succeed in striking appropriate balances and manage costs of compliance.”
He said the committee should guide regular reviews of corporate governance standards for listed companies, in line with international best practice and trends; drive amendments to the corporate governance guidelines and regulations; identify legal and institutional strengthening requirements; address weaknesses in enforcement; and strengthen capacity building and professionalism of key stakeholders.
Ms Catherine Musakali, current chair of the Institute of Certified Public Secretaries of Kenya,will chair the committee and the members are: Ms Maryanne Macheru of the Registrar of Companies/Attorney General’s Office; Ms. Jackline Nyandege of the Ethics and Integrity Institute, nominated by the State Corporations Advisory Committee; Mr. Job Kihumba representing the Nairobi Securities Exchange; Rev. Geoffrey Njenga from the Centre for Corporate Governance; Mr. Mirie Mwangi from the University of Nairobi Business School; Mr. Mahmood Manji representing the CMA Board; Dr. Gituro Wainanina appointed as an independent member with experience on Corporate Governance from a regulatory perspective; and Mr James Mworia representing listed companies.

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