Who Will Lead Us?
by brian@JijiniMarkets - Tue 10 Apr 2007
It is generally expected that the actions of a Board of Directors and officers of a company are primarily geared towards the continuous growth of shareholder value. Behavior that deviates from this goal is often taken as a sign of poor management. For shareholders to perceive any value in a company, faith and trust in the management are key ingredients. Another fundamental component is the amount of time the company's leadership takes to add value to the company. Continuous addition of value is much better than stagnant or declining value. As a shareholder of the Kenyan economy, or at the very least, the NSE, I strongly question the leadership governing the NSE — including the Capital Markets Authority (CMA).
In light of the issues affecting Kenyan investors — poor services from stockbrokers; short-selling (stockbrokers selling shares they don't own); insufficient stockbroker competition; etc — the NSE's and CMA's actions, or inactions, towards these matters makes me question their ability to lead. These issues, and the poor way with which they are being dealt with, suggest that there are even deeper, more essential problems that are yet to be exposed. They create doubt in the foundational strengths of both the CMA and the NSE leadership. As a Kenyan, I am quite aware of Kenya's growth potential — potential that has existed since 1963 and that has barely been tapped into. Seeing the time it has taken Kenya to get to where it currently is, I can't help but wonder how long we will have to wait before the full potential of the NSE is truly appreciated.
I am not suggesting that the leadership of the NSE and CMA has done nothing to improve the Kenyan capital markets; however, I am charging that they have not done enough and the little they are doing is not moving fast enough either. Their performance is a direct paradox to the purpose of their organization: "To provide a world class trading facility for wealth creation" (NSE) and "to promote, regulate and facilitate the development of an orderly, fair and efficient Capital Markets in Kenya" (CMA). The purpose of leadership is not self-satisfaction, but rather the service of others. A good leader recognizes when his/her leadership is failing or not improving and either takes corrective action, or steps aside to make room for better leadership. A great example of this leadership quality is Nelson Mandela, who, knowing politics was not his cup of tea, stepped down and allowed others to take over. If only for the sole purpose of being patriotic, the NSE and CMA leadership can learn a thing or two from Nelson Mandela.
As Kenyan investors, we need a leader who truly appreciates the power of investing to take over the CMA. We cannot wait for 40+ years to see the NSE's potential finally come to form. Time is of the essence…
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