Directors and top managers are set to undergo a voluntary two-day refresher training on new corporate governance rules from next Thursday, amid rising company failures due to malpractices.
The course is anchored on stringent corporate governance rules issued by the Capital Markets Authority that demand disclosure of directors' pay, their term limits, adoption of a code of ethics and review of board composition.
The rules also demand evidence that firms treat shareholders equitably and provide timely information to the owners and the media.
The listed companies must report whether their directors attended corporate governance training for at least 12 hours per year, and that they have a risk management strategy.
International Finance Corporation (IFC) and Scribes Services, a corporate governance consultancy firm, are behind the training targeting board chairs, directors, senior executives and company secretaries.
The training comes after more than a third of companies listed at the Nairobi bourse last year failed to meet the regulators’ deadline to show compliance or non-compliance with the new corporate governance rules.
“Corporate disclosure and transparency are critical in safeguarding investments. Directors have a critical role to play on this matter,” said Benard Kiragu, partner at Scribes Services.
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