Kenyan watchdog wants powers to vet directors and CEOs of listed firms
According to Kenya's Capital Markets Authority, many boards are not doing enough to interrogate managements on serious operational issues of their companies. PHOTO | FILE
Kenya’s Capital Markets Authority (CMA) is seeking powers to start vetting directors and chief executives of listed firms, which could see the tenure of long serving company bosses who also belong to cliques of top shareholders halted.
The policy shift, if approved by the National Treasury, will help protect minority shareholders from the possibility of corporate governance abuses by directors and majority shareholders.
