Governance Briefing — August 6, 2024

Executive briefing: On 6 August 2024 the Capital Markets Authority (CMA) of Kenya issued the Stewardship Code for Institutional Investors. Asset managers, pension schemes, and insurers must publish stewardship policies, disclose engagement outcomes, and ensure board oversight of ESG and governance voting strategies.

Key governance signals

• Board accountability. Stewardship policies require approval from governing boards or trustees, who must review implementation reports annually.
• Escalation pathways. Investors should define when to escalate engagement through voting against management, collaborative action, or divestment.
• Transparency. Annual public reports must summarise engagement themes, voting statistics, and stewardship outcomes.

Action checklist

• Draft or update stewardship policies covering governance, environmental, and social engagement priorities with board sign-off.
• Implement record-keeping systems that capture meetings, proxy voting decisions, and rationales for escalation in line with CMA expectations.
• Prepare annual stewardship disclosures, aligning with Global Reporting Initiative (GRI) or PRI indicators to evidence responsible investment governance.

Sources

• CMA Kenya press release: Stewardship Code launch
• Stewardship Code for Institutional Investors 2024

Zeph Tech enables African asset owners to build stewardship dashboards, escalation protocols, and public reporting aligned with the CMA code.

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