CMA sets up Capital Markets Corporate Governance Committee
Published on Friday, 11 January 2013 11:59
As part of its effort to strengthen the corporate governance framework in the capital markets, the Capital Markets Authority (CMA) has announced the appointment of a nine-member Capital Markets Corporate Governance Committee.
The committee will be chaired by Ms Catherine Musakali, who is the current chair of the Institute of Certified Public Secretaries of Kenya. 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 Center 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.
While announcing the appointments, the CMA Acting Chief Executive, Paul Muthaura, noted ‘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 be paid to corporate governance to guard against risks that would threaten the financial system.’
Mr Muthaura observed that 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.
The Acting Chief Executive added, ‘’The Authority found it prudent to set up the commitee 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’’.