OUR GOVERNANCE

Corporate governance aligned to King IV principles

PRINCIPLE 8: COMmittees of the board

King IV principles and our activities
GOVERNING STRUCTURES AND DELEGATION
  • Principle 8 - The governing body should ensure that its arrangements for delegation within its own structures promote independent judgement and assist with the balance of power and the effective discharge of its duties
Outcomes
  • Effective governance structures

Investments and Project Monitoring Committee (IPMC)

CHAIRPERSON
  • Patrick Ocailap
MEMBERS
  • Annet Birungi
  • Silver Mugisha
  • Lwabayi Mudiba Hassan
  • Patrick Ayota (since 02 December 2022)
  • Richard Byarugaba (until 01 December 2022)
PROFESSIONAL ADVISORS
  • Kenneth Ssemwogerere
  • Felix Okoboi

The Investments and Project Monitoring Committee (IPMC) of the Board is responsible for assisting the Board to fulfil its oversight responsibility as provided under Section 30 of the NSSF Act as amended, which states: “All monies in the Fund, including the reserve account, which are not for the time being required to be applied for the purpose of the Fund shall be invested in such investments as may be determined by the Board in consultation with the Minister.”

The main responsibilities of the Committee include:
  • Providing a deeper understanding of investment activities to the Board
  • Reviewing, analysing and recommending all investment proposals to the Board for consideration
  • Recommending an investment strategy, policies, and guidelines to the Board for approval
  • Reviewing and recommending investments in equities, fixed income and real estate and the associated budgets to the Board
  • Reviewing and recommending investment design concepts and master plans to the Board or changes thereto
  • Reviewing performance of real estate projects, equities, and fixed income on a quarterly basis, in line with set targets and make recommendation to the Board
  • Reviewing the performance of the Fund Managers and make recommendations to the Board
IPMC’s key activities in FY2022/2023 included review, analyse, monitor, and recommend to the Board:
  • The domestic and regional economic trends and their implications for the Fund’s investment strategy
  • The quarterly update on the real estate projects
  • The off-taker project contract
  • The performance of the Board Consultants
  • The quarterly reports on investments implemented
  • The updates to the Investment Policy Statement (IPS) and Investments Manual
  • The proposed changes in real estate sales terms
  • The quarterly property management updates
  • The quarterly investment reports
Challenges and key lessons learned during FY2022/2023:
  • Significant unrealised foreign exchange losses during year affecting the return on investments
  • Multiplicity of probes on Fund activities caused delays and/or disruptions to implementation of investments. In addition, the Fund could not initiate any new investment proposals during the investigations, some of which are still ongoing
Key focus for the following year FY2023/2024
  • Prioritise the delivery of the Unit Trust Model to respond to the expanded mandate to voluntary savings product under the amended NSSF Act
  • Explore the establishment of wealth management unit and make recommendations to the Board
  • Review the strategic asset allocation to include portfolio diversification to enhance returns and make recommendations to the Board
  • Actively pursue Private Public Partnerships. In addition, pursue partnerships with Government of Uganda especially through infrastructure bonds
  • Explore affordable housing options for the low-income segment of the population
Capital Impacted
Stakeholders Impacted

The Investments and Project Monitoring Committee of the Board complied with its mandate for the year under review. All scheduled meetings were held.

Finance Committee