Our Governance
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NSSF has established a formal governance framework guiding decision-making, accountability, and oversight, reflecting both applicable law and governance best practice.
The Governance Structure next shows the relationship between members, the Board, its committees, the Managing Director, and EXCO: clear delegations enable decision-making to flow, while accountability remains directed to our members.
- Decision-making
- Accountability
- Oversight
Our governance framework
Assurance: External Audit
Accountability
Investment and Project Monitoring Committee
Finance Committee
Staff Administration and Corporate Affairs Committee
Audit and Risk Assurance Committee
Procurement and Disposal Unit
Enterprise and Growth
Strategy and Performance
Finance
Commercial
Legal and Board Affairs
Investment
People and Culture
Marketing and Corporate Affairs
Enterprise Risk
Technology and Enterprise Solutions
Delegation
Internal AuditAssurance
NSSF governance structure: members, Board, committees, Managing Director, and Executive Committee
Governance framework pillars
Pillar
Legislative foundation
How it is implemented in FY2025/26
The Constitution of the Republic of Uganda, 1995 as amended, NSSF Act Cap 230; PPDA Act Cap 205; National Audit Act Cap 170; Employment Act Cap 226; Data Protection and Privacy Act Cap 97; Leadership Code Act. The Board Charter is reviewed annually against all applicable legislation and best practice.
Pillar
Governance codes and frameworks
How it is implemented in FY2025/26
UK Corporate Governance Code 2024; King IV™ and V™ Code (from FY2026/27, first full apply-and-explain year); International Integrated Reporting Framework; GRI Standards; UN SDGs; TCFD / IFRS S2 (progressive alignment); CRISA 2 (responsible investment).
Pillar
Board and committee structure
How it is implemented in FY2025/26
One Board (10 Directors, chaired by Dr. David Ogong) and four standing committees: ARC, IPMC, Finance Committee and SACA – each with written Terms of Reference, meeting at least quarterly and reporting to the Board.
Pillar
Delegation of authority
How it is implemented in FY2025/26
The Board Charter and Delegation of Authority Framework define powers reserved for the Board (including all investments under S.31 NSSF Act) and those delegated to the MD and EXCO. EXCO comprises the MD, DMD and all functional chiefs.
Pillar
Risk and assurance
How it is implemented in FY2025/26
Three-lines-of-defence model: (1) Management / business units; (2) Enterprise Risk Management, Legal and Compliance; (3) Internal Audit (reports directly to ARC). External audit by KPMG (appointed by OAG). Combined Assurance Model reviewed annually.
Pillar
Ethics and compliance
How it is implemented in FY2025/26
Board Ethics Policy, Code of Conduct and Whistleblowing Policy (managed by SIGNUM Advocates). Directors declare conflicts of interest at every meeting. ARC oversees compliance, SACA ethics investigations.
Pillar
Reporting and transparency
How it is implemented in FY2025/26
Annual Integrated Report prepared under the IR Framework; separate ESG/Sustainability Report; full King IV™ apply-and-explain disclosure (transition to King V™ underway); GRI index; IFRS financial statements audited by KPMG. All published on www.nssfug.org.
A framework built to adapt: eight trends reshaping NSSF’s operating environment
NSSF operates in an environment shaped by technological change, economic uncertainty, evolving regulation, changing stakeholder expectations and Uganda's economic transformation. During FY2025/26, the Board's governance response evolved across eight trends with implications for strategy, risk, and long-term value creation.
AI acceleration and digital governance
Governance response
Responsible AI adoption, enhanced data governance, and oversight of emerging models, privacy, and ethical risks.
Evolving cybersecurity threats
Governance response
Continued penetration testing, vulnerability monitoring, awareness campaigns, and strengthened technology risk oversight.
ESG and climate expectations
Governance response
Approval of the ESG Policy, progressive alignment with TCFD and IFRS S2, responsible investment practices and a pathway towards net zero.
Geopolitical and currency volatility
Governance response
Portfolio diversification across countries, asset classes, sectors, and currencies, supported by ongoing monitoring and stress testing.
Uganda's oil economy transition
Governance response
Gradual positioning towards domestic assets to participate in anticipated economic growth and hard-currency inflows.
Trust law and product innovation
Governance response
Leveraging expanded legislative flexibility to develop new products while continuing to advocate for trust law reform.
Strategy and risk integration
Governance response
Alignment of the Risk Appetite Framework with Vision 2035, providing the ARC and IPMC with greater line of sight between strategy and risk.
Informal-sector financial inclusion
Governance response
Strengthening the Enterprise and Growth Department to support the 50.0% coverage ambition and expand participation beyond the formal sector.