Corporate Governance Aligned to King IV Principles

Principle 8:


  • 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.


  • Effective governance structures

The Investments and Project Monitoring Committee (IPMC)


  • Patrick Ocailap


  • Annet Birungi
  • Silver Mugisha
  • Lwabayi Mudiba Hassan
  • Richard Byarugaba

Professional Advisors

  • Kenneth Ssemwogerere
  • Felix Okoboi

IPMC Committee

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 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 project concepts, strategies, and budgets to the Board
  • Reviewing and recommending 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
  • Reviewing the performance of the Fund Managers at least twice a year

IPMC Committee’s key activities in FY2021/2022 included:
  • Reviewing the economic trends and their implication for the Fund’s investment strategy
  • Reviewing the banking sector and its impact on the Fund’s activities
  • Consideration of the MTN IPO
  • Consideration of the Lubowa Commercial Project Concept
  • An update on the pricing of real estate projects A review of the Telecom Sector
  • Reviewing the performance of Investee companies and their impact on the environment
  • Board Representation in Investee companies
  • Restructuring of the Uganda Clays Loan

  • Reviewing the Investments Stewardship Code
  • Reviewing the performance of the Board Consultants
  • Consideration of the plan to execute a Unit Trust
  • Progress of performance with regards to real estate projects, equities, and fixed income on a quarterly basis, in line with the targets
  • Monitoring the occupancy and rent collections of all commercial properties owned by the Fund
  • Approval of updates to the Investment Policy Statement (IPS) and Investments Manual 
  • Reviewing quarterly updates on the Fund’s investment asset classes
  • Reviewing the progress of the Fund’s real estate projects and their impact on the environment

Challenges during FY2021/2022:

  • The impact of Covid-19 on the Fund’s investments
  • The rise in interest rates because of an increase in inflation
  • The decline in contributions affecting investments
  • The current NSSF regulatory regime that is not favourable for investments outside East Africa

Key focus for the following year FY2022/2023:

  • The roll-out of a unit trust to support short-term benefits/product innovation
  • Real estate sales: with Lubowa Housing Project, the Kyanja Off-taker houses are expected to be completed soon
  • Monitor progress on real estate milestones
  • Monitoring the Fund investments in the new financial year
  • Ensuring proactive monitoring of equities, fixed income, and real estate asset classes
  • Marketing of the Fund projects to drive occupancy and sale levels
  • More emphasis on Environmental Social and Governance (ESG) issues in investment decision-making
  • Monitoring the performance of the Fund Managers

Capitals 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.