Purpose
Provides a holistic view of how the Fund creates, preserves and protects value over the short, medium and long term through its strategy, governance, performance, risks, opportunities and stewardship of the six capitals.
Report Overview
Introduction
Explore how the Fund creates, preserves and protects value through its strategy, governance, performance, risks and opportunities.
Report overview
National Social Security Fund reporting universe
NSSF's reporting suite is designed to meet the diverse information needs of stakeholders. Collectively, these reports provide a comprehensive account of the Fund's financial performance, sustainability impacts, governance practices and long-term value creation, while aligning with globally recognised reporting frameworks and standards. Visit the NSSF website to view our full reporting suite.
Report type: Integrated Report
Primary audience
Members
employers
regulators
government
Board
employees
other stakeholders
Frameworks and Standards
- International Integrated Reporting Framework (IIRC/IFRS Foundation)
- King IV™ Principles of Corporate Governance (transition in progress to King V™)
- Relevant provisions of the NSSF Act and URBRA requirements
- UN Sustainable Development Goals (SDGs) (where applicable)
Report type: Annual Financial Statements
Primary audience
Members
regulators
Auditor General
Board
management
government
other users of financial information
Purpose
Provides an audited, transparent and reliable account of the Fund's financial position, financial performance and cash flows, demonstrating stewardship of members' contributions and financial sustainability.
Frameworks and Standards
- International Financial Reporting Standards (IFRS)
- NSSF Act
- Auditor General requirements
- URBRA regulatory requirements (where applicable)
Report type: Sustainability Report
Primary audience
Responsible investment stakeholders
regulators
development finance institutions
governance specialists
sustainability-focused stakeholders
Purpose
Explains how environmental, social and governance factors are integrated into investment decision-making, risk management, governance practices and long-term value creation.
Frameworks and Standards
- UN Principles for Responsible Investment (PRI)
- Sustainability Accounting Standards Board (SASB)/IFRS Sustainability Standards (where adopted)
- Task Force on Climate-related Financial Disclosures (TCFD) or IFRS S2 Climate-related Disclosures
- Internal ESG and Responsible Investment Frameworks
Report type: GRI Content Index
Primary audience
Members
regulators
employees
communities
development partners
civil society
sustainability-focused stakeholders
Purpose
Provides detailed disclosure on the Fund's economic, environmental and social impacts, material sustainability matters and contribution to sustainable development.
Frameworks and Standards
- Global Reporting Initiative (GRI) Standards
- UN Sustainable Development Goals (SDGs)
- Relevant ESG and sustainability reporting guidance adopted by the Fund
* Copyright and trademarks are owned by the Institute of Directors in South Africa NPC and all its rights are reserved.
Report overview
Purpose, scope and reporting boundary
This integrated report provides a balanced account of the Fund's strategic priorities, governance, performance and outlook for the financial year ended 30 June 2026. It explains how the Fund creates, preserves and protects value for members and other stakeholders by integrating financial and non-financial considerations into its decision-making and operations.
The report reflects the Fund's commitment to integrated thinking, demonstrating how strategy, governance, risk management, opportunities and performance are interconnected in delivering the Fund's Vision 2035. It provides insight into the external environment in which we operate, our response to material matters, and our progress towards achieving sustainable long-term outcomes for members, the economy and society.
Prepared in accordance with the International Integrated Reporting Framework and the National Social Security Fund Act, Cap. 230, this report covers the activities and performance of the Fund for the year ended 30 June 2026. References to the “National Social Security Fund”, “NSSF” and the “Fund” are used interchangeably throughout the report.
Report overview
Materiality
Our Integrated Report focuses on the matters that have the greatest influence on our ability to create, preserve and protect value over the short, medium and long term. These material matters reflect the issues that are most significant to our strategy, business model, stakeholders and the external environment, providing the foundation for informed decision-making and sustainable value creation.
Short term
refers to 12–18 months.
Medium term
spans 18 months to 5 years.
Long term
extends beyond 5 years.
Our approach to materiality
By considering both perspectives, we strengthen our understanding of the risks and opportunities that shape the Fund's long-term resilience while recognising the broader impact of our activities on Uganda's sustainable development. Our materiality assessment is reviewed annually and approved by the Board to ensure it remains aligned with our strategy, operating environment and stakeholder expectations. NSSF adopts the principle of double materiality, recognising both:
Financial materiality
– matters that influence the Fund's financial performance, strategy, operations and ability to create long-term value.
Impact materiality
– matters arising from the Fund's impact on members, society, the economy and the environment, including emerging sustainability issues, stakeholder expectations and regulatory developments.
Materiality determination process
Identify
Identify matters through internal and external environmental scanning
Prioritise
Prioritise matters and formulate the strategic risks and opportunity register
Define
Define strategy and targets, incorporating performance measures
Report overview
What’s new in our integrated report in FY2025/26
The King V Code on Corporate Governance, was released on 31 October 2025. In anticipation of transition commencing officially on 1 July 2026, the Fund has done some preliminary work in FY2026 to determine