Lack of good corporate governance is the root cause of corruption in both the private and public institutions, management experts said yesterday.
’Public institutions and companies are currently losing millions of shillings due to bad or lack of good corporate governance,’ said Dr Tadeo Satta, the Director, Centre for Advanced Studies in Corporate Governance, Entrepreneurship, and Finance in Africa (CASCETA).
He was opening a special forum on executive directors and senior managers of public, and private institutions.
The phenomenon, he observed, had seen the management of most public and private institutions loss colossal sums of public funds in questionable contracts.
’Board of directors and management could in-advently sign contracts with individuals or institutions without understanding the negative implications,’ said Satta.
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