This archive report was first published on 27 August 2019.
On August 27, 2019, The Standard highlighted the significance of good corporate governance in driving economic growth and development. According to the article, good corporate governance is a prerequisite for attracting equity capital that can contribute to domestic sustainable growth and development.
Corporate bodies play a vital role in wealth creation in the modern world, as they are key creators of economic value and employment. The way these organisations are governed remains crucial to a country's economic development agenda.
Good corporate governance leads to efficiency and effectiveness of institutions, making them less likely to bribe regulators. This is because they comply with relevant laws within their jurisdictions, while poorly managed and governed institutions are more likely to fall.
The Institute of Certified Secretaries (ICS) has initiated several programs to promote good governance in both public and private sectors. The Institute has developed governance codes and standards, which have been published to ensure good governance is entrenched and practiced in Kenya.
Additionally, the Institute trains and accredits governance auditors who conduct governance audits to examine the adoption of governance standards by listed firms and state entities. The Champions of Governance Award is also a governance assessment exercise that recognizes institutions and professionals who have adopted and practiced governance codes and standards.
As Mr. Gilbert Kiprono, Manager, Research and Business Development at the Institute of Certified Secretaries, emphasizes, it is incumbent upon all organisations, both private and public, to promote the practice of good corporate governance by adopting best practices and principles of corporate governance.
