Matia Kasaija, the Finance Minister, has chosen a new board of directors for the National Social Security Fund (NSSF) for the next three years, until 2024.
Dr. Peter Kimbowa, a corporate governance and management specialist as well as a team leader at the CEO Summit Uganda, a private sector think tank, will chair the new board, which was announced on Wednesday.
Kimbowa succeeds Patrick Byabakama Kaberenge, who served for six years and whose tenure ended on August 31, 2021.
Four trade union representatives are on the new board, while two employers are represented by the Federation of Uganda Employers (FUE).
Aggrey David Kibenge, who represents the Ministry of Gender, Labour and Social Development, and Patrick Ocailap, who represents the Ministry of Finance, were also re-appointed by the minister.
Dr Eng Silver Mugisha and Fred K Bamwesigye, representing employers through the Federation of Uganda Employers, are also on the board (FUE).
Sam Lyomoki and Penninah Tukamwesiga, both of the Confederation of Free Trade Unions (COFTU), and Bahemuka Julius and Hassan Lwabayi Mudiba, all of the National Organisation of Trade Unions, have also been appointed (NOTU).
Mr. Richard Byarugaba, Managing Director of the NSSF, will continue to serve as the lone executive member of the 12th board.
Kimbowa, speaking for the first time about his appointment, described it as a challenge given the stability that NSSF has enjoyed over the previous decade.
“It’s a huge personal and professional challenge because the fund has performed well above expectations over the previous 8 years or so. So, we’ll have to figure out what’s missing, or the next chance to regenerate the Fund, and re-imagine what further might be done to establish the Fund of the Future,” Kimbowa added.
He went on to say that his goals for the next three years are to restructure and repurpose the investment portfolio to make it more market-responsive, as well as to capitalize on the fifth industrial revolution by emphasizing digitalisation and ensuring the proper culture to make NSSF fit for purpose.
He also stated that he will engage with all stakeholders and develop mutual confidence with management while highlighting serious concerns to enhance the fund’s governance.
“We will ask the proper questions, be open-minded and curious, but we must also be prepared to be nimble and adaptable, moving with the times while also anticipating them. In summation, we shall inquire, analyze, and act,” he continued.
Richard Byarugaba, Managing Director of the NSSF, thanked the outgoing board for their efforts.
providing supervision and leadership at a time when the fund and the broader retirement benefits industry were preparing for reforms that would be ushered in this year by the NSSF Amendment Bill (2019).
“The minister’s selection of Dr. Kimbowa, a corporate governance specialist, sends a message that he wants to preserve the fund’s stability over the previous decade while simultaneously preparing us for a new era,” he added.
“I am confident that the new board will be able to provide strategic leadership as we take advantage of the opportunities presented by the landmark legislation once it is signed by the president, particularly in terms of expanding coverage to the informal sector, cementing alternative savings through voluntary top-ups, and mid-term benefits.”