Governance champions feted in inaugural ceremony

By Jackson Okoth

The Institute of Public Secretaries of Kenya (ICPSK) last week awarded various firms as it rolled out the first Champion of Governance (CoG) award scheme.

The finance and investment sector award went to NIC Bank, while the first runners up was Centum Investment Company Limited.

"An estimated 47 organisations declared interest in this competition whose main focus is governance," said Mr Joshua Wambua, secretary and CEO, ICPSK.

While all participants in the industrial and allied sector failed to meet the set threshold and therefore not awarded, the same happened for the statutory bodies award.

The Local Authorities award went to Municipal Council of Mavoko, while the first runners up in this category was Municipal Council of Chuka.

No awards were given in the Co-operative category. Company Secretary of the Year Award went to Rebecca Miano of Kengen, while first runner up was Kiprop Malakwen of KCB.

corporate governance

The overall champions were NIC Bank, first runners up Municipal Council of Mavoko, while the second runners up was Centum Investment Company.

The Champion of Governance award is meant to recognise organisations and institutions that exhibit the highest standards of practice of good corporate governance.

"We have developed the self-assessment tools to competitors and are working on the best approach to be used," said Irene Mumo, a CoG consultant.

Chief guest and anti-corruption Czar Dr PLO Lumumba (left) receives a plaque from Joe Mbuthia, Chairman of Institute of Certified Public Secretaries of Kenya during the Champion of Governance (COG) award gala dinner at the Hotel Panafric Nairobi. [Photo: Jonah Onyango/standard]

Institutions that have partnered with ICPSK on this award include Association of Professional Societies in East Africa, Central Bank of Kenya, Central Depository and Settlement Corporation.

Others include Companies registry, Insurance Regulatory Authority and Kenya Private Sector Alliance.

The Kenya Accountants and Secretaries National Examinations Board, Ministries of Co-operative Development and Marketing, Finance, Local Government as well as Registration of Certified Public Secretaries Board and Retirement Benefits Authority are also included in this list.

"Good corporate governance was a key driver for industrialisation and attaining the Millennium Development Goals," said Patrick Lumumba, Kenya Anti-Corruption Commission Director.

Speaking during the inaugural Institute of Certified Public Secretaries of Kenya (ICPSK) champions of governance (Cog) awards in Nairobi, Lumumba said Kenyans had great hopes due to the promulgation of the new Constitution.

He noted that resources were in the past looted due to poor governance structures and accountability, leading to poor service delivery.

ICPSK chairman Joe Mbuthia said entrants were evaluated on transparency, disclosure, compliance with laws and regulations, leadership, integrity, creativity, innovation, corporate social responsibility and enhancement of shareholder value.

Mbuthia said the institute was established by an Act of Parliament to promote practice of good governance through development of members and dissemination of knowledge.

Corporate Governance has now evolved from a mere academic exercise to the application of the Principles of Good Corporate Governance.

Many Institutions in Kenya, in both the Public and Private Sector, have now embraced the Principles of Good Corporate Governance.

In this regard, the ICPSK has established an award titled, ICPSK Champions of Governance (COG) Award, to be given to those Institutions and/or individuals who exhibit the highest standards of practice of Good Corporate Governance.

This is the first annual award meant to showcase the best institutions in terms of corporate governance, compliance and practices in Kenya.

good practices

This award aims at promoting good practices in corporate Governance through recognition of good Corporate Governance practices in the respective corporate/institutional boards, in terms of leadership.

The award also gives recognition to innovation in organisations that support good Corporate Governance practices. It also encourages organisations to focus on enhancement of good Corporate Governance practices.

The award categories include Finance and Investment Sector Award, Agricultural Sector Award, Commercial and Services Sector Award, Industrial and Allied Sector Award, Statutory Bodies Award, Small and Medium Enterprises Award, Local Authorities Award, Co-operative Sector Award, Company Secretary of the year Award and best Governed Company Overall Award.

The parameters that were evaluated include transparency and disclosure compliances, adherence to laws and regulations, annual general meeting and other members meetings, service to members, communication and public education, board independence and governance, board systems and procedures, consistent shareholder value enhancement, stakeholder value enhancement and corporate social responsibility.

Other recognitions awarded to the institutions are creativity and innovations, corporate strategy, management and human resources issues, financial reporting including notes to the accounts.