8.1: Strengthen and enforce corporate governance standards
Publication of corporate governance code. Creation of education programme for issuers and potential issuers on good corporate governance.
The Code of Corporate Governance for Issuers of Securities to the Public 2015 was gazetted on 4 March 2016 and became fully effective on 4 March 2017.Below are some of the programs and mechanisms put in place to ensure that issuers adhere to the code;
Introduction of range of measures to achieve better corporate governance. Improved results as measured by ICS’s Governance Index.
Below are a range of measures introduced to achieve better corporate governance:
CMA has negotiated support program from IFC to facilitate NSE to develop governance and sustainability indices. The NSE has already developed the Green Bond guidelines - an initiative that has enhanced the exchange's contribution to the development of the Corporate Governance and sustainability index. There now is a Green Bonds Policy Guidance Note, 2019 and the amendments to the NSE Listing Rules that incorporated Listing of Green Bonds in January 2019 thus introducing a framework for socially responsible and sustainable investment for issuers and investors.
CMA in partnership with NSE is developing a roadmap for the ESG/ Corporate Governance Social Responsibility and Sustainability Index.