The challenges of the implementation of corporate governance strategy by the oriental commercial bank limited, Kenya
Corporate governance is the set of processes, customs, policies, laws and institutions affecting the way a corporation is directed, administered or controlled. On the other hand strategy implementation is the process that turns implementation strategies and plans into actions to accomplish objectives. For effective strategy implementation, the strategy must be supported by decisions regarding the appropriate organization structure, reward system, organizational culture, resources and leadership. The process must have the blessings of all interested parties and the top management should play a leading role in the exercise. The general objectives of this study were to investigate the corporate governance strategy implementation challenges at OCB. This was a case study design where primary data was collected using interview guide. The data was obtained by use of an interview guide and the respondents comprised of head of departments and senior managers. Data was analyzed using qualitative analysis. The findings from the study suggest that the organization had developed strategies which were geared towards accomplishment of the organizations objectives. Involvement of employees in strategy formulation was the main reason for the slow implementation of strategies. The other major challenges faced by the organization in implementing its strategies were cited as; non commitment of senior staff and employees in general to support a new strategic plan given the start to its completion including review and supporting its recommendation, change of strategy mid-stream to suit their focus, inadequate analysis of progress being made as planned, financial constraints, lack of implementation continuity if a staff leaves due to absence of project operational manuals, duplication of activities and reporting over the same activities which calls for effective design of the programmes. This study contributes to the body of knowledge in the area of corporate governance in addition to the suggestions it makes the organization’s policies and those of the entire banking sector.