On January 11, 2013 the Capital Markets Authority (CMA) of Kenya announced the appointment of a nine-member Capital Markets Corporate Governance Committee “as part of its effort to strengthen the corporate governance framework in the capital markets.”
According to the announcement published on the CMA internet site, “The committee, whose members were identified through an extensive consultation process, will be expected to; guide regular review of the corporate governance standards for publicly listed companies in adherence to best international practice and trends; drive the implementation of amendments to the corporate governance guidelines and applicable regulatory requirements; identify the necessary legal framework and institutional strengthening requirements to promote corporate governance; address weaknesses in the enforcement of the corporate governance guidelines; and strengthen capacity building and professionalism of key stakeholders in the market through sensitization initiatives.”
CMA Acting Chief Executive, Paul Muthaura noted, “The Authority found it prudent to set up the committee since 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.’’
To read the full announcement published on the CMA internet site, please click here.