Persons practising as governance professionals will be required to register with a new Institute of Certified Governance Secretaries or risk Sh1 million fines if proposals in a Bill are adopted.
They include governance secretaries, auditors, share registrars, company secretaries, board secretaries or governance officers.
The Institute, proposed under the 2023 Certified Governance Draft Bill, will provide quality assurance for the practice of the certified governance secretary and train, certify and ensure continuous professional development.
Firms offering certified governance secretary services shall also be required to seek out a licence with the new entity.
Licences issued under the law proposed by the Treasury shall have a validity of one year running to December 31.
The Institute shall have powers to issue guidelines, standards, codes of practice and conduct in the certified governance secretary profession, and set levy fees and subscriptions.
It shall advise the examinations board for the issuance of the final test certificate upon the completion of a course.
The Treasury Cabinet Secretary shall in consultation with the Institute’s Council, prescribe the fees chargeable for services rendered.
Through the proposal to create the new entity, the government is expected to add to provisions of the 1988 law.
The Act which became operational on November 1, 1989 saw the establishment of the Institute of Certified Secretaries that develops a guide on sustainability and governance standards.
Membership to the institute is estimated at 4,000 persons who must have passed the final level of Certified Public Secretaries exam offered by the Kenya Accountants and Secretaries National Examinations Board.
Qualified people registering as members are required to apply through the Registration of Certified Public Secretaries Board.
The evolution of the certified public secretaries profession is traced to the establishment of Kasneb in 1969.
