Parliament has been urged to pass the Institute of Directors of Kenya Bill 2019 to salvage public companies which are reeling under the weight of corruption.
Speaking during the third Corporate Governance Conference, African Union High Representative for Infrastructural Development Raila Odinga said if enacted the law will go a long way in sanitizing the governance of public companies.
Raila further noted the need to strengthen ties between the government, the corporate world, civil society and the faith-based organizations to effectively tackle the corruption and impunity that is holding political and corporate sectors hostage.
“Success in building corporate governance in Kenya does not depend on what is done in Beijing, London, Washington or Paris, rather it is what is done locally. Companies must ensure open and transparent engagement with shareholders,” he said.
He added that Kenya cannot grow and build a responsible corporate culture when citizens have to pay a bribe to access essential services.
Raila urged Kenyans and the business community to work together and realize moral ideals that will ensure a sound environment for business to thrive
The Institute of Directors of Kenya Bill 2019 is currently in the third reading at the National Assembly.