Off the wire
• Hainan Airlines posts 15.88 pct profit increase  • Natural disasters leave 1,500 people dead, missing annually  • U.S. presidential candidate Clinton calls for intelligence surge against terrorism  • Xinhua Insight: New engines, closer cooperation herald growth for China, Asia  • Surviving Paris attack suspect wants speedy extradition to France: lawyer  • Two Italian lenders to merge on to form Italy's third-biggest bank: media  • Morocco arrests 9 IS-linked suspects  • Over 130 nabbed for suspected involvement in vaccine scandal  • China's 4,500-meter submersible finishes Indian Ocean exploration  • Xi's visit to boost Sino-Czech cooperation, friendship: People's Daily  
You are here: 　 Home

Kenyan business community launches anti-graft drive to improve integrity

Xinhua, March 24, 2016 Adjust font size:

An anti-corruption program was launched by Kenyan companies on Thursday with the aim to improve ethics and integrity in day-to-day business activities.

A research by Ernst&Young on private sector bribery shows that high fraud levels are found in 27 percent of managers in Kenyan businesses.

The Anti-Corruption Compliance training program was inked by the Kenya Association of Manufacturers (KAM) and the Global Compact Network Kenya with support from the Center for International Private Enterprise (CIPE).

Speaking at the launch in Nairobi, Attorney General Professor Githu Muigai lauded the initiative, saying it is essential for local companies to develop and grow.

"It is essential for us to realize that as much as this is about making local businesses more lucrative, it is more about raising our country's profile as the choice destination for investment," he added.

The local firms decried corruption which they said raises transaction costs, undermines fair competition, impedes long-term foreign and domestic investment and distorts development priorities.

The anti-graft training will be held three times annually with the first one commencing in April, targeting top and middle level managers working in procurement, finance, internal audit, sales and marketing, supply chain and human resources.

KAM CEO, Phyllis Wakiaga said adopting integrity and ethical business practices will open doors for Kenyan companies to make global partnerships.

"Hence putting these measures in place will not only seal corruption loop holes, but also make fighting corruption a personal responsibility for every single person in an organization," she said.

Kenyan business community has shown great commitment in the fight against corruption such as drafting and sponsoring the Anti-Corruption bill 2015 in Parliament.

In addition, 300 Kenyan companies are signed up to the Code of Ethics for Business in Kenya and UN Global Compact Principles committing to fight corruption in all forms.

CIPE representative, Anna Kompanek said ethical companies tend to have higher valuations in global market and are more attractive to potential investors and employees.

"Increasingly, companies are expected to ensure not just the integrity of their own operations but also the conduct of their suppliers, distributors, and agents wherever they may be," she added. Enditem