7.3: Build capacity of capital market regulators

Measurement
CMA Board to assess requirements and discuss any enhancements needed with Treasury.
Working Group
Achievement

The Authority's board members have been appointed in line with the emerging best practice and have signed and been independently trained on the Mwongozo code (The Code for Corporate Governance for State Corporations).

Although appointments are in line with Mwongozo Code of Conduct there remains a challenge in having appointments in line with identified skills needs.

The Board evaluations for the financial year 2016/2017 was conducted from 22nd-25th May 2017 and was facilitated by State Corporation Advisory Committee (SCAC). The Board was evaluated on its self-evaluation of the Board, Chairman, Chief Executive and individual Board members of the Authority. The Board also set the strategic direction of the Authority by evaluating and enacting various guideline policies and guiding management in the execution of the Authority's Strategic plan and performance contract for the period under evaluation. The results of the Board evaluation were forwarded to the PS. National Treasury and Secretary of SCAC.

Status
In Progress
Measurement
CMA to implement results of its current review and discuss recommendations with other stakeholders, including National Treasury, with a view to implementing recommendations on staffing and structure. Repeat the exercise in 2016. Put in place process for continuing assessment of changing needs.
Working Group
Achievement

The Authority has continued to enhance its resource capacity through the ongoing Uwezo Kipeo Project (change management project).
The project is a human resources-driven culture change project with the primary focus of providing an effective ecosystem within which sustainable CMA culture change could be supported and effected. The Authority has developed world-class organizational change and development products including a new suite of organizational Policies and Procedures, a re-designed approach and tools for evaluating employee performance, a set of business and technical capabilities, a more strategically-aligned philosophy, and tools, for driving learning and development and a more quality-driven recruitment and selection process.

Status
Completed
Measurement
CMA will undertake an assessment of its likely budgetary needs and review options for changing the basis of its funding. It will discuss the results of its review and consequent recommendations with other stakeholders, including National Treasury, with a view to implementing recommendations in relation to both the amount and composition of funding. The CMA will undertake periodic reviews of its continuing budgetary and funding needs.
Working Group
Achievement

The Authority continues to plan and budget in accordance to the requirement of the Public Financial Management Act (PFMA) and also seeks technical and financial support from development partners to supplement revenue.

Status
Completed
Measurement
CMA to review all communication requirements and act on recommendations. CMA to publish target response times.
Working Group
Achievement

The Authority has put in place a Communications Strategy which incorporates communication in crisis management.
The following opinions have been written by the Authority Staff and published in the Business Daily Newspaper:

  1. Global trends on independent audit oversight and the roadmap for Kenya - 28, December 2016.
  2. Why firms should never set out to mislead investors - 6, January 2017
  3. How investors can benefit from Exxhange Traded Funds on bourse - 20, January 2017
  4. Innovative financial assets open doors to global capital markets - 28, February 2017
  5. Why derivatives market is better way to cut risks - 21, March 2017 & 18, April 2017
  6. CMA on course to boost Capital Markets liquidity - 28, April 2017
  7. Capital Markets Master Plan - 17, August 2017.
  8. CMA plans fintech hub to drive financial innovation - 22, September 2017
  9. Key reforms will go a long way in spurring investment - 4. December 2017

The Authority has also launched and published 4 Capital Markets Soundness Quarterly Reports in December 2016, May 2017, August 2017 and October 2017.

Status
Completed
Measurement
CMA to establish requirements for external advice and act on them.
Working Group
Achievement

The Authority engages external expertise whenever appropiate.

Status
In progress

Key

No Progress
Behind Schedule
Ahead of Schedule