NSSF UGANDA | Integrated Report 2023/2024

Reward and recognition for our integrated report 2023

We were delighted to report that the Fund received special recognition for good Corporate Governance Reporting at the Financial Reporting (FiRe) Awards 2023. This result reflects the focus and commitment by the Board and Management upholding the core fundamental principles of corporate governance.

Performance overview of the Board

Achieved and exceeded the targeted assets under management of UGX 20 trillion ahead of time.

Evaluation of the Board performance: The Board and each member achieved a good performance rating.

Information architecture in the Fund: The Board has continued to receive accurate and complete information in a timely manner that has facilitated decision making.

Creation and scale up of various projects such as Hi-Innovator Programme and the proposed National Marketing Company (NAMCO) among others.

Introduced executive coaching for senior leaders of the Fund especially in management and performance enhancement.

Embedded digital and analytics to grow legacy businesses and create new ones.

Reshaping the balance sheet and cost structures through successful budgeting.

Implementation of the NSSF Agency model to enhance service delivery and accessibility for members.

Challenges during the FY2023/24

Multiplicity of probes/ investigative inquiries which brought disruptions and affected morale of employees
The emergence of unprecedented risks due to the ever-changing global landscape
Land challenges which stemmed from double titling by the Ministry of Lands, Housing and Urban Development in 2019
Board Dynamics: Creating and maintaining a cohesive, focused, and dynamic team at the Board
Whistleblowers: Managing the multiplicity and complexity of authorised and non-authorised information

Outlook

Technology - The Board working with Management would like to drive the Fund as a technology company guided by data and algorithms for decision making and processes. There is need to upskill, reskill and attain new skill to enable the Fund to achieve a cutting edge for tech driven strategies.

Human Capital Development - Continuous learning agenda for staff. Putting people at the centre of the corporate purpose.

Diversification – Emphasis should be to diversify the Fund’s investments across various asset classes, sectors, and regions. Explore opportunities in alternative investments.

Collaborative Partnerships - Collaboratively determining the next value working with others in partnership.

Knowledge - Data driven knowledge. Decisions and analysis should be supported by data.

Ethical Standards - Integrity of our processes.

Resilience - The Fund should be able to withstand pressure from the external environment.

Sustainability – Broaden and deepen the footprint in sustainability.