<HTML><BODY style="word-wrap: break-word; -khtml-nbsp-mode: space; -khtml-line-break: after-white-space; "><BR><DIV><DIV>On Oct 15, 2007, at 12:42 PM, Bill Kagai wrote:</DIV><BR class="Apple-interchange-newline"><BLOCKQUOTE type="cite"><BR>On 10/15/07, Brian Longwe <<A href="mailto:brian@isisweb.nl">brian@isisweb.nl</A>> wrote:<BR><BR><SPAN style="color: rgb(0, 0, 153);">> Stung by the conspiracy theory, NSE chairman Jimnah Mbaru, rescinded </SPAN> <BR style="color: rgb(0, 0, 153);"><SPAN style="color: rgb(0, 0, 153);">> </SPAN><BR style="color: rgb(0, 0, 153);"><SPAN style="color: rgb(0, 0, 153);">> the decision to lock out the investors, saying they would be </SPAN><BR style="color: rgb(0, 0, 153);"><SPAN style="color: rgb(0, 0, 153);">> </SPAN><BR style="color: rgb(0, 0, 153);"><SPAN style="color: rgb(0, 0, 153);">> accommodated even as the renovations went on. </SPAN> <BR>>> There seems to be a huge corporate governance issue here. How does the<BR>>> Chairman decide to rescind the CEO's decision - and then publicly do so?<BR><BR>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a protocol thingie...the Chairman was in London when the directive was issued by the CEO...but when the decision was rescinded, he was back in town and procedurally he was the one to make the announcement...and in his absence the CEO....but what intrigues me is that the regulator can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. <BR><BR></BLOCKQUOTE><DIV><BR class="khtml-block-placeholder"></DIV><DIV>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.....</DIV><DIV><BR class="khtml-block-placeholder"></DIV><DIV>I repeat - we have a problem with corporate governance in our NSE.</DIV><DIV><BR class="khtml-block-placeholder"></DIV><DIV>Brian</DIV><DIV><BR class="khtml-block-placeholder"></DIV><BR><BLOCKQUOTE type="cite">-- <BR>--<BR>Bildad Kagai<BR>MD - MediaCorp Limited<BR>Nairobi Stock Exchange [NSE] - Authorised Information Vendor<BR>Suite B2 Tetu Apartments StateHouse Avenue<BR>P. O. Box 20311-00200<BR>Tel. 254 20 272 8332<BR> Fax. Rendered Obsolete<BR>URL. <A href="http://www.mediacorpafrica.com">www.mediacorpafrica.com</A><BR>--<BR><DIV style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; ">_______________________________________________</DIV><DIV style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; ">kictanet mailing list</DIV><DIV style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; "><A href="mailto:kictanet@lists.kictanet.or.ke">kictanet@lists.kictanet.or.ke</A></DIV><DIV style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; "><A href="http://lists.kictanet.or.ke/mailman/listinfo/kictanet">http://lists.kictanet.or.ke/mailman/listinfo/kictanet</A></DIV><DIV style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; min-height: 14px; "><BR></DIV><DIV style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; ">This message was sent to: <A href="mailto:brian@isisweb.nl">brian@isisweb.nl</A></DIV><DIV style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; ">Unsubscribe or change your options at <A href="http://lists.kictanet.or.ke/mailman/options/kictanet/brian%40isisweb.nl">http://lists.kictanet.or.ke/mailman/options/kictanet/brian%40isisweb.nl</A></DIV> </BLOCKQUOTE></DIV><BR></BODY></HTML>