The World Bank’s International Finance Corporation (IFC) and the Capital Markets Authority (CMA) have signed a deal to strengthen corporate governance and to make Kenyan firms more competitive.
The two entities will work together to implement the Code of Corporate Governance Practices for Issuers of Securities to the Public, which was enacted earlier this year.
Under the one-year programme, CMA and IFC will develop a toolkit to enable actors in capital markets to apply and monitor the new corporate governance standards when they issue securities in Kenya. IFC and CMA also seek to develop a reporting framework for issuers of securities to track how well firms will apply the code and to help independent governance auditors provide assurance. CMA began implementing corporate governance reforms in 2012.