Kenya ranks in top five improving nations in corporate governance

A recently released report by the African Corporate Governance Network (ACGN)has revealed that Kenya ranks 14th in Africa with regards to corporate governance, and is one of the top five improving nations in this regard.

Click here for a link to the report.

The report, entitled 'The State of Corporate Governance in Africa: An overview of 13 countries', was conducted and compiled by EY and covers Kenya, Egypt, Malawi, Ghana, Mauritius, Mozambique, Nigeria, South Africa, Tanzania, Tunisia, Uganda, Zambia, and Zimbabwe. It shows that corporate governance has gradually evolved in the last few years.

Meshack Joram, CEO of Institute of Directors Kenya, was quoted by CNBC Africa as saying:

"We are happy as an institute of directors and even as the Africa corporate governance network, that the governments in Africa are beginning to listen to what we are saying… We begin to ensure that we can be able to hold all directors to account and help ensure that there is a significant improvement in the state of development in our companies and even as a country as a whole."

Joram added that, when analysed, collected data showed that there is a very close correlation between the state of a country's economic and political development, with the state of the development of corporate governance in that country.