By Regina Manyara
The Capital Markets Authority (CMA) and the International Finance Corporation (IFC) will jointly develop a corporate governance assessment tool for assessment and regulation of listed companies.
Implementation of the corporate governance code is expected to foster transparency and accountability among listed firms and in turn boost investor confidence.
CMA launched a Corporate Governance Code in April this year with the aim of attracting and growing investments.
The Code advocates that companies adopt standards that go beyond the minimum prescribed by law, and sets out specific recommendations on the structures and processes companies should adopt in order to make good corporate governance an integral part of their business.
Under the partnership, CMA and IFC will developed a toolkit to enable capital market players apply and monitor the new corporate governance standards during issuance of securities as well as a tracking framework for auditors to ensure transparency and accountability.
Stakeholders have welcomed the move terming it progressive and paramount in helping attract foreign direct investments.
(Florian Gubler deputy head of mission, Embassy of Switzerland) Capital Markets staff and auditors would be trained to enhance efficiency.