Report Overview

Introduction

Purpose, scope, and boundary of our report

This integrated report presents our journey over the past year, highlighting our strategy, performance, opportunities, and outlook across financial, economic, social, governance, and environmental dimensions. Focused on creating and preserving value, we strive to minimise short- and long-term value erosion, ensuring a positive impact on all stakeholders through sustainable operations and responsible corporate citizenship.

Guided by integrated thinking, we embed environmental, social, and governance (ESG) considerations into our strategic decisions and daily operations. The report offers stakeholders a forward-looking view of our financial and non-financial performance, covering strategy, risks, opportunities, targets, and governance.

Prepared in line with the international Integrated Reporting (IR) Framework and Uganda’s National Social Security Fund Act Cap 230, this report covers the year ending 30 June 2025. References to “National Social Security Fund,” “NSSF,” and “the Fund” are used interchangeably.

Our aim is to transparently demonstrate how we create value and contribute to shared prosperity for our members, the economy, and society by addressing material financial, economic, social, and governance matters over the short, medium, and long term.

Materiality

Short term

Short-term refers to 12-18 months.

Medium term

Medium-term spans 18 months to 5 years.

Long term

Long-term extends beyond 5 years.

This report discloses information about matters that substantively affect our ability to create value over the short, medium, and long term. We adopt the concept of double materiality, encompassing both internal factors that influence our operations, risk management, and financial performance, and external factors with significant implications for stakeholders and the broader environment, including social and environmental risks, regulatory changes, and emerging trends.

This approach ensures stakeholders gain insights into the material factors driving our immediate operational success, as well as our strategic initiatives and investments shaping medium and long-term resilience, growth, and positive societal and environmental impacts. Our materiality determination process is continually assessed and approved by our Board to ensure the relevance of our strategy.

Materiality determination process

Identify

Identify matters through internal and external environmental scanning.

Prioritise

Prioritise matters and formulate the strategic risks and opportunity register.

Define

Define strategy and targets, incorporating performance measures.

Forward-looking statements

This report may contain forward-looking statements with respect to the Fund’s future performance and prospects. While these statements represent our judgment and future expectations at the time of preparing this report, several emerging risks, uncertainties, and other key factors could cause actual results to differ materially from our expectations. These include factors that could adversely affect our business and financial performance.

Outlook

Outlook information comprises challenges, opportunities, and disruptive factors we have identified that have the potential to affect the achievement of our strategic objectives and our mitigating response as well as opportunities identified. Outlook information can be found throughout this report; however, most of this information can be found in our outlook section.

Internal controls and assurance

Internal audit

The internal audit function plays a crucial role in supporting the integrity and transparency of integrated reporting at NSSF. It provides independent assurance on financial and non-financial reporting, governance, risk management, and control processes. By focusing on areas of greatest risk, internal audit ensures the design and operating effectiveness of the framework supporting integrated reporting objectives.

External audit

External auditors, KPMG Uganda, were appointed by the Auditor General, to conduct the annual audit of the Fund's Annual Financial Statements for the year ending 30 June 2025.

They issued an unqualified audit opinion, aligning with International Financial Reporting Standards and regulatory requirements, affirming the Fund's robust financial health.

Combined assurance

In the three lines of defence model, Enterprise Risk Management, Legal, and Internal Audit collaborate to provide combined assurance on risk, compliance, and internal controls.

This approach ensures comprehensive coverage and avoids duplication in assuring financial and non-financial information.

Internal audit’s role in integrated reporting

Internal audit at NSSF is structured to support enterprise value creation through integrated reporting. It evaluates reporting processes, governance, risk management, and control adequacy related to financial and non-financial capitals. Providing objective assurance independent of management, Internal audit enhances the integrity of the integrated report's content, ensuring alignment with stakeholder interests.