Our Governance
03Board focus: from commitments to outcomes
The Board’s commitments and focus for FY2026/27 support sustainable value creation through diversification, inclusion, resilience, strategic execution and strong governance.
Board focus
From commitments to outcomes
At the close of FY2025/26 the Board set commitments for the year ahead and now looks forward to FY2026/27.
Together they support sustainable value creation through diversification, inclusion, resilience, strategic execution, and strong governance.
- Diversification
- Inclusion
- Resilience
- Strategic execution
- Strong governance
Board commitments: FY2025/26 outcomes and FY2026/27 focus
Strategic focus
Commitment
Realign investment strategy towards alternative assets, affordable housing, transportation, and infrastructure, keeping returns at least 2.0% above 10-year average inflation.
Progress and outcome – FY2025/26
The Board oversaw reallocation from government securities towards developmental investments aligned with NDP IV and the Ten-Fold Growth Strategy. Through the IPMC, infrastructure, energy, tourism, agriculture, and minerals opportunities were assessed against commercial and risk-adjusted return criteria.
Gross investment return reached 26% against a 12% target, while assets under management increased to UGX 32.87 trillion, exceeding the UGX 29.13 trillion target. A Social Impact Investment Policy was approved for investments generating both financial and socio-economic returns.
Value created
Diversification improved without compromising performance. Strategic partnerships widened access to infrastructure and housing, and the inaugural All-Africa Pension Summit secured an approximately USD 90 million annual commitment to a pooled East African infrastructure vehicle which will strengthen the developmental investment pipeline upon implementation.
FY2026/27 focus
Expand participation in strategic infrastructure, energy, agriculture, tourism, and manufacturing projects while maintaining rigorous governance and fiduciary standards.
Strategic focus
Commitment
Expand social and alternative investments to further diversify the Fund's portfolio.
Progress and outcome – FY2025/26
The Lubowa pricing model was revised and a Temangalo contract amendment ratified to enable price adjustments.
Sales remained strong at the flagship development and portfolio optimisation achieved an 86% disposal rate against a 40% target. Mbale City House was completed, and tenant onboarding began.
Value created
Improved portfolio efficiency and liquidity through disposal of underperforming assets, releasing capital for higher-value opportunities.
FY2026/27 focus
Increase exposure to selected developmental investments supporting economic transformation and employment creation.
Board commitments: FY2025/26 outcomes and FY2026/27 focus
Inclusion and growth
Commitment
Recruit at least 300,000 new members, launch Smartlife Fixed and Flex, expand the Livelihoods Support Programme and accelerate inclusion through partnerships.
Progress and outcome – FY2025/26
The agriculture, informal sector and enterprise pillars became fully operational through the reconstituted Enterprise and Growth Department: off-take agreements for maize, sesame, soya and coffee; the 'one pancake a day' savings pilot targeting Uganda's approximately 2.5 million motorcycle riders; and extension of the Hi Innovator programme with the Mastercard Foundation to 2030, targeting 1,000 start-ups and more than 120,000 jobs.
Smartlife Flex was launched, Smartlife Fixed reached approximately 60% development, and 311,730 new members were registered against a target of 300,000, increasing total membership to 3.65 million.
Value created
Expanded access to social security and long-term savings among voluntary and informal-sector communities, and established scalable mechanisms for voluntary savings, including the 'one pancake a day' initiative which at scale could mobilise close to UGX 1 billion daily across approximately one million riders.
Targeted agriculture, enterprise, and livelihoods interventions strengthened the base for future contribution growth.
FY2026/27 focus
Accelerate informal-sector participation through targeted awareness, financial literacy, partnerships and expanded digital channels.
Board commitments: FY2025/26 outcomes and FY2026/27 focus
Operating excellence
Commitment
Maintain focus on continuous improvement through enhanced service delivery, Platform Next and an AI Policy.
Progress and outcome – FY2025/26
94% of member services were delivered online by year-end. Talia AI became a member-facing capability supporting contribution compliance and savings behaviour, while the internal team advanced Platform Next, cutting third-party licensing reliance. Internal Audit flagged residual contractor-dependency risk, and the AI Policy progressed.
Value created
Benefits turnaround time improved by 20.5%, from 5.6 days to 4.5 days, achieving the target despite higher claims volumes. Pension administration system deployment reached 100% completion against a 75% target. Member satisfaction increased to 89%, and the Net Promoter Score improved to 75, reflecting continued improvement in service quality and member experience.
FY2026/27 focus
Strengthen resilience through digital capability, cybersecurity, operational efficiency, and improved member experience.
Board commitments: FY2025/26 outcomes and FY2026/27 focus
Governance and execution
Commitment
Strengthen Board and management alignment to drive effective strategy execution.
Progress and outcome – FY2025/26
Board composition remained stable, with one member transition. Governance structures, Board-management engagement, and performance oversight continued to support Vision 2035, with strategic KPIs embedded in executive scorecards.
Value created
The Governance and Compliance Index closed at 97% against an 85% target, evidencing strong governance discipline. Stable succession arrangements supported continuity of oversight during significant strategic transformation.
FY2026/27 focus
Continue strengthening governance effectiveness, integrated thinking, and strategic alignment to deliver Vision 2035 and the developmental agenda.
Board commitments: FY2025/26 outcomes and FY2026/27 focus
Compliance and oversight
Commitment
Maintain a low governance-risk rating through disciplined self-regulation, strong assurance, and regulatory compliance.
Progress and outcome – FY2025/26
No significant governance investigations or major ethical breaches were reported during the year. The Fund's early adoption of King V™ achieved a 94% application rate on a preliminary desktop assessment, supported by a stable control environment and strengthened risk, compliance, and accountability processes. The Institute of Corporate Governance Uganda commended the Board's consensus-based approach.
Value created
Maintained a low governance-risk profile with independent external recognition, reinforcing stakeholder confidence and institutional credibility.
FY2026/27 focus
Support the King V™ transition, strengthen governance oversight, enhance ethical leadership, and deepen stakeholder confidence.