Nairobi, May 10 -- When the Capital Markets Tribunal was reconstituted in June 2023 after years of inactivity, the moment passed with little public attention.

Yet within a few years, the tribunal has built a body of decisions that are quietly redefining governance expectations within Kenya's capital markets.

Before the reconstitution of the tribunal in 2023, disputes arising from regulatory action in the capital markets were largely taken to the courts. These cases were framed as judicial review or constitutional matters, focusing on whether due process had been followed in the course of taking regulatory action.

This kind of oversight, although important, left deeper issues around corporate governance failures, board responsibility an...