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What should CMA prioritise in its CEO recruitment? Print E-mail
Thursday, 17 April 2008
What should CMA prioritise in its CEO recruitment?
In an opinion poll, financial sector professionals repeatedly expressed concerns over the lack independence of the CMA from the stockbroker community. A senior representative from one of the leading banks in Kenya states: “At the moment, it appears almost like the stock brokers are regulating the authority, and that is of course a conflict of interest. So this is a question of integrity. And the stockbrokers should not have any say in the selection of the new CEO. They can comment on matters of policy or operational issues through the proper channels like the Ministry of Finance.”

Others said:
“The Bourse is moving up from playing in the lower divisions to the Premier League with the Safaricom IPO and the arrival of over a million new investors at the exchange. The CMA needs to take a more hands on approach in weeding out the 'Mom and Pop' shops, who have neither the capital nor the wherewithal to play in the big league. The next CMA CEO needs to have a free hand in expediting this Darwinian process. Therefore, the CEO needs to have the credibility and the reputation to challenge the club that is the stockbroking community.”
Aly Khan Satchu, Stock Market Investment Advisor and NSE Data Vendor, www.rich.co.ke

“I believe that the role of the CMA is not only to regulate the market players but to play a pivotal role in the development and deepening of the capital market - a role that has not been implemented well in the past due perhaps to resource constraints at the regulator.  The new CEO should be a person with experience in the capital markets who not only plays the watchman role but creates an environment that engenders the development of capital market instruments.”
Suzanne Kilolo, Investment Manager, African Alliance, www.africanalliance.co.ke

“The biggest problem is the lobbying power of the brokers - this must be dismantled through demutualisation. The CMA must have independence and the CEO authority. Let’s avoid what goes on at CBK - although technically an independent, the governor seems to be under the control of treasury. To get the right person for the CEO position, the CMA has to pay well, which is not the case at the moment, and good remuneration must go all the way down. The new CEO must be a strong character with ability to push the reform agenda.”
Cliff Mukulu, Financial Services Practitioner



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