RBA highlights new governance standards as registration deadline nears

This mandate is part of the RBA's ongoing efforts to enhance the professionalism and governance of retirement benefit schemes in Kenya.

Retirement Benefits Authority Chief Executive Officer Charles Machira highlighted the new regulations, emphasizing that the reforms are designed to improve service delivery and safeguard members' interests.

Machira explained that the evolution of trust law in Kenya has seen individual trustees reduced from 15 to nine in a defined benefit schemes and eight a defined contribution scheme.

“Good governance guidelines and treating customers fairly are some of the measures we’ve put in place to improve industry relations with members who are paramount to enhance industry confidence and growth”, Machira added.

In a recent ceremony, Kingsland Court was awarded a Corporate Trustee registration certificate, marking a significant milestone. 

Simon Nyakundi, Kingsland Court's Managing Director, underscored the importance of governance and risk management in the regulator's risk-based supervision. 

He emphasized transparency and accountability as crucial elements in the operation of retirement benefit schemes. Nyakundi detailed how Kingsland Court has integrated governance, risk, and compliance management into their core services, achieving the highest risk grading from the RBA.

“We’ve placed all aspects of governance, risk, and compliance management at the very core of our services. As a result, we’ve developed detailed and fully documented programmes designed to maintain scheme governance at the optimum level as well as achieving the optimum risk grading from the Authority”, Nyakundi explained.

Nyakundi celebrated the firm's achievement as the first Corporate Trustee registered under the new regulations, stating:  

“At Kingsland Court, we have always believed in setting the highest standards for ourselves, and this certification is a testament to our dedication to upholding the utmost integrity and professionalism in all facets of our operations. "