We do not regard governance as simply a tick box exercise, nor as a process of restrictive controls. Governance is viewed as core to instilling our value of integrity, ensuring we do the right things, in the right way, with the appropriate safeguards, and checks and balances in place, to enable sound business decisions.
In the financial year ending 30 June 2022, the Fund welcomed a new Board of Directors. We ensured a seamless transition from the 11th to the 12th Board of Directors by undertaking a comprehensive onboarding of the new Board members. The new Board was able to successfully conduct the Annual Members Meeting in September 2021 in compliance with the related URBRA regulations.
On 7 January 2022, the long-awaited NSSF Amendment Act 2022 came into force. We rendered support in the formulation of regulations allowing midterm access to contributions by our qualifying members. We continue to support the formulation of the regulations required to enable the operationalisation of the other provisions of the amended Act.
Together with the Uganda Law Society, we sensitised the legal fraternity on the implications of the amendments on the rights to social protection. These actions contributed significantly to the Fund’s “Now You Can” universe, which will enable all citizens of Uganda to save with NSSF.
The amendments to the NSSF Act also introduced dual ministerial supervision with the Fund under the oversight of both the Minister of Gender, Labour and Social Development and the Minister of Finance, Planning and Economic Development. We supported the Board and Management in the transition to the new regulatory environment.
We continue to sensitise and empower external and internal stakeholders on emerging trends in the laws and their impact. During the year in review, together with the relevant stakeholders, we conducted legal aid clinics on laws about the registration of persons, registration of documents and marriages, disposal of public assets and mortgage transactions, among others.
We do not regard governance as simply a tick box exercise, nor as a process of restrictive controls. Governance is viewed as core to instilling our value of integrity, ensuring we do the right things, in the right way, with the appropriate safeguards, and checks and balances in place, to enable sound business decisions. We believe that this practical approach will support our performance for the long term and protect the trust, integrity and value of our business and our brand.
As with the previous years, our focus will continue to be on the delivery of our strategy, creation of value and improvement in Member returns.