The Finance Minister, Matia Kasaija has appointed a new board of directors for the National Social Security Fund(NSSF) that will serve for the next three years until 2024.
The new board announced on Wednesday will be headed Dr. Peter Kimbowa, who is a corporate governance and management expert but also a team leader at the CEO Summit Uganda– a private sector think tank.
Kimbowa replaces Patrick Byabakama Kaberenge, whose term expired on August 31, 2021 having served for six years
On new board are four representatives of the trade unions, two for employers through the Federation of Uganda Employers (FUE).
The minister also re-appointed Aggrey David Kibenge representing the Ministry of Gender, Labour and Social Development as well as Patrick Ocailap, representing the Ministry of Finance.
On the board, the Finance Minister also Dr Eng Silver Mugisha and Fred K Bamwesigye representing employers through the Federation of Uganda Employers (FUE).
Other appointees include Sam Lyomoki and Penninah Tukamwesiga representing workers under the Confederation of Free Trade Unions (COFTU); Bahemuka Julius and Hassan Lwabayi Mudiba, also representing workers under the National Organisation of Trade Unions (NOTU).
The NSSF Managing Director Mr. Richard Byarugaba will continue serving as the only executive member of the 12th board.
Speaking for the first time about his appointment, Kimbowa said that he views the appointment as a challenge given the stability NSSF has enjoyed over the last decade.
“It is a big challenge at a personal and professional level, because the fund has been very successful beyond expectations over the last 8 years or so. So, we will have to find what is missing, or the next opportunity that can regenerate the Fund, re-imagine what else is possible to create the Fund of the future,”Kimbowa said.
He added that his vision for the next three years is to reshape and repurpose the investment portfolio to make it more responsive to the market but also take advantage of the fifth industrial revolution by prioritizing digitisation and to ensure the right culture to make NSSF fit for purpose.
He also pledged to work with all the stakeholders and to build mutual trust with management while raising substantive issues to improve governance of the fund.
“We will ask the right questions, be open minded with a deep sense of curiosity but we must also be willing to remain agile and very adaptive, move with the times but also ahead of the times. In summary, we will ask, analyse and follow through,” he added.
NSSF Managing Director Richard Byarugaba expressed appreciation to the outgoing board for
providing oversight and leadership at a time when the fund and the entire retirement benefits sector was preparing for reforms that will be ushered in by the NSSF Amendment Bill (2019) to be enacted this year.
“The appointment of Dr. Kimbowa, a corporate governance expert is a message from the minister that he wants to maintain stability the fund has enjoyed over the last decade, but also prepare us for a new era,” he said.
“I believe the new board will ably provide strategic leadership as we exploit the opportunities provided by the milestone occasioned by the legislation once it is assented to by the president, especially around expansion of coverage to the informal sector, cementing the alternative savings through voluntary top ups, mid-term benefits.”