NSE signs business code of Ethics
The Nairobi Securities Exchange (NSE) has joined the UN Global Compact in signing the Code of Ethics for Business in Kenya.
The move comes as a key intervention towards addressing corruption and unethical practices within the private sector. With over 400 local companies signed on, the Code of Ethics for business in Kenya is gaining considerable prominence.
The Code is an initiative by the Kenya Private Sector Alliance (KEPSA) to promote and enhance the ethics of business conduct in Kenya.
It also applies to private companies who expect their business partners likewise to adhere to it and does not replace but complement individual company code of ethics.
NSE Chief Executive Geoffrey Odundo said that in its efforts to achieve full potential and long term sustainability of organizations and the economy, the NSE saw the need to re-examine policies on environmental protection, social responsibility and economic practice.
“Corruption undermines governance, democracy and the rule of law while destroying investor confidence. It raises the costs of doing business, drives investors and employers away thus impacting economic growth, “Mr Odundo said.
The NSE joins the Kenya Bankers Association as organizations joining the fight against corruption while promoting sound corporate governance.
By Beatrice Eghwa
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