I am pleased to present our corporate governance report for the FY2022/23, in the second year of the 12th Board being in office. On behalf of the Board, I take this opportunity to commend my fellow Board members and Management for their exceptional leadership in upholding good governance and ensuring that the Board’s mandate is delivered.”
Dr. Peter Kimbowa, Chairman, Board of Directors

Reflections on the year under review

The financial year has been overshadowed by the various probes into the Fund’s operations by Government agencies, i.e., the Parliament of Uganda, the Inspectorate of Government, the Office of the Auditor General, the Uganda Retirement Benefits Regulatory Authority (Regulator), and Criminal Investigations Department (CID). This was exacerbated by the media scrutiny focused on the governance of the Fund.

Despite the numerous probes, the Fund has demonstrated unwavering resilience and continued commitment to its purpose and sustainability. The Fund's governance was found sound. Our governance structure and processes have enabled us to continue creating value for the Fund, our members, and all stakeholders. Consequently, the Board has established internal cohesion, focus and dynamism amongst its members. The Board has also reignited its trust with all its stakeholders. The Board has built a robust information framework to ensure that information is accurate, complete, timely, and rational to facilitate its decision making.

Board oversight and focus

Throughout the financial year, the Board continued to engage on substantive issues and dispensed its oversight role through the mandated Board sub committees.

The issues of sustainability and ESG (Environmental, Social, and Governance) continue to be high on our agenda and we will continue to focus on them in the coming year. Over the years, the elements of ESG have been integrated into the business.

We demonstrate this in our inaugural ESG Report. In addition, we are proud of the provisional BCA (Building Construction Authority – Singapore) green mark award certification which we received for our Lubowa Housing Project in December 2020, and we await certification for the other real estate projects.

Sound corporate governance

Our governance report sets out our robust approach to sound corporate governance and alignment to King IV principles, our mandate as the Board, together with reports from each Board Committee and activities executed in this ever-changing environment. The Board, being the overall custodian of good corporate governance, together with the Management Team, promotes and upholds the core fundamental principles of governance; accountability, fairness, transparency, and social responsibility in the way we conduct business and in all our processes.

Our integrated report discloses our performance to our members, our stakeholders, and the public as a commitment to our accountability and transparency. The Fund held an Annual Members’ Meeting in September 2022 which was both physical and virtual. At the meeting, we presented the financial performance and audit findings, and our integrated report to our members and all stakeholders. This will be done again on 25 September 2023. The Board’s approach is to ensure that corporate governance is embedded into the strategic objectives, operations, and internal processes of the Fund’s business. The Board is committed to keeping abreast with new corporate governance trends from an international, regional, and local perspective in the fulfilment of its vision to become the social security provider of choice to its members and generate tangible sustainable returns.

The Board continues to:

Inspire trust both internally and externally

Clarify business purpose

Provide a culture of frequent and consistent measurement, feedback and reinforcement

Harness productive synergies through a team-based approach


The Fund’s governance approach is based on the main principles and provisions set out in the UK (United Kingdom) Corporate Governance Code and the King IV Code on Corporate Governance. The Fund adheres to and ensures full compliance with the provisions of the National Social Security Act Cap 222 (as amended) and the Uganda Retirement Benefits Regulatory Authority (URBRA) that regulates the Fund’s activities.

The Board is also governed by an internal Board charter which stipulates the parameters within which the Board operates and ensures the application of the principles of good corporate governance in all its dealings. The charter sets out the roles and responsibilities of the Board, its committees, and individual Directors, including its composition and relevant procedures of the Board. The charter is aligned with the provisions described above. The way we have applied and explained these governance principles is demonstrated throughout this report. The Board confirms that the Fund, throughout the period under review, complied with all applicable laws and regulations.


Regulatory Reforms

The Board has oversight of compliance through the Audit and Risk Assurance Committee (ARC). The Fund has successfully implemented the National Social Security Fund Act (Amended) that came into force on 7 January 2022.

The amendment introduced midterm access to benefits by our members, expanded coverage of members and employers as well as the dual supervision of the Fund by both the Minister of Gender, Labour and Social Development and the Minister of Finance, Planning and Economic Development. The Fund continues to engage with relevant stakeholders to develop regulations to operationalise some of the provisions of the amendments such as additional products for its members.

Technology Transformation

The Board has oversight of technology and information governance through the Finance Committee. The Fund is implementing the Pension Administration System (OctoPAS) which is robust and has improved our efficiency.

Policies approved

The Board approved amendments to the following policies:

  • Commercial Policy and Procedures Manual
  • Information Security Management Policy
  • Investment Policy Statement and Procedures Manual
  • Stakeholder Management Policy
Reward and Recognition for our integrated report 2022

We were delighted to report that the Fund was again ranked first runner-up at the FiRe awards for its Corporate Governance Report.This is a testament that these results reflect the focus and commitment that the Board and management dedicated to corporate governance in upholding the core fundamental principles.

Challenges during the FY 2022/23

  • The multiplicity of probes/inquiries and the Fund’s inability to control the media perception exposed the vulnerabilities in an un-anticipated manner
  • Probes on the affairs of the Fund affected the morale of the employees and other stakeholders. The Fund shall endeavour to reset, rebuild and reignite hope and a sense of optimism amongst staff, stakeholders and the market
  • Restrictions on investments. There is a need for legislative reforms in specific areas to allow the Fund to broaden the investment portfolio and become more relevant

Lessons from the Probes/Inquiries

The Board’s accountability ecosystem has improved. We have held discussions that have introduced four plans as highlighted below:

  • Emergency Response Plan
  • Business Continuity Plan
  • Disaster Recovery Plan
  • Contingency Plan

Critical Focus Areas for FY 2023/24

  • Strengthen a culture of excellence in execution of strategy through engagement and empowerment
  • Review and improve the succession planning for the Board and Management to have a robust leadership talent pipeline
  • Develop and implement a strategy that is responsible to the national social security plan
  • Prioritise innovation both within and outside the Fund
  • Broaden and deepen a footprint into sustainability