Corporate Law and Corporate Governance

CHAPTER TWO: THEMATIC AREAS OF FOCUS

2.2 Revenue Transparency [pages 14-15]

[T]he NAP consultations identified several challenges that affect revenue transparency:

1. Corruption in the process of revenue collection and the management of public revenue. Stakeholders identified corruption in the business licensing process and the process of tax collection and public procurement, which they attributed to both public and private sector actors;

2. Lack of disclosure of contracts particularly those that have significant economic and social consequences;

3. Lack of transparency in administration and management of revenues from the exploitation of natural resources including from mining and oil and gas activities; and

4. The absence of legal beneficial ownership disclosure aids the veil of secrecy in determining who owns and controls business entities, inhibiting law enforcement ability to ‘follow the money’.

 

CHAPTER THREE: POLICY ACTIONS

3.1. Pillar 1: The State Duty to Protect

Policy Actions [Page 21]

The Government will:

5) develop regulations that facilitate disclosure of corporate beneficial ownership of business and related entities such as trust;

7) strengthen regulations on the registration and oversight of recruitment agencies involved in the recruitment of Kenyans for employment in businesses abroad.

 

3.2. Pillar 2: Corporate Responsibility to Respect Human Rights

Policy Actions [Page 23-24]

b) Human Rights Policy commitments

The Government will:

1. require business to adopt human rights policies, including taking measures to ensure their operations respect human rights, including by providing access to remedy for human rights violations:

d) Reporting

The Government will enforce the requirement for businesses to prepare non-financial reports in line with the Companies Act, 2015 […]