{"id":5003,"date":"2016-06-10T07:54:17","date_gmt":"2016-06-10T07:54:17","guid":{"rendered":"http:\/\/progresomicrofinanzas.org\/en\/?p=5003"},"modified":"2017-11-20T15:58:24","modified_gmt":"2017-11-20T15:58:24","slug":"governmental-plan-to-support-good-corporate-governance","status":"publish","type":"post","link":"https:\/\/www.fundacionmicrofinanzasbbva.org\/revistaprogreso\/en\/governmental-plan-to-support-good-corporate-governance\/","title":{"rendered":"Governmental plan to support good corporate governance"},"content":{"rendered":"<div class=\"pdfprnt-buttons pdfprnt-buttons-post pdfprnt-top-right\"><a href=\"https:\/\/www.fundacionmicrofinanzasbbva.org\/revistaprogreso\/en\/wp-json\/wp\/v2\/posts\/5003?print=pdf\" class=\"pdfprnt-button pdfprnt-button-pdf\" target=\"_blank\" ><img decoding=\"async\" src=\"https:\/\/www.fundacionmicrofinanzasbbva.org\/revistaprogreso\/wp-content\/plugins\/pdf-print\/images\/pdf.png\" alt=\"image_pdf\" title=\"View PDF\" \/><\/a><a href=\"https:\/\/www.fundacionmicrofinanzasbbva.org\/revistaprogreso\/en\/wp-json\/wp\/v2\/posts\/5003?print=print\" class=\"pdfprnt-button pdfprnt-button-print\" target=\"_blank\" ><img decoding=\"async\" src=\"https:\/\/www.fundacionmicrofinanzasbbva.org\/revistaprogreso\/wp-content\/plugins\/pdf-print\/images\/print.png\" alt=\"image_print\" title=\"Print Content\" \/><\/a><\/div><p><span style=\"font-weight: 400;\">As part of the national plan to promote corporate governance in public institutions that issue securities, and to encourage local and foreign investment, the government of Kenya published its new corporate governance code of practice in March.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As was the case in the 2002 version this one replaces, the new Code is based on the \u201capply or explain\u201d approach, and provides some basic corporate governance guidelines, that institutions will apply depending on their size, composition and activity. They can be summarised as follows:<\/span><\/p>\n<p><strong>1. Board of Directors<\/strong><\/p>\n<p><i><span style=\"font-weight: 400;\">Appointment, composition, diversity and succession planning<\/span><\/i><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Appointment: A formal, transparent appointments policy must be approved. The appointments committee will be in charge of proposing the election of new board members.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Composition: A majority of board members will be non-executive and at least a third of all members should be independent.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Diversity: A policy must be put in place to ensure diversity in the composition of the board (profiles, experience, gender, race, age, nationality).<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Succession planning: The institution must approve a succession plan for board members. If possible, no more than a third of all members should resign from the board at any one time.<\/span><\/li>\n<\/ul>\n<p><i><span style=\"font-weight: 400;\">Structure<\/span><\/i><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The board\u2019s structure should reinforce its effectiveness and add value to the company.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The board may set up committees to support certain areas. Specifically, it should at the very least set up an audit committee and an appointments committee.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The appointments committee will be made up of independent and non-executive directors and will be chaired by an independent board member.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The audit committee should be composed of at least 3 independent and non-executive members, and chaired by an independent board member.<\/span><\/li>\n<\/ul>\n<p><i><span style=\"font-weight: 400;\">Separation <\/span><\/i><span style=\"font-weight: 400;\">of functions<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The posts of Chair of the board and company CEO may not be held by the same person.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The CEO must be a non-executive member of the board.<\/span><\/li>\n<\/ul>\n<p><i><span style=\"font-weight: 400;\">Company secretary<\/span><\/i><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The function of the Company Secretary must be carried out by a member of the Institute of Certified Public Secretaries of Kenya.<\/span><\/li>\n<\/ul>\n<p><i><span style=\"font-weight: 400;\">Independence<\/span><\/i><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The board must have policies and procedures that ensure that its members are independent.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The independence of the board members will be reviewed every year by the board. In particular, independent board members are to have a maximum mandate of 9 years.<\/span><\/li>\n<\/ul>\n<p><i><span style=\"font-weight: 400;\">Age limit<\/span><\/i><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">No board member may be over 70 years old.<\/span><\/li>\n<\/ul>\n<p><i><span style=\"font-weight: 400;\">Induction <\/span><\/i><span style=\"font-weight: 400;\">and training<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">All board members should receive an induction when they join the company and regular training sessions.<\/span><\/li>\n<\/ul>\n<p><i><span style=\"font-weight: 400;\">Annual evaluation<\/span><\/i><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The board\u2019s activity will be evaluated every year, as will that of its Chairman, its committees, <\/span><span style=\"font-weight: 400;\">its<\/span><span style=\"font-weight: 400;\"> CEO and the Company Secretary.<\/span><\/li>\n<\/ul>\n<p><i><span style=\"font-weight: 400;\">Remuneration policy<\/span><\/i><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Board members\u2019 remuneration policy must be fair and responsible, so as to attract and retain talent.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The board may set up a remunerations committee, made up of independent, non-executive members who recommend board members\u2019 remuneration.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The remunerations policy is to be approved by company shareholders during the Annual General Meeting.