Our Governance
Our governance approach
Mindful Governance: Board responsibilities for vision, strategy, values, and governance
1
Ensuring good governance of the Fund by enhancing its long-term sustainable success
Board focus/mindful governance in FY25
- Monitored the economic outlook to manage the foreign exchange risk exposure of the Fund
- Managed costs and maximise income through focusing on risk mitigation measures and conducting stress testing of various parameters
- Developed a succession planning strategy for 2025/2035; the Fund's maturing membership base poses a risk of declining growth, therefore a focus on regulations that increase flexibility for creating new products is a key priority
- Focus on service delivery to ensure customer satisfaction levels are maintained and improved
- Focus on internal development of software by the internal IT team
2
Determining the Fund’s strategic objectives and organisational values
Board focus/mindful governance in FY25
- Focus on the 10-year strategy Vision 2035 (50:50:95)
- Focus on redefining the Fund culture through refreshed values in support of Vision 2035
3
Setting up appropriate governance structures for the management of the Fund’s business operations
Board focus/mindful governance in FY25
- Monitoring and overseeing the new structural changes following the organisational redesign
- Reconstituting the new Enterprise and Growth Department with the right skills to expand membership coverage to at least 50% of eligible Ugandans, with a strong focus on growing voluntary membership and reaching the informal sector
- Prioritised reskilling our employees to align with the Fund’s strategic objectives
4
Setting responsibilities, performance targets and evaluating management performance
Board focus/mindful governance in FY25
- Reskilling and re-aligning staff towards the 2035 vision
- Incorporating sustainability measures in balanced scorecards
5
Ensuring appropriate human resources are in place and overseeing succession planning for senior management to support the achievement of organisational objectives
Board focus/mindful governance in FY25
- Appointment of a Deputy Managing Director (former CIO)
- Appointment of the Head of Procurement Unit
- Appointment of a Chief Enterprise and Growth Officer
- Appointment of a Chief Investment Officer
- Continue embedding aggressive talent managing and succession planning strategies at all levels to ensure we have strong successors for all key positions
- Oversight of talent management through a review of the Fund's talent management and retention strategy for critical roles
- Strengthening job shadowing, secondment, and upskilling of staff to enable additional opportunities for growth
- Strengthening gender diversity at top management and senior management level through the Pathfinder programme
- Deliberate effort to empower women
- Maintaining elevated levels of employee engagement
6
Establishing policies and processes to guide the legal compliance and delivery of services
Board focus/mindful governance in FY25
- Focus on service delivery to ensure customer satisfaction levels are maintained and improved
7
Monitoring the management and implementation of plans and strategies quarterly
Board focus/mindful governance in FY25
- Support implementation of the voluntary regulations to tap into the voluntary savings space and informal sector
- Position the Fund to rally and encourage savings mobilisation to support other Government programmes
- Actively pursue Private Public Partnerships (PPP) in the mobilisation of funds or finances to undertake real estate projects
- Actively participate in the formulation of the proposed Real Estate law. Endeavour to free all encumbered land and continue to explore affordable housing options
- Put in place and published the Fund's allowable investments areas with clear boundaries
8
Carrying out a review of internal control policies, risk management and procedures, and ensuring their effectiveness
Board focus/mindful governance in FY25
- Emphasised risk culture in the decision-making processes through continuous awareness and training on risk management
- Enhanced risk management through promotion of a culture of risk awareness, understanding risk appetite and adequate risk response and management of strategic risks - A recent internal survey indicated that 97% of employees reported being aware of the risks linked to their roles and 93% confirmed that control assessments are conducted regularly
- Provided oversight over information technology risks especially the stability of the core pension system and new innovations in the areas of Artificial Intelligence and machine learning
9
Approving and monitoring the progress of major investments in line with S.31 of the NSSF Act Cap 230
Board focus/mindful governance in FY25
- Exploring new areas of investment
- Building the right partnerships to enforce the provisions of the NSSF Act
10
Approving and monitoring major contracts, acquisitions, and disposals
Board focus/mindful governance in FY25
- Enhanced due diligence processes during the acquisition and/or procurement of investments to ensure that risks are highlighted and mitigants put in place
11
Advising the Minister of Finance, Planning and Economic Development on the appropriate rate of interest to be declared on members’ accounts
Board focus/mindful governance in FY25
- Determination of the annual and supplementary budget involves making and submitting to the Minister, for approval, estimates of the Fund's income, its capital recurrent, and other expenditures likely to be incurred for the ensuing year
- Recommendation of the interest rate for declaration depending on the Fund's realised income
12
Ensuring ethical behaviour and compliance with the laws and regulations
Board focus/mindful governance in FY25
- Engagement with the Legal and Board Affairs Department to assess the impact of litigation risks faced by the Fund, especially land related matters