Strathmore Institute of Mathematical Sciences Partners with IFC Kenya
A strong collaboration between International Finance Corporation (IFC) and Strathmore University Institute of Mathematical Sciences, has seen the birth of a new partnership that is set to tackle Corporate Governance creating responsible corporate citizenship. Through generating Ethical, Social Responsible and Well-Governed Companies, this partnership will be a force to reckon with, a venture that is well needed in the country today. The partnership was launched on Tuesday 5th April, 2016 at Strathmore Business School.
During her presentation at the partnership launch, Ms. Rose Lumumba Corporate Governance Consultant, EA Corporate Governance Program IFC Kenya, stated the importance of corporate governance, while highlighting various companies in Kenya that have suffered from a lack of good governance, leading to their closure, or a series of bailouts. Companies such as Mumias Sugar, Uchumi Supermarkets, Kenya Airways, Imperial Bank are among the many companies that need proper governing.
Sound corporate governance make companies stronger, more efficient and accountable, supporting implementations of good environmental and social practices. IFC works with private sectors in emerging markets and developing countries to achieve these goals, by putting in place corporate governance practices that allow businesses to mitigate risk, safeguard against mismanagement, and attract the investment and capital that will fuel their growth.
While representing the Country Manager, IFC Kenya, Mr. Stefan Handoyo Program Manager EA Corporate Governance IFC Kenya, stated the importance of introducing corporate governance to education systems. In his speech, Mr. Handoyo spoke of the need for governed structures to improve businesses in the country. Implementation of good corporate governance has been one of IFC key plans. We believe that good corporate governance grows, and yields better businesses, he said.
With strong donor support, IFC continues to build up corporate governance advisory programs in sub-Saharan Africa, Latin America and the Caribbean, East Asia and the Pacific. IFC aims to replicate the sustainable model implemented in Europe and Central Asia, through working with partner intermediaries to build their capacity, and manage to provide advisory services and training to firms and banks in their local markets.
Ag. Deputy Vice Chancellor, Research at Strathmore University Prof. Izael Da Silva, celebrated the new partnership, stating that he loves such kind of synergies and hopes that this partnership will be an added plus, not only to the institution but to the students. Prof. Izael explained the importance of ensuring this partnership produces yields, adding that the number one need for such a partnership is to improve the society.
Improved corporate governance practices increase access to markets and lower the cost of capital, which encourage new investments, boosts economic growth, and provide employment opportunities. Businesses that operate more efficiently tend to allocate and manage resources more sustainably, while better stakeholder relationships help companies address environmental protection, social and labor issues.