Abuses of power
This year, Ministry of Finance, Ministry of Co-operative Development, Vision 2030, CMA, Kasneb, Insurance Regulatory Authority, KAM, Brand Kenya, Sasra , Institute of Directors, Kenya Institute of Governance, CDSC, Centre for Corporate Governance, Kepsa, Association of Professional Societies in East Africa, and Registration of Certified Public Secretaries Board are partnering with ICPSK in the award.
It is worth noting that the regulatory and compliance institutions, which comprise the bulk of ICPSK’s partners also have an important role in that their mandate is to enforce principles and rules of good governance.
ICPSK recognises that Kenya’s development has largely lagged behind due to poor governance. The lack of governance has in many instances led to corporate failures, dubious accounting practices, and abuses of corporate power, among others.
This has tended to undermine investors’ confidence. As the country moves towards a devolved system of government, the need to embrace, promote and consistently inculcate values of good governance cannot therefore be over emphasised.
It is hoped that as the award enters its third year, more organisations, especially public institutions, will participate in the award so as to gain from the benefits the award offers.
Through the award, ICPSK seeks to promote efficient, effective, responsive, sustainable, legitimate and accountable institutions that are managed with integrity, probity and transparency, that contribute to the welfare of society by creating wealth, employment and solutions to emerging challenges, while at the same time recognising and protecting stakeholder rights.
Globally, good governance has attracted a great deal of public interest because of its apparent importance for the economic health of corporations and society in general.
ICPSK, therefore, hopes for a drive towards better governance in institutions in Kenya to ensure that directors and managers are good and faithful stewards of resources entrusted to them in accordance with good governance norms.
Writer is CEO Institute of Certified Public Secretaries of Kenya (ICPSK).