GOOD GOVERNACE

 

Compliance Standards

The Association is committed to the highest standards of business integrity, transparency and professionalism in all its activities to ensure that the activities within the association are managed ethically and responsibly to enhance beneficial value for all stakeholders. As an essential part of this commitment, the Board subscribes to and is fully committed to complying with the Code of Corporate Governance.

The Directors continuously consider the implications of corporate governance best practices and are of the opinion that, to their best of their abilities, they have ensured that the association complies with the requirements of the Code of Corporate Governance in all material respects.

Board Committees

In line with corporate governance best practices, the Board has established the following sub-committees to assist it in the execution of its policies and its decision making process and thus to help it in carrying out all the duties and responsibilities.

  • Corporate Governance Committee
  • Audit Committee
  • Nomination Committee
  • Remuneration Committee
  • Investment Committee


Corporate Governance Committee 
The Corporate Governance Committee has been set up to determine and develop the association’s general policy on corporate governance in accordance with the applicable Code of Corporate Governance. The role of the Committee is also to ensure that disclosures are made in the annual report in compliance with the disclosure provisions in the Code of Corporate Governance and to the best international practice. 

The members of the Corporate Governance Committee are:-

  • .
  • .
  • .


Audit Committee 
The Audit Committee has been set up to assist the Board in fulfilling part of its duties and responsibilities, providing a link between the Board, internal audit and external auditors. The Committee is constituted of a majority of non-executive Directors. Its responsibilities include reviewing the appropriateness of Group’s accounting policies and assessing the effectiveness of the Group’s internal control processes, reviewing the Group’s interim and annual financial statements before their submission to the Board and discussing the results of the external audit process with the external auditors. 

The Audit Committee meets at least three times each year. The Chairman of the Committee informs the Board of directors of the Organization of any matters the Board should be made aware of. 

The members of the Audit Committee are:-

  • . - Chairman
  • .
  • .


Nomination Committee 
The Nomination Committee recommends candidates for appointment or election as Directors at the Annual Meeting of Shareholders. The Nomination Committee also makes recommendation for the appointment of senior management positions. 

The Committee consists of two independent Non-Executive Directors and one Executive Director who meet as and when necessary to consider nominations. 

The members of the Nomination Committee are:-

  • . - Chairman
  • .
  • .

Remuneration Committee 
The Board of Directors has established the Remuneration Committee with agreed terms of reference to determine on its behalf, the remuneration and incentive package of executive directors, senior management and staff. 

The Remuneration Committee aims at rewarding the performance of executives that will lead to long term enhancement of shareholder value. The Remuneration Committee reviews the compensation of members of the Board, members of the executive committee and senior management. 

The Remuneration Committee is composed of two independent Non-Executive Directors and one Non-Executive Director. 

The members of the Remuneration Committee are:-

  • . - Chairman
  • .
  • .

Investment Committee 
The Investment Committee is responsible for formulating and reviewing the investment strategies, policies and monitoring investment processes of the Group. 

This Committee comprises of three independent Non-Executive Directors and one Non-Executive Director. 

The members of the Investment Committee are:-

  • . - Chairman
  • .
  • .

Code of Ethics

The Association is committed to the highest standards of integrity and ethical conduct in dealing with all its stakeholders. Staff at all levels drew up the Association's Code of Ethics, which reflects the Association's diversity and unique culture. Adequate grievances and disciplinary procedures are in place to enable enforcement of the Code of Ethics.

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Contact Details

7420 Unity Avenue North,
Suite 112,
Brooklyn Park, MN 55443
Phone: (763) 205 - 1374
Fax: (763) 535 - 7558