Corruption remains a significant obstacle to Safaricom’s long-term sustainability, says Collymore

This was said by Bob Collymore, CEO Safaricom during the launch of the fifth Sustainability report themed widening our vision, sharpening our focus.

“ It is disappointing that selfish, short term enrichment at the expense of our people and resources remains a norm, but I am heartened by some of the hard-won progress we are making within the business community, “ he said.

His statement comes at a time when the country is facing numerous cases around corruption with the latest being the alleged Ministry of Health Corruption scandal.

Mr. Collymore also added that in a way to help fight the vice, as a company they have forged closer ties and partnerships with like-minded companies in the private sector. Safaricom was also part of the coalition that helped draft the Anti-bribery Bill in December 2015.

“It is also pleasing to note the enthusiastic response to the Anti-corruption conference we co-hosted with the UN Global Compact Network Kenya. Over 400 delegates came together representing a cross-section of the public and private sectors and civil society and renewed their commitment to help tackle this challenge,” he said.

He further added that to transform lives Safaricom was focusing on creating a tangible difference in the lives of its customers. “But we know that we cannot continue to Transform Lives if we are not commercially sustainable and equally we are unlikely to be able to transform lives in a meaningful lasting manner if we focus solely on profits and dividends.”

Safaricom has heightened its ethics watch and as part of the drive to responsible business, at least 81% or 269 of its suppliers have signed up to the Code of Ethics for Business in Kenya.

“This minimizes the risk of corruption and fraud which in turn bolsters the reputation and trust we enjoy, strengthens employee morale and engagement and improves stakeholders sentiment and interest,” said Bob.

As a result to robust anti-corruption corrective measures the firm reports that it has let go of 18 employees in the 12 months under review to March 2016 an improvement from 58 sacked in similar circumstances in 2015.

The 2016 Sustainability report runs from April 2015 to March 2016. The report was generated by KPMG and places Safaricom’s true value at 413.8 billion, which is 10.86 times than the Kshs. 38.1 billion net profit for year to March 2016.

The report seeks to address business impact in the society and community and operates viewed from an economic, environmental, social and governance impact perspective.