7.3: Build capacity of capital market regulators
The Board Members of the Capital Markets Authority have been appointed in line with the provisions of Section 5 (3) (a) to (e) of the Capital Markets Act Cap 485A of the Laws of Kenya.
In line with sound practice, the Board provides timely notifications of any impending vacancies in the Board to the appointing authority being the Cabinet Secretary to the National Treasury. At the time of communicating the need for an appointment, the Board provides an indication of desired skills and background to optimize Board diversity and its capacity to execute its mandate.
Proactive engagement in this regard has resulted in timely and responsive appointments to the Board thereby keeping vacancies to a minimum while continuously strengthening the Board through an effective balance of retained knowledge, diversity and competency alignment.
CMA has since January 2016 been implementing a change management process dubbed “Uwezo-Kipeo ‘. The various initiatives that that were implemented have now been mainstreamed in the business focusing on Human Capital Management and are now in place. The revised HR policies, performance management system-‘The annual capability review is in place with new tools to assess performance. All the other re-invented ways of managing and leading CMA Key asset’ The People” are in place including an upgraded Human Resource Management System(HRMIS) which has among others an enhanced employee self service module which is user friendly.
A CMA resourced in financial terms to meet the requirements expected of it.
CMA continues to plan and budget in accordance to the requirement of the PFMA and also seeks technical and financial support from development partners to supplement revenue.
Cordial working relationship.
CMA continues to provide important sources of ideas and advise to investors. Opinion editorials written by CMA Staff are published in the Business Daily Newspaper. To access the opinion editorials, click here. CMA, through the Corporate Communications Department has put in place a Communications Strategy which incorporates communication in crisis management.
Improved CMA performance
CMA engages external expertise whenever appropiate.