Scribe Services Partner Bernard Kiragu. file photo | nmg
A Nairobi-based consultancy has opened a corporate governance school amid rising company failures due to malpractices.
Traction
School of Governance will offer short courses on ethical corporate
practices and certified secretary certificates, which is examined by the
Kenya Accountants and Secretaries National Examinations Board (Kasneb).
Scribes
Services, a corporate governance consultancy firm, will operate the
school whose tutors will be industry practitioners expected to infuse
practical knowledge.
Bernard Kiragu, Managing Partner
at Scribes Services, said the school will seek to reverse the
diminishing number of governance trainees at a time of rising demand for
such personnel following increased regulatory scrutiny.
“We are also in discussions with other examiners and will soon
launch corporate governance certificate and diploma courses,” said Mr
Kiragu on Monday.
The school comes as Kenya implements
the Code of Corporate Governance Practices for Issuers of Securities to
the Public 2015, which becomes effective on March 4 and requires firms
to make good corporate governance an integral part of business dealings
and culture.
The
code demands diversity and independence in the composition of boards,
verification and protection of financial reports as well as timely and
balanced disclosure of material information — a critical plank in
avoiding regulatory penalties.
Company secretaries ensure their firms’ compliance with regulatory requirements, making their role prominent. Kenya Airways
, Mumias Sugar Company , Imperial Bank and Uchumi Supermarkets
are listed companies which have fallen on hard times because of governance malpractices.
Mr Kiragu said that ethically run companies stand a better chance of attracting capital as well as a market for their products.
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