On behalf of my Board, I take this opportunity to commend our predecessors for their great leadership, upholding good governance and ensuring that the Board’s mandate was delivered during the past three years.
I am pleased to present our corporate governance report for the FY2021/22, which has been a year of smooth transition from the 11th Board to the 12th Board. On behalf of my Board, I take this opportunity to commend our predecessors for their great leadership, upholding good governance and ensuring that the Board’s mandate was delivered during the past three years.
It has been a remarkable year in which the National Social Security Fund (Amendment) Bill was assented to by His Excellence the President of Uganda and came into force on 7 January 2022. The amendment has enhanced the Fund’s governance structure by introducing dual supervision of the Fund and a tripartite Board.
I also thank the Appointing Authority that has made a substantial improvement to the Board with respect to gender diversity and this will be replicated at all levels.
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 2021 which was both physical and virtual, where the financial performance and audit findings were presented to our members and all stakeholders.
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 Fund’s governance approach is based on the main principles and provisions set out in the UK 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 of the UK Code and King IV Code on Corporate Governance.
The way we have applied and explained these governance principles is demonstrated throughout the report. The Board confirms that the Fund, throughout the period under review, complied with all applicable laws and regulations.
The Fund continues to defend the proprietorship of its investment in some of the real estate assets against persons whose incessant claims remain a threat to this investment asset class.
Dr. Peter Kimbowa
CHAIRMAN, BOARD OF DIRECTORS