The School of Business and Entrepreneurship (SOBE) hosted Prof. Teeroven Soobaroyen and Dr. Danson Kimani, both scholars from Essex University, United Kingdom, on Friday, May 27, 2022. They shared their research findings with the faculty members for further scholarly input to various areas for the improvement in the Mwongozo Corporate Governance Code applied by public sector corporations in Kenya.
The scholars conducted a funded research under the knowledge exchange agreement between institute of certified Public Secretaries (ICS) Kenya and Essex University United Kingdom christened; Evaluation Project on the Implementation of Mwongozo Code of Governance for State Corporations in Kenya.
Speaking during the interactive session, Prof. Soobaroyen, while revealing their findings said, the Corporate Governance (CG) codes, especially the Mwongozo Code of Governance fosters monitoring as well as performance evaluation for State-owned Enterprises (SOEs) which is essential in enhancing their management, accountability and oversight.
“CG codes spell out the requirement for a well governed institution in adopting relevant practices to ensure accountability, transparency, ethics and effectiveness,” observed Prof. Soobaroyen.
With SOEs being key vehicles for overseeing, delivering, and implementing large scale projects, he emphasized the need to introduce good governance codes. This, he said, would be a positive step in ensuring they are managed based on best global practices.
On his part, Dr. Kimani was quick to point out that even with their recommendations to make various improvements on the code of governance, there was still need to do capacity building of key decision makers of this state owned corporations on what the Mwongozo code outlines and its importance.
“Most codes are not part of the law but part of the regulatory requirements which results in conflicting legal frameworks put in place, which is a major drawback in the implementation of SOEs,” stated Dr. Kimani.
Their research, he further added, looked at the Mwongozo code requirements and the implementation at a granular level to ensure all areas were covered.
Dean SOBE Prof. Florence Memba, thanked the scholars for their presentation noting their findings will be important in streamlining the SOEs sector.
“This research will be instrumental in fine tuning the Mwongozo code of governance and ensure public corporations follow it to the letter,” Prof. Memba said.