Our Governance

Strategy, performance and reporting

Strategy

Strategy Icon

In fulfilling its duty to direct our strategy, the Board is responsible for guiding the overall direction of the Fund. It recognises how closely linked our vision, business model, and the external environment are to our operations. Clearly understanding and stating our purpose is essential, as it provides a solid basis for all our strategic decisions and actions. This focus helps us concentrate on what we can control, enabling us to take advantage of opportunities and implement our strategy effectively.

To support management in achieving its goals, aligned with the strategic plan set for completion by 2035, the Board has established a strong governance framework. The Fund's strategy is clearly defined and includes a set of KPIs aimed at long-term value creation. In line with our commitment to sustainability and responsible investment, we have incorporated sustainability factors into our strategy. This shows our dedication to achieving our chosen SDGs and making a meaningful impact in ESG areas.

Key elements of our strategic approach include:

A detailed ten-year strategic outlook based on in-depth planning sessions conducted by the Board.

A comprehensive strategy that integrates risk management, opportunity identification, and performance management processes.

Adequate budgeting and resource allocation to effectively meet our strategic objectives.

The Board regularly reviews the Fund's progress against set strategic targets, reinforcing our commitment to delivering sustainable value for our stakeholders. This approach helps us build a resilient organisation capable of adapting to changes in the market. By grounding our decisions in our purpose and incorporating sustainability into our strategy, we aim to create long-term value while managing the complexities of our operating environment.

Performance

Key performance measures are aligned to the strategic objectives which translate into an organisational scorecard, cascading into individual scorecards. The Fund continues to deliver excellent results in all metrics we measure ourselves against to ensure achievement of milestones and execution of strategy.

Board activities 2024/2025 in support of strategy

Customer
Key Issue(s) Assessed Broad Strategic Intervention(s) Definition of Success Position in 2020/2021 Position in 2021/2022 Position in 2022/2023 Position in 2023/2024 Position in 2024/2025
  • Customer experience (pain points due to data quality and manual processes)
  • Inadequate engagement with customers across the life cycle
  • Ubiquity in customer service channels
  • Increased self-service
  • Product innovation
  • 95% customer satisfaction
  • 82%
  • 82%
  • 88%
  • Service quality has been maintained across all channels
  • 87%
  • 91% of the members contacted the Fund via electronic channels
  • 88%
  • 96% of transactions conducted via e-channels

Finance
Key Issue(s) Assessed Broad Strategic Intervention(s) Definition of Success Position in 2020/2021 Position in 2021/2022 Position in 2022/2023 Position in 2023/2024 Position in 2024/2025
  • Deliver a real rate of return on customers’ savings
  • Improve options for financial protection
  • Diversify the Fund’s investment portfolio
  • Improve delivery of real estate projects
  • Product innovations that deliver enhanced financial protection
  • Return of at least 10-year moving average of inflation +2%
  • UGX 20Tn Assets Under Management (AUM)
  • Total assets UGX 15.5Tn
  • UGX 17.25Tn
  • UGX 18.56Tn
  • Progress towards UGX 20Tn by 2025 is on track
  • UGX 21.97Tn
  • Assets under management hit 20 trillion ahead of 2025 and have exceeded as at June 2024
  • UGX 25.99Tn
  • Assets under management grew by 17.4% compared to FY2023/24

Processes
Key Issue(s) Assessed Broad Strategic Intervention(s) Definition of Success Position in 2020/2021 Position in 2021/2022 Position in 2022/2023 Position in 2023/2024 Position in 2024/2025
  • Manual interventions in key customer processes
  • Inadequate data quality for agile business decisions and deeper customer insights
  • Business Process Re-engineering (Skyfall)
  • Business Intelligence and Data Maturity Model Project
  • Straight-through processing contribution project
  • Pay customer benefits within 1 day
  • Update member statements in 24 hours
  • 8 days
  • 12.3 days
  • 11.9 days
  • Benefits payment turnaround reduced due to the implementation of the Pension Administration System. Close monitoring of the turnaround time and measuring the average time taken to process claims
  • 10.12 days
  • Benefits payment turnaround time has slightly reduced, and this is attributed to increased verification of survivor’s benefit claims to counter increasing fraudulent attempts to access the same
  • 5.6 days
  • Benefits payment turnaround time reduced from 10.1 days driven by process reorganisation, smarter use of in-house talent, and strategic investments in technology

Learning, Culture, Growth
Key Issue(s) Assessed Broad Strategic Intervention(s) Definition of Success Position in 2020/2021 Position in 2021/2022 Position in 2022/2023 Position in 2023/2024 Position in 2024/2025
  • Progress maturity as a high-performing organisation
  • Become a talent magnet and nurture top talent
  • Improve staff work experience
  • Address key “hygiene factors” to improve the work environment
  • Re-organise structure in line with process re-engineering to add more value jobs (70:30)
  • Review and improve succession planning for Management to ensure a robust leadership pipeline
  • Improve reward and recognition programme
  • 95% staff engagement rate
  • 93%
  • 92%
  • 86%
  • Employee satisfaction levels significantly reduced due to the changes with the Fund's structure, and this caused anxiety amongst staff
  • 89%
  • Score has slightly increased due to improved staff engagement and alignment of their work to the Fund’s strategic objectives
  • 91%
  • Our commitment to building a purposeful, inclusive, and high-performing workplace is delivering tangible results, with employee satisfaction rising from 89% to 91%

Reporting

Strategy Icon

The Board is committed to maintaining transparency with key stakeholders, whether during positive or challenging times. By providing timely and balanced information, we aim to build and sustain stakeholders' confidence in the business. NSSF shares significant performance results both internally and with stakeholders. It is the Board's responsibility to establish reporting guidelines that ensure the quality, depth, meaningfulness, and relevance of these reports to meet the needs of both internal and external audiences. We strive to align our reporting with leading practice codes, guidance, frameworks, and other industry best practices.

Internal reports

The Board and its committees receive timely and comprehensive information from Management, enabling Directors to fulfil their responsibilities effectively.

External reports

NSSF publishes an annual integrated report and audited financial statements (see link) to keep all stakeholders informed. The Board oversees the integrity of the information presented in these reports. Specific aspects of the reporting are scrutinised for appropriateness by the relevant Board Committees, alongside our internal audit and combined assurance functions. The annual financial statements are audited by KPMG to ensure accuracy.

The Board ensures that the integrated report features precise, comprehensive, and balanced information. Important disclosures are included in our integrated report, covering our strategy, long-term goals, medium- to long-term targets, stakeholder engagement, governance approach, and future outlook. This chapter also outlines our governance principles, including applications of the King IV Code.

To enhance Directors’ understanding of integrated reporting requirements, Board training includes sessions on the Integrated Reporting Framework. Additionally, integrated reporting training is provided to new Board members.

Governance, structures and delegation
40 YEARS OF BUILDING THE FUTURE: POWERING GROWTH, EMPOWERING GENERATIONS