Our Governance
Introduction to corporate governance
Ms Agnes Tibayeita Isharaza, Corporation Secretary
"Over the past four decades, the Legal and Board Affairs Department has been a cornerstone in the Fund’s transformation.
The department has consistently ensured that the Fund operates within its legal mandate and the broader national legal framework, while enabling innovation and growth in the dynamic retirement benefits sector."
40 Years of building Uganda’s future: The dynamic Legal and Board Affairs Department supporting the Fund’s growth
Guided by a vision to deliver services aligned with the standards of the best-in-class private law firms, the department has professionalised its team, cultivating a pool of robust legal experts proficient across diverse fields. This strategic approach has significantly contributed to the Fund’s growth, as evidenced by numerous accolades that affirm its sustainability and resilience.
The department has championed strict adherence to corporate governance standards, enabling the Board and the Fund to distinguish themselves as reliable stewards of member savings. This commitment was most recently recognised at the ICGU awards on 18 October 2024, where the Fund received the Resilience and Sustainable Impact Award, a testament to its sound governance and meaningful contributions to Uganda’s development.
In addition, the department has earned recognition as In-House Legal Team of the Year and continues to uphold the record of unqualified audit opinions, reinforcing the Fund’s reputation for integrity and excellence. In its pivotal role, the Department has safeguarded the Fund’s assets by providing legal support across the investment process and proactively managing litigation. It has also strengthened employer compliance, ensuring that defaulting employers fulfil their obligations to their employees.
Strategic partnerships with key stakeholders including the Uganda Law Society, Judicial Training Institute, and the Institute of Corporate Governance of Uganda (ICGU) have further empowered the Fund to fulfil its mandate. These collaborations, bolstered by guidance from compliance enforcers like the Attorney General’s Office, PPDA and DPP have led to increased membership and contributions, enhancing the Fund’s impact.
From its foundational role as in-house counsel to its current position as a Fund strategy enabler, the Legal and Board Affairs Department continues to evolve in response to the Fund’s growing mandate.
It remains steadfast in its commitment to driving innovation whilst ensuring legal compliance, influencing legal policy and reforms in the retirement benefits sector, and engaging key stakeholders to promote social security and financial sustainability.
As the Fund continues to build Uganda’s future through making saving a way of life, the Legal and Board Affairs Department remains an anchor, providing support at every step of the journey.
Compliance statement
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 230 that regulates the Fund's activities. The Board also adheres to all other laws that affect the regulatory environment of the Fund's operations and supported management in ensuring full compliance.
The Board is also governed by the 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 Board Charter was reviewed to align with emerging trends in good governance.
The way we have continued to apply 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.