CEOs face Sh1m fine for lack of office graft rules
The State is shifting focus of its anti-corruption fight to the private sector.
What you need to know:
- The new guidelines will require firms to have a written code mapping out corruption risks and ways to combat graft.
- Firms will be expected to hire a senior executive to drive their anti-corruption agenda, including enforcement actions and back the manager with a budget.
Chief executive officers face Sh1 million fine or 10 years in jail if they fail to set up internal code of conduct for battling bribery and corruption as the State extends the fight against graft to the private sector.
The new guidelines will require firms to have a written code mapping out corruption risks and ways to combat graft.
Firms will be expected to hire a senior executive to drive their anti-corruption agenda, including enforcement actions and back the manager with a budget, an additional cost burden to corporates.
The companies must show proof of internal channels established to report graft and state of confidentiality in reporting and handling unethical practices.
Top executives will be required to report cases of bribery or corruption to the Ethics and Anti-Corruption Commission (EACC) within 24 hours.
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