IFC, a member of the World Bank Group, and the Institute of Directors Kenya, (IOD), have entered into an partnership to promote best practices in corporate governance among businesses and institutions in Kenya, as part of IFC’s East Africa Corporate Governance Program. Improved corporate governance practices will help strengthen businesses and boost economic growth in the country.
Under the new three year partnership, IFC will provide training and skills development programs to IOD Kenya members, many of whom are corporate directors and senior managers. The coaching will help make IOD the reference of effective and sustainable good corporate governance, according to IFC.
IOD Kenya, a non-political professional organization committed to the professional practice of Corporate Directorship. It seeks to engage with all stakeholders including the identification of sectoral weaknesses in the implementation of corporate governance and recommendations of measures for strengthening governance therein.
Meshack Joram, CEO, IOD Kenya, said “IOD is set to increase the number of highly skilled directors in the country in order to raise the governance standards will private and public sectors. Partnering with IFC will help us achieve our goals and help our members benefit from IFC’s long term global experience in developing corporate governance in emerging markets.”
Corporate governance refers to the structures and processes by which companies are directed and controlled. It makes companies more accountable and transparent to investors and gives them the tools to respond to stakeholder concerns.
Manuel Moses, IFC Head of East Africa said, “By partnering with IOD Kenya, IFC seeks to boost good corporate governance and encourage productivity among Kenyan institutions, which in turn will drive growth and development in Kenya.”
IFC works with the private sector in developing countries to build sustainable businesses by putting in place corporate governance practices that allow businesses to mitigate risk, safeguard against mismanagement, and attract the investment and capital that will fuel their growth.