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IFC partners with IOD to promote Corporate Governance in Kenya


In Nairobi
Neha Sud

Phone: +254-20-293-7403

Email
: nsud@ifc.org

In Washington:
Loty Salazar

Phone
: +1-202-458-2559
Email
: lsalazar@worldbank.org


Nairobi, Kenya. April 28, 2015 – IFC, a member of the World Bank Group, and the Institute of Directors Kenya, (IOD), today 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.

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.


The Africa Corporate Governance Program is funded by SECO, Switzerland and IFC is the implementing partner for the program.


About IFC

IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. Working with private enterprises in about 100 countries, we use our capital, expertise, and influence to help eliminate extreme poverty and boost shared prosperity. In FY14, we provided more than $22 billion in financing to improve lives in developing countries and tackle the most urgent challenges of development. For more information, visit
www.ifc.org.


About IOD

The Institute of Directors (Kenya) is a non-political professional organization of individual Corporate Directors and senior managers committed to the professional practice of Corporate Directorship through good corporate governance for the benefit of organizations, stakeholders and the prosperity of Kenya. IOD (K) is committed to unlocking and recognizing member potential through provision of world class learning opportunities, knowledge sharing, networking, mentorship and promotion of world class standards in Corporate Governance. The Institute partners with the best knowledge delivery organizations to develop and review training curriculum and develop training material. More details on IOD can be found at
www.iodkenya.co.ke

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IOD Contact
Sophie Bochaberi
Phone:+0702 476 965
Email : sbochaberi@levanterafrica.com