“The authority will conduct independent investigations and the findings will inform the next course of action,” CMA told the Business Daily. CMA’s code of corporate governance rules took effect in March this year, and Mr Kisire’s integrity questions provide an acid test for the regulator. The new rules require listed companies to adopt high levels of governance, with firms required to make disclosures on the integrity of board members and senior executives. Board audit committee members have to be endorsed by shareholders, according to the rules. Bamburi, controlled 58.6 per cent by Swiss conglomerate LafargeHolcim, was yet to respond to our queries by the time of going to Press.

Source: Daily Nation May 29, 2017 06:56 UTC