The Evolution of Corporate Governance and Consequent Domestication in Kenya
Rita Ruparelia, Amos Njuguna

Abstract
Governance determines the exercise of power in the management of economic and social resources for sustainable human development. Corporate governance is vital as it influences growth in financial markets and plays a central role in corporate performance, capital formation, and maximization of shareholder value as well as protection of investors’ rights. This paper traces the evolution of corporate governance principles and practices, via the committees that produced the Cadbury Report, Greenbury Report, Hampel Report, Higgs Report and the Combined Code, and in the Organisation for Economic Co-operation and Development (OECD). These developments influenced the introduction and growth of corporate governance principles and best practices in Sub-Saharan Africa and Kenya, ultimately leading to the promulgation of the guidelines on principles of corporate governance for public listed companies in 2002 by the Kenyan Capital Market Authority.

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