I am pleased to present our Corporate Governance report for the FY2023/24, which has been the final year of the 12th Board in office. I take this opportunity to congratulate my fellow Board members for successfully completing their term. I commend the Board and Management for their great leadership in upholding good governance and ensuring that the Board’s mandate is delivered.
Dr. Peter Kimbowa, Chairman, Board of Directors
On behalf of the Board, I commend the Management and staff for the recovery and resilience demonstrated after the disruptions of the Fund operations by six probes over an eight months’ period. The Fund continues to exceed the key performance targets in terms of portfolio growth, member satisfaction, efficiency in its processes and staff satisfaction.
Sustainability and ESG are part of components of the Vision 2035 and the Board will continue to promote this agenda through creation of awareness, strategic planning and policy formulation, provision of oversight and guidance.
Our corporate governance structure and practices have enabled us to create value for the Fund, our members and all our stakeholders in this ever-changing environment.
Our governance report sets out our robust approach to sound corporate governance and alignment to King IV principles, our mandate as the Board, together with reports from each Board Committee and activities executed in the FY2023/2024 financial year.
The Board, being the overall custodian of good corporate governance, together with the Management Team, promotes and upholds the core fundamental principles of governance; accountability, fairness, transparency, and social responsibility in the way we conduct business and in all our processes.
Our integrated report discloses our performance to our members, our stakeholders, and the public as a commitment to our accountability and transparency.
The Fund held an Annual Members’ Meeting on 26 September 2023, where the financial performance, the audited financial accounts, the Integrated Report, and the inaugural ESG/Sustainability report were presented to our members and all stakeholders.
The Board’s approach is to ensure that corporate governance is embedded into the strategic objectives, operations, and internal processes of the Fund’s business. The Board is committed to keeping abreast with new corporate governance trends from an international, regional, and local perspective in the fulfilment of its vision to become the social security provider of choice to its members and generate tangible sustainable returns.
Inspire and rebuild trust within the Fund and the public.
Clarify on the Fund business purpose.
Provide a culture of constant measurement through feedback and reinforcement.
Harness team-based approaches within the Fund.
Finally, I express immense gratitude to the supervising ministries, fellow agencies, the outgoing Board, the Management team, and staff for the unwavering support exhibited during this tenure.
The Fund’s governance approach is based on the main principles and provisions set out in the UK Corporate Governance Code and the King IV Code on Corporate Governance.
The Fund adheres to and ensures full compliance with the provisions of the National Social Security Act Cap 230 that regulates the Fund’s activities. The Board also adhered to all other laws that affect the regulatory environment of the Fund’s operations and supported management in ensuring full compliance.
The Board is also governed by the Board charter which stipulates the parameters within which the Board operates and ensures the application of the principles of good corporate governance in all its dealings. The charter sets out the roles and responsibilities of the Board, its committees, and individual Directors, including its composition and relevant procedures of the Board. The charter is aligned with the provisions of the UK Code and King IV Code on Corporate Governance. The Board charter was reviewed to align with emerging trends in good governance.
The way we have continued to apply these governance principles is demonstrated throughout the report. The Board confirms that the Fund, throughout the period under review, complied with all applicable laws and regulations.
A NEW DAY - CREATING SHARED VALUE FOR SUSTAINABLE GROWTH