[kictanet] Day 4 of 10:- eContent Requirements for Regulators

[Brian Longwe]

On Oct 15, 2007, at 12:42 PM, Bill Kagai wrote:

>
> On 10/15/07, Brian Longwe <brian at isisweb.nl> wrote:
>
> > Stung by the conspiracy theory, NSE chairman Jimnah Mbaru, rescinded
> >
> > the decision to lock out the investors, saying they would be
> >
> > accommodated even as the renovations went on.
> >> There seems to be a huge corporate governance issue here. How  
> does the
> >> Chairman decide to rescind the CEO's decision - and then  
> publicly do so?
>
> I believe it was a protocol thingie...the Chairman was in London  
> when the directive was issued by the CEO...but when the decision  
> was rescinded, he was back in town and procedurally he was the one  
> to make the announcement...and in his absence the CEO....but what  
> intrigues me is that the regulator can set the ball rolling for you  
> and when public pressure mounts, your business is brought to a halt  
> because the licensed business 'practice and procedure' guidelines  
> are not posted in the public domain [read..regulators' websites]  
> for businesses to thrive and be protected.
>

I'm sorry Bill  but I don't think I can accept a line of reasoning  
that has the chairman of a board making public statements regarding  
an operational issue that he might not even have any background  
information on. Doesn't matter what kind of organisation - unless the  
Chairman is an executive director and is speaking in such capacity -  
if there is a Managing Director or CEO then he/she is the one who  
handles any day to day affairs and interaction with public around the  
organisation. Doesn't matter whether the Chairman was in or out of  
the country.....

I repeat  - we have a problem with corporate governance in our NSE.

Brian


> -- 
> --
> Bildad Kagai
> MD - MediaCorp Limited
> Nairobi Stock Exchange [NSE] - Authorised Information Vendor
> Suite B2 Tetu Apartments StateHouse Avenue
> P. O. Box 20311-00200
> Tel. 254 20 272 8332
> Fax. Rendered Obsolete
> URL. www.mediacorpafrica.com
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