OUR GOVERNANCE:

OUR GOVERNANCE STRUCTURE, ROLES AND ACTIVITIES OF THE BOARD AND DIRECTORS

OUR GOVERNANCE STRUCTURE, ROLES AND ACTIVITIES OF THE BOARD AND DIRECTORS

OUR GOVERNANCE:

OUR GOVERNANCE STRUCTURE, ROLES AND ACTIVITIES OF THE BOARD AND DIRECTORS

Board activities in 2024

Strategy Implementation
Policy, Charter, Manual Review & Approval
Stakeholder Activity
Corporate Governance

July

 For period ending 30 June 2023:

Finance Committee reviewed and discussed:
  • The Financial report
  • Commercial report
  • Operations report
  • IT report
  • Procurement and Disposal Unit report
ARC reviewed:
  • The Legal and Board Affairs report
  • Internal Audit report
  • Risk Management report
IPMC reviewed:
  • The Investments implemented report
  • Quarterly Investments report
  • The update on Property Management
  • The update on Real Estate projects
SACA reviewed:
  • Staff updates
  • Marketing and Communications report
  • People and Culture report
  • Long Service Award update

August

  • Extra Ordinary full board meeting to consider the appointment of the Managing Director
  • Extra Ordinary Board Meeting to consider the report from Japheth Kato consulting (JK) on the review of the Board Charter 2020 for adoption
  • ARC considered and recommended the contract renewal of Head of Internal Audit
  • Finance Committee considered the update on the approval of the NSSF Budget 2023/2024

September

 The ARC and Finance Committee had a combined meeting to consider the proposed interest declaration rate.

SACA reviewed and considered:
  • Renewal for three senior managers
  • Recruitment of Head Procurement and Disposal Unit
  • Staff Appraisals, Salary review proposals
  • Performance Bonus for FY2022/2023
Ordinary full Board meeting to review of the Draft NSSF Audited Financial Accounts FY 2022/2023:
  • Consideration of interest rate proposed for FY 2022/2023
  • Received and reviewed the Management Letter
  • Submission of proposed interest rate FY2022/2023.
  • Staff appraisal moderation

October

 Finance Committee reviewed and discussed:
  • Financial report
  • Business report
  • Operations report
  • IT report
  • Procurement report
ARC reviewed:
  • The Legal and Board Affairs report
  • Internal Audit report
  • Risk Management report
  • The update on Property Management
SACA reviewed and considered:
  • Managing Director’s update of the Fund’s performance as at 30 September 2023
  • Marketing and Corporate Affairs report
  • People and Culture report
  • Proposed Executive Committee Succession plan
  • Critical key staff/talent

November

 IPMC reviewed:
  • The Investments Implemented report
  • Quarterly Investments report
  • The update on Property Management
IPMC also considered:
  • Update of the investment performance of UMEME from Initial Public Offering to date
  • The update on Real Estate projects
  • NSSF Real Estate projects
  • Contracts of IPMC consultants
  • Paper on interest declaration on closing balance approach and prospects of an NSSF annuity approach
  • Update on the sale of Murram at Temangalo
Ordinary Board meeting to consider:
  • Director’s nominations to investee companies
  • The Board ratified the circular resolution to approve the Airtel Uganda Ltd Initial Public Offering in Q1
  • The training reports for the Board Development activities undertaken

December
  • The Full Board undertook a training on Board Trustee Certification

January

 SACA reviewed and considered:
  • Updates on the Deputy Managing Director and Head Procurement and Disposal Unit functions
  • Marketing and Communications report
  • People and Culture report
  • Two senior manager appointments
Finance Committee reviewed and considered:
  • The NSSF financial performance report for quarter 2 ending 31 December 2023
  • Commercial report for quarter 2
  • Technology and Enterprise Solutions report for quarter 2
  • Procurement and Disposal Unit report for quarter 2
  • Opening new bank accounts for the smart life products operationalisation
ARC reviewed:
  • The Legal and Board Affairs quarterly report
  • The Internal Audit quarterly report
  • Risk Management quarterly report
  • The Liquidity stress report
  • The Foreign Exchange report
  • Proposed revised Board Charter
IPMC reviewed and considered:
  • Quarterly Investment report
  • Real Estate projects quarterly report
  • Property Management quarterly report
  • Proposed changes to the Investments and Procedures Manual

February

Non-Executive Directors Meeting to review the 12th Board's performance from September 2021 to February 2024

Ordinary full Board meeting to consider:
  • Quarter 2 Management reports from the various Committee reports for the period ending 31 December 2023
  • The training reports for the Board Development activities undertaken (Board Trustee Training)
  • The Board undertook a training on Board Corporate Governance Ethics and Risk Management

March

 No activities undertaken

April

 Joint Board and Executive Committee Strategy Workshop to consider Management Workplans for the FY2024/2025

SACA reviewed and considered:
  • Marketing and Communications report
  • People and Culture report
  • The draft NSSF Organisation structure
  • Update on the Brand Policy
  • Medical Scheme
  • Budgets for Marketing and Communications Department for FY2024/2025
  • Budget for People and Culture Department for FY2024/2025
The ARC undertook a customised training

IPMC reviewed and considered:
  • Update on the economy and implications for the Fund’s Investment programme
  • Quarterly investment report
  • Real Estate projects quarterly report
  • Property Management quarterly report

May

 Extra Ordinary Board meeting to consider:
  • IPMC report to the Board on the Telecom Sector on the recommendation to buy additional shares in MTN
  • SACA report on the recommendation for the position of Deputy Managing Director and approval of the final NSSF organisation structure design
Finance Committee reviewed and considered:
  • The NSSF Budget for FY2024/2025
  • Quarterly financial performance report
  • Quarterly Commercial report
  • Quarterly Technology and Enterprise Solutions report
  • Quarterly Procurement and Disposal Unit
  • Quarterly strategy report
  • Consideration of budget highlights for the Finance, Commercial, Technology and Enterprise Solutions, Procurement and Disposal Unit, and Strategy Departments for the FY2024/2025
ARC reviewed:
  • The Legal and Board Affairs quarterly report
  • The Internal Audit quarterly report
  • Enterprise Risk Management quarterly report
  • Information Technology insights report
  • Update on various Fund matters
  • Terms of Reference for the procurement of an IT Risk advisor to the Board
  • Budget highlights for the Legal and Board Affairs, Enterprise Risk Management, and Internal Audit Departments for the FY2024/2025
IPMC reviewed and considered:
  • Investment department budget 2024/2025
SACA reviewed and considered:
  • Final NSSF Organisation Structure
  • Marketing and Corporate Affairs budget FY2024/2025
  • People and Culture budget FY2024/2025
  • Update of the Brand Policy
Ordinary Board Meeting to consider:
  • The proposed Fund budget for FY2024/2025
  • Committee reports for quarter 3 ending 31 March 2024

June

 ARC considered:
  • The External Audit Plan
  • Internal Audit Plan
  • Internal Audit Balance Score Card FY2024/2025

The Board action plan for FY2024/2025 will cover the following areas:

  • Achieving a technology-driven strategy in a balanced portfolio of pragmatic investments
  • Ensuring that the Fund achieves a stable but agile culture
  • Operationalising the NSSF Act Cap 230 to ensure that members’ needs in terms of new products and easy access to benefits is enhanced
  • Diversifying the Fund’s investment portfolio
  • Broaden and deepen the footprints into sustainability

A NEW DAY - CREATING SHARED VALUE FOR SUSTAINABLE GROWTH

Audit and Risk Assurance Committee