The African nation of Kenya is making strides toward a situation in which both the public and shareholders will be able to have better access to a company's financial information. This issue was the subject of comments made by Job Kihumba, who serves the Centre for Corporate Governance as its chairman. According to Kihumba: “The level of compliance with financial reporting requirement has really improved with more disclosures by companies."
In most nations, companies are required by law to publicly disclose financial statements. This is not the case yet in Kenya, but there are some indications that the country is making strides toward greater public and shareholder scrutiny of companies. Already, most of the guidelines for the Capital Markets Authority have been converted into regulations with the force of law.
The move in Kenya toward corporate governance that includes a higher level of financial disclosure is part of a larger world trend. All over the globe, investors are demanding that financial reporting practices become more transparent so that companies can be more fully and adequately evaluated by those who might choose to invest in their operations.
 

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