The aim of these consultancies and training is to help Directors and Management have an appreciation of Corporate Governance and its benefits within the businesses context of operation, as well as, to help them appreciate their roles and responsibilities as Directors and Management and to appreciate the liabilities they could be exposed to as they carry out these duties. The training also includes discussion of necessary tools that enhance governance within the business and which assist in managing identified governance risk. These consultancies and trainings include, to the optimal extent, coverage of:
c. Management of meetings
d. Minute writing
e. Preparation of Board Papers
f. Development of governance compliance and audit checklist
g. Preparation of Board manuals and Work plan
h. Board evaluation
i. The roles of the Chairman, CEO, Commission Secretary, Management, Legal Advisor, Auditor and other service providers.
j. Risk management
Good governance is a critical component of the success of any entity. In Kenya, good corporate governance and ethical standards in service delivery has been elevated from a moral, ethical and economic principle to a constitutional one under the Constitution of Kenya 2010. The Constitution sets out a value-based governance framework for Kenya which weaves values of good governance, participation, transparency, accountability, justice and fairness throughout its framework which is in turn echoed in the legislation pertaining to specific industries in Kenya.
This however is not an entirely local consideration. The global economic crisis and the Euro-crisis have spurred yet another wave of corporate governance reform around the world. This is evidenced by the emphasis placed at global, regional and national level on compliance with corporate governance rules, regulations and codes. These codes are also increasingly being revised or updated in respect to governance structures in organizations based on an ethical culture and often then define the way in which the relationship between corporate governance and business success is perceived. Similarly pressure is placed on companies in all sectors to embrace stronger corporate governance mechanisms by regulators, investors, financiers and the communities in which the businesses operate.
This dynamic governance environment requires companies to develop robust monitoring mechanisms and to continually benchmark as well as innovate their practices to respond to the ever changing business environment.