Our governance
10Finance Committee
Explore the committee’s oversight of financial stewardship, resource allocation, income sustainability and financial reporting, and its contribution to protecting member value.
Chairperson, Finance Committee
Dr. Eng. Silver Mugisha
“In support of our commitment to sustainable wellbeing, the Committee focused on prudent resource allocation, financial discipline and income sustainability. Through effective oversight and sound governance, we helped protect member value today while strengthening the Fund’s capacity to create enduring value for the future.”
Governance structures and delegation
Finance Committee
Composition of the committee during FY2025/26
9
Meetings
80.0%
Attendance
Value creation / impact
Chairperson: Dr. Eng. Silver Mugisha
Provided strategic leadership and effective oversight
Members: Ramathan Ggoobi; Annet Birungi (resigned on 12th May 2026); Agnes Abwoli Kunihira (effective 1st June 2026); Sam Lyomoki
Contributed diverse expertise to strengthen governance and decision-making
Ex-Officio Attendee: Patrick M. Ayota
Enhanced Board-management alignment and informed oversight
Corporation Secretary: The Corporation Secretary served as secretary to the Committee
Supported effective governance processes and regulatory compliance
The Chairperson and members of the Committee were suitably qualified and had the necessary expertise required to discharge their responsibilities
Enabled informed decision-making through relevant expertise and experience
Attendance and meetings
The Committee met on nine occasions, with meetings scheduled in line with the Fund’s financial reporting cycle
Enabled timely decision-making and responsive governance
Attendance Rate: 80.0%
Supported effective oversight through active member participation
Committee purpose and contribution to value creation
The role of the Finance Committee of the Board is to assist the Board to fulfil its oversight responsibility and mandate in the following key areas:
The departments over which the Committee has oversight are Finance, Commercial, Technology and Enterprise Solutions, and Procurement and Disposal. The main responsibilities of the committee include:
Determination of the annual and supplementary budget, which involves making and submitting to the Minister, for approval, estimates of the Fund’s income and its capital, recurrent and other expenditures likely to be incurred for the ensuing year
Review and approval of the audited financial statements prepared by management
Review of the provision of proper books of accounts and records with respect to the Fund’s financial transactions, assets and liabilities
Recommendation of the interest rate for declaration, depending on the Fund’s realised income
Effective financial management of the Fund and its assets
Review of the Fund’s accounting policies and principles
Reviews of allocated departmental policies and strategies
Strengthened financial stewardship to safeguard and grow member value
Primary focus
Oversight of the Fund’s budgeting, income and expenditure, financial reporting, accounting policies and interest rate recommendation, together with the departmental policies and strategies of Finance, Commercial, Technology and Enterprise Solutions, and Procurement and Disposal
Capitals impacted:
Enhanced financial discipline, accountability and strategic alignment