A survey of corporate governance practices in the water sector in Kenya
A few years ago the buzzword was Globalization, now it is Corporate Governance. Corporate Governance is concerned with the manner in which the power of a corporation is exercised in the stewardship of the corporation's total portfolio of assets and resources with the objective of maintaining and increasing shareholder value and satisfaction of other stakeholders in the context of its corporate mission. The purpose of the study was to survey corporate governance practices employed by water sector institutions in Kenya. The specific objectives were to determine whether these institutions have any corporate governance practices that they practice in the day to day running of their affairs. This has come in the wake of many business failures in the corporate global world. The research design used was descriptive design using questionnaire. The target population of this study was 16 water sectors institutions formed by the Water Act 2002.The total population were examined. Data was collected through questionnaires that contained both open and closed ended questions, which were administered to the respondents. Data was analyzed by generating descriptive statistics such as percentages. In terms of presentation, the data was presented by using tables and pie charts. The findings brought out the conclusion that the institutions embraced corporate governance practices and the boards and chief executive offers played a leading role in ensuring that it is attained. The study recommended that the institutions come up with criteria of how the board of directors can assess their performance as this is not currently done. It also recommended that the boards should continue being keen on leadership, judgment, decision making and integrity which are key to best practices in corporate governance. It is hoped that the research findings will go a long way in provoking further research and discussion in this direction which would result into the long awaited solutions to corporate failures.