Companies listed at the Nairobi Securities Exchange (NSE) will now be required to develop and submit a forward-looking and tentative calendar of corporate announcements.
The calendar will detail all upcoming corporate events which include earnings releases and dividend payment dates.This move, the Capital Markets Authority (CMA) and the Nairobi Securities Exchange (NSE) say, aims at enhancing transparency and improving communication between issuers and investors. Through a joint statement, the two market players add that the move will likely support market efficiency and bolster investor confidence.The information should be publicly available in the companies’ websites as well as other communication channels.
“The aim is to provide investors with a clearer view of forthcoming corporate actions, enabling them to make more informed decisions and contributing to greater market predictability and stability,” CMA and NSE noted in a joint statement.
CMA and NSE note that incase of any changes on dates, the companies are advised to promptly update the two bodies with revised information. “This approach ensures that the market remains informed with the most current and up-to-date information,” they added.
The update was fronted by investors in the industry, seeking a clearer view on companies’ important updates to help them make more informed decisions.
In the previous financial year, most insurance firms missed earnings release deadlines resulting from the new industry accounting standard – IFRS 17- that they needed to comply with.
