Corporate Governance Practices in Kenya Rural Roads Authority
Nungari, Rachel, K
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State Corporations in Kenya have since independence assumed an increasingly significant role in offering critical services that promote economic development especially where it looks unattractive for the private sector to venture. As such there is need to ensure that these corporations are well run and managed to safeguard the interests of the stakeholders who include the ordinary Kenyans. In the recent past we have heard and seen several state owned corporations in Kenya been involved in mismanagement and some have actually been on the verge of collapse. This has mainly been due to lack of accountability and transparency in their operations and hence the need for having sound Corporate Governance (CG) practices in government authorities and parastatals. CG is centered on the principles of accountability, transparency, fairness and responsibility in the management of the firm. Most of the parastatals in Kenya are funded from the consolidated funds and the adoption of CG practices will promote efficient and effective use of public funds in these organizations. The study seeks to find out the CG practices employed by the authority and compare them with the best practices. It also seeks to find out the factors that influence those practices. The study adopted case study design to carry out this research where an interview guide targeting the board of directors and the heads of department was employed to collect data. The study found out that KeRRA has sound CG practices in place that compare with the best practices. A key implication of this study to the government and other parastatals is that they should have in place CG practices to ensure transparency and accountability in the use of public funds.
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