CEO of Kenya’s biggest firm declares wealth to boost anti-graft fight

9 December 2015 06:30 pm Views - 1377

REUTERS: The head of Kenya’s largest publicly-traded company has declared personal wealth of US $2.7 million, saying he wants to increase transparency in the public and private sectors as part of efforts to fight graft in the East African nation.
Public pressure has mounted on President Uhuru Kenyatta to deal with corruption after a spate of media reports about inflated government contracts and outright theft of funds by officials in other cases.
Bob Collymore, the chief executive of telecoms operator Safaricom, posted a signed document showing he has net assets worth 276.76 million shillings (US $2.72 million) in cash, property and stocks, acquired over a career spanning more than three decades. “It is my belief that all of Kenya’s leaders and CEOs should declare their assets in order to embed transparency within their organisations,” Collymore, a British citizen, told Reuters yesterday.
Collymore, in charge of Safaricom since 2010, was part of a recent initiative by the private sector that drew up a proposed anti-bribery bill, prescribing severe penalties for bribe givers and receivers within the business community.
“The Bill will make it an offence for corporations to act in an unethical manner and seeks to strongly embed responsibility within the corporate ecosystem,” he said.
Safaricom, which is 40 percent owned by Britain’s Vodafone , is the largest firm on the Nairobi bourse by market capitalisation.