IFC partners with Institute of Directors to promote corporate governance in Kenya

NAIROBI: International Finance Corporation (IFC) has partnered with the Institute of Directors Kenya (IOD) to promote best practices in corporate governance among businesses and institutions in the country as part of its regional Corporate Governance Programme.

Under the new two-year partnership, the World Bank Group member institution will provide training and skills development programmes to IOD Kenya members, many of who are corporate directors and senior managers. The coaching will help make IOD the reference point of effective and sustainable good corporate governance.

"Improved corporate governance practices will help strengthen businesses and boost economic growth in the country," a statement released yesterday said. IOD Kenya seeks to engage with all stakeholders in implementation of corporate governance and recommendations of measures for strengthening the same.

According to IOD Kenya Chief Executive Officer Meshack Joram, the non-political professional organisation committed to the professional practice of corporate directorship, plans to increase the number of highly-skilled directors in the country in order to raise the governance standards with private and public sectors.

"Partnering with IFC will help us achieve our goals and help members benefit from IFC's long-term global experience in developing corporate governance in emerging markets," he said.

Corporate governance refers to the structures and processes by which companies are directed and controlled. It makes firms more accountable and transparent to investors and gives them the tools to respond to stakeholder concerns.

IFC Head of East Africa Manuel Moses said by partnering with IOD Kenya, IFC seeks to boost good corporate governance and encourage productivity among Kenyan institutions so as to drive growth and development.

The institution works with private sector in developing countries to ensure implementation of corporate governance practices that allow businesses to mitigate risk, safeguard against mismanagement and attract investment and capital that will fuel their growth.