Our Governance

Foreword by NSSF Chairman Board of Directors

Dr David Ogong, Chairman Board of Directors

Dear Stakeholders,

It is my honour, on behalf of the 13th Board of Directors, to present the 2025 Integrated Report for the National Social Security Fund (NSSF), Uganda.

This report details the Fund’s strategy, governance, performance and long-term prospects, demonstrating the Board and Management’s commitment to creating sustainable value for all stakeholders by consistently embedding a holistic sustainability strategy into its core functions and culture, focusing on long-term financial, social, governance and environmental performance.

Our strategic priorities and value creation

Over the past year, the 13th Board remained firmly focused on strategic oversight, ensuring that the Fund’s strategy remains robust, forward-looking, and aligned with our core purpose and values. This is a transition year into the next 10-year strategic planning period.

During the reporting period, the Board’s focus was the alignment of the Fund’s strategic direction towards Vision 2035, anchored on membership growth, maximisation of contributions, maximisation of investment returns, growing the balance sheet, promoting voluntary savings and enhancement of customer experience, among others. This has been the Board’s top priority, and we have engaged continuously and constructively with Management to guide and support the Fund’s strategic direction.

Working with Management, we have successfully clarified and established the Fund's 10-year vision and strategy, ensuring a clear roadmap for the Fund’s future direction. This long-term vision was supported by a meticulously developed budget that received approval from the Minister, reflecting our commitment to aligning financial resources with our strategic goals. We upheld the highest standards of governance, encountering no major challenges, which underscores our dedication to transparency and accountability.

We prioritised prudent resource management, achieving greater operational efficiency and ensuring that all resources are deployed in a manner that serves the best interests of our stakeholders. Together, these accomplishments reinforce our commitment to building a sustainable and impactful future for the Fund and its Members.

I am privileged to lead an excellent Board and Management team that embraces integrated thinking, where decisions and actions are aligned across the Fund to create sustainable long-term value. The Board is actively involved in and committed to the integrated reporting process and the underlying integrated thinking. The Board takes responsibility for the accuracy and integrity of the integrated report, and have applied their collective judgment in its preparation.

We have maintained a clear and consistent commitment to serving all our stakeholders who include our Members, the Government, the financial services sector, and the broader public with passion, purpose, and a shared vision for long-term impact. The Board remains dedicated to ensuring that the Fund’s mission is successfully achieved and sustained.

Financial oversight and risk management

The Board has provided rigorous oversight of the Fund’s financial performance through its committees, which report quarterly to the full Board. These reports enable data-driven decision-making and reinforce accountability. The Audit and Risk Assurance Committee (ARC) plays a central role in monitoring both financial and non-financial risks. Through a comprehensive risk management framework, the committee ensures that the Fund is well-positioned to anticipate and manage potential risks.

Support for innovation and growth

The Board continues to encourage innovation by supporting the development of new products, services, and business models.

Management is empowered to identify opportunities for growth and transformation, and these initiatives are actively considered and supported by the Board to ensure alignment with the Fund’s strategic goals.

Stakeholder engagement and ESG reporting

Strong stakeholder engagement is essential to fulfillment of our mandate. While management leads day-to-day engagement, the Board ensures alignment with our broader stakeholder strategy, covering employees, employers, suppliers, communities, and Government entities. We have also enhanced our focus on ESG reporting, with an emphasis on transparency and value creation. Our reporting efforts are designed to demonstrate how the Fund delivers long-term impact and sustainability in line with global standards.

Reputation management and ethical leadership

The strength of the NSSF brand is a significant asset.

The Board remains proactive in safeguarding and enhancing the Fund’s reputation, remaining vigilant in managing risks to our public image and committed to upholding the highest standards of ethical leadership and corporate responsibility. We continue to promote a culture of integrity, accountability, and ethical conduct throughout the organisation.

Long-term legacy and stewardship

The Board is deeply committed to ensuring the long-term legacy of the Fund. Our work is grounded in the understanding that we are temporary stewards of an institution that must continue to serve future generations.

We are determined to leave a positive, lasting, and sustainable impact, both within the country and on a broader global stage.

Through these collective efforts, the Board continues to demonstrate strong and responsible governance. We remain committed to working with management and stakeholders to ensure the Fund thrives, delivers value to members, and builds a lasting legacy of excellence.

The 13th Board was officially inaugurated on 1 September 2024 by the Minister of Gender, Labour and Social Development. Since its inauguration, the Board has recorded several significant achievements that reflect our commitment to strong governance, strategic oversight, and value creation for stakeholders. Below are the key achievements for the financial year:

The key achievements during FY2025
Strong financial performance The Fund delivered strong financial results during the reporting period, which we attribute, in part, to the reinforcement of sound governance practices and disciplined oversight by the Board	Enhanced stakeholder relations We have maintained and strengthened constructive relationships with supervisory ministries, regulatory bodies, and key strategic partners, including employers. These relationships have been crucial in advancing the Fund’s strategic goals
Regulatory milestones The Board played a leading role in spearheading the approval and rollout of the NSSF (Voluntary Contributions and Benefits) Regulations – 2024, a major regulatory milestone aimed at expanding coverage and improving benefits for members	Adoption of the 10-year strategic plan: Vision 2035 A key highlight of the year was the approval and launch of the Fund’s new 10-year strategic plan, Vision 2035, which sets out a bold, long-term roadmap for sustainable growth and impact
Strengthening governance through continuous learning The Board has actively incorporated best practices in corporate governance, drawing from insights gained through various forums, training sessions, and peer engagements	Organisational stability and cohesion The Fund has experienced a period of sustained stability and cohesion, which has been fundamental to both our performance and stakeholder confidence

The key achievements during FY2025

Strong financial performance

The Fund delivered strong financial results during the reporting period, which we attribute, in part, to the reinforcement of sound governance practices and disciplined oversight by the Board

Enhanced stakeholder relations

We have maintained and strengthened constructive relationships with supervisory ministries, regulatory bodies, and key strategic partners, including employers. These relationships have been crucial in advancing the Fund’s strategic goals

Regulatory milestones

The Board played a leading role in spearheading the approval and rollout of the NSSF (Voluntary Contributions and Benefits) Regulations – 2024, a major regulatory milestone aimed at expanding coverage and improving benefits for members

Adoption of the 10-year strategic plan: Vision 2035

A key highlight of the year was the approval and launch of the Fund’s new 10-year strategic plan, Vision 2035, which sets out a bold, long-term roadmap for sustainable growth and impact

Strengthening governance through continuous learning

The Board has actively incorporated best practices in corporate governance, drawing from insights gained through various forums, training sessions, and peer engagements

Organisational stability and cohesion

The Fund has experienced a period of sustained stability and cohesion, which has been fundamental to both our performance and stakeholder confidence

Foreword by NSSF Chairman cont.

40 YEARS OF BUILDING THE FUTURE: POWERING GROWTH, EMPOWERING GENERATIONS