Good corporate governance ‘will spur economy’

by Kennedy Senelwa for Daily Nation, November 14th, 2010.

Kenya’s mission to attain new middle industrialised country status by 2030 requires public and private sector agencies to embrace high corporate governance standards. The Kenya Anti-Corruption Commission director Patrick Lumumba said good corporate governance was a key driver for industrialisation and attaining the Millennium Development Goals.

He said Kenya had the potential to spur higher economic growth by encouraging organisations to efficiently use resources and uphold transparency and accountability. Speaking during the inaugural Institute of Certified Public Secretaries of Kenya (ICPSK) champions of governance (Cog) awards in Nairobi, Prof Lumumba said that Kenyans had great hopes due to the promulgation of the new Constitution.

He noted that resources were in the past looted due to poor governance structures and accountability, leading to poor service delivery. He singled out lack of drugs in hospitals and the collapse of public institutions as evidenced in the run-down railway transport system. He said winners of ICPSK’s awards would inspire other public organisations to excel by upgrading their corporate governance standards.(continue reading… )

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