<\/span><\/li>\n<\/ul>\n<p><i><span style=\"font-weight: 400;\">Compliance with good government practices<\/span><\/i><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Every year, the board must assess whether the company is applying good practice in its corporate governance. The evaluation will be made by a professional who is accredited by the Institute of Certified Public Secretaries.<\/span><\/li>\n<\/ul>\n<p><strong>2. Shareholder rights<\/strong><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The board must acknowledge, respect and protect the rights of company shareholders, as well as guaranteeing that they are treated fairly.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Important information about the company in terms of its good governance must be disclosed, in order to inform the market, and to protect investors and other stakeholders.<\/span><\/li>\n<\/ul>\n<p><strong>3. Stakeholder relations<\/strong><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The board must identify the company\u2019s interest groups and develop strategies and policies to manage relations with the same, bearing their interests in mind when making decisions.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">There must be effective, fluid communications with the interest groups.<\/span><\/li>\n<\/ul>\n<p><strong>4. Ethical and social responsibility<\/strong><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The board must apply the principles of responsibility, accountability, justice and transparency when taking decisions and in its actions.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">It must ensure that its corporate strategy is aligned with the company\u2019s sustainability.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">It will approve an Ethics and Conduct Code that applies to all members of the company.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">It must set up a whistle-blowing channel.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">It will ensure that the company acts as a responsible citizen<\/span><\/li>\n<\/ul>\n<p><strong>5. Accountability, risk management and internal control<\/strong><\/p>\n<p><i><span style=\"font-weight: 400;\">Financial reporting<\/span><\/i><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">A structure should exist within the company that verifies and protects the integrity of financial reports.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The board will be responsible for the veracity of the financial statements published in the annual report.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">At the Annual General Meeting, company shareholders must appoint an external audit company, whose members should rotate every 6 \u2013 9 years.<\/span><\/li>\n<\/ul>\n<p><i><span style=\"font-weight: 400;\">Risk management and internal control<\/span><\/i><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The board must approve a risk management policy. This will set the risk tolerance level, as well as assessing and monitoring risk in order to safeguard the interests of investors and shareholders.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The board must establish an effective internal control system. It will delegate to senior management the responsibility for designing, implementing and monitoring the effectiveness of this control system.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">At least once a year, the effectiveness of the risk management and internal control systems will be reviewed.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The board must set up the internal audit function, the chief officer for which will report directly to the audit committee.<\/span><\/li>\n<\/ul>\n<p><strong>6. Transparency and information disclosure<\/strong><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The board must encourage the disclosure of all relevant information about the company: its statutes, the structure and make-up of the board, the ethics and conduct code, mission, vision and strategic goals, compliance with the law, non-financial information (CSR), compliance with good practice in corporate governance, technology information, risks, stakeholders and corporate governance policies, among others.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Institutions will be given a year from the publication of the Code to adopt the principles and, in any event, must report annually on their application or else explain the reasons why certain standards have not been adopted.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><em><b>You may find these interesting too:<\/b><\/em><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\"><a href=\"https:\/\/www.afcgn.org\/wp-content\/uploads\/2016\/03\/ACGN-Corporate-Governance-Report-Feb-2016.pdf\">The State of Corporate Governance in Africa: An Overview of 13 African Countries<\/a><\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>As part of the national plan to promote corporate governance in public institutions that issue securities, and to encourage local and foreign investment, the government of Kenya published its new corporate governance code of practice in March. As was the case in the 2002 version this one replaces, the new Code is based on the [&hellip;]<\/p>\n","protected":false},"author":30,"featured_media":4799,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"tags":[1150,1147,1145,452,372,1141,1140,489,414,1146,446,871,1148,1144,1142,402,1143,421,485,405,1138,1137,551,420,1139,449,786,1149,423,411],"class_list":["post-5003","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","tag-age","tag-application","tag-appointments","tag-audit","tag-board","tag-board-members","tag-chair","tag-committees","tag-corporate-governance","tag-csr","tag-disclosure","tag-diversity","tag-ethics","tag-evaluation","tag-experience","tag-financial-information","tag-good-practice","tag-independence","tag-internal-control","tag-investors","tag-issuers","tag-kenya","tag-remunerations","tag-risks","tag-securities","tag-shareholders","tag-social-responsibility","tag-stakeholders","tag-succession","tag-transparency","numero-7-en","seccion-published-and-draft-legislation-corporate-governance","pais-kenya"],"acf":[],"yoast_head":"<!-- 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