OUR GOVERNANCE:

COMPREHENSIVE OVERSIGHT OF STRATEGY, PERFORMANCE AND REPORTING

COMPREHENSIVE OVERSIGHT OF STRATEGY, PERFORMANCE AND REPORTING

OUR GOVERNANCE:

COMPREHENSIVE OVERSIGHT OF STRATEGY, PERFORMANCE AND REPORTING

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 2023/2024 in support of strategy

Business Perspective 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

Customer
  • 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
Business Perspective 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

Finance
  • 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 22.13Tn
  • Assets under management hit 20 trillion ahead of 2025 and have exceeded as at June 2024
Business Perspective 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

Processes
  • 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
  • 10.1 days
  • Benefits payment turnaround time has slightly reduced, and this is attributed to increased verification of survivor’s benefits claims to counter increasing fraudulent attempts to access the same
Business Perspective 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

Learning, Culture, Growth
  • 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 to 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

Reporting

The Board ensures that it provides transparency to key stakeholders, both in good and tough times, by providing timely and balanced information, and in so doing, promotes stakeholders’ confidence in the business. The NSSF reports the material results of its performance internally and to stakeholders.

The Board is responsible for providing reporting guidelines regarding quality and depth of reports, meaningfulness, and relevancy to meet internal and external needs.

We strive to give effect to the reporting requirements of the various leading practice codes/guidance/frameworks and good practice in our industry, etc.

Internal reports

The Board and its Committees are supplied with complete and timely information from Management to enable the Directors to discharge their responsibilities.

External reports

The NSSF publishes an annual integrated report and audited financial statements to ensure all stakeholders remain informed. The integrity of the information included in the reports is overseen by the Board, with specific areas of reporting reviewed and challenged for appropriateness by the relevant Board Committees, as well as our internal audit and combined assurance functions. The annual financial statements are audited by KPMG.

The Board ensures reporting of accurate, complete, and balanced information in the Integrated Report. Information related to the required disclosures appears in our Integrated Report. This includes matters relating to our strategy and detailed sections about our long-term goals, medium- to long-term targets, stakeholder engagement, governance approach and outlook. Additionally, our governance principles, including the King IV application are included in this chapter.

Board training includes integrated reporting to deepen Directors’ understanding of the requirements of the Integrated Reporting Framework. IR training is available to new Board members.

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A NEW DAY - CREATING SHARED VALUE FOR SUSTAINABLE GROWTH

Appointments and delegation to management