Press Releases
print

IFC and Media Council of Kenya Launch Initiative to Increase Transparency in Corporate Governance


In Nairobi
Neha Sud
Phone: +254-20-293-7403
E-mail: NSud@ifc.org

In Washington, D.C.
Loty Salazar
Phone:1-202-458-2559
E-mail:
lsalazar@worldbank.org

Nairobi, Kenya, June 7, 2016
IFC, a member of the World Bank Group, and the Media Council of Kenya today launched an initiative to increase awareness on corporate practices that can help standardize governance, improve fair treatment of investments, and contribute to better corporate performance. At a program in Nairobi today, the partners provided training on corporate governance for Kenya’s media community. Targeting business editors and reporters, the program aims to strengthen the journalists’ understanding of corporate governance issues like board leadership, diversity, risk, and environmental and social standards.

Today’s program will lead to a lengthier course beginning in September 2016 that will expose media to what constitutes as good and bad corporate governance practices. It is intended to better inform journalists’ reporting and help foster a culture of transparency around the private sector in Kenya.

Dr. Haron Mwangi, Chief Executive Officer of the Media Council of Kenya said: “The outcome of this Conference constitutes a small, but significant step towards increasing the public awareness on the importance and benefits of corporate governance. Increased media attention will be given to the inner structure of companies, leading to greater accountability and improved performance.”

“The media, as a champion of transparency and accountability, can play a key role in encouraging companies to adopt good corporate governance practices. Well-run companies are more profitable and sustainable, and they encourage investor confidence in the Kenyan economy”, said Manuel Moses, Country Manager of IFC Kenya.

IFC works with the private sector in developing countries to build sustainable businesses. IFC’s East Africa Corporate Governance Program improves the performance of businesses by helping them adopt good practices and standards to mitigate risk, safeguard against mismanagement, and attract the investment and capital that will fuel their growth. The program is funded by the State Secretariat for Economic Affairs (SECO), Switzerland.

About Media Council of Kenya
The Media Council of Kenya is an independent national statutory institution that regulates the media and related aspects of the conduct and discipline of journalists. It is a self-regulating body for the media industry in Kenya. The Council was established in recognition of the fact that media freedom must go together with responsibility. For more information, visit www.mediacouncil.or.ke



About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. Working with more than 2,000 businesses worldwide, we use our capital, expertise, and influence, to create opportunity where it’s needed most. In FY15, our long-term investments in developing countries rose to nearly $18 billion, helping the private sector play an essential role in the global effort to end extreme poverty and boost shared prosperity. For more information, visit www.ifc.org

Stay Connected
www.facebook.com/IFCwbg, www.facebook.com/IFCAfrica
www.twitter.com/IFC_org, www.twitter.com/IFCAfrica
www.youtube.com/IFCvideocasts
www.ifc.org/SocialMediaIndex
www.instagram.com\ifc_org

About SECO
SECO is Switzerland’s competence center for all core issues relating to economic policy. SECO’s economic development cooperation strives to achieve sustainable growth. Such growth is sustainable if it creates jobs, helps to increase productivity, to reduce poverty, inequalities and global risks. For more information, visit www.seco-cooperation.ch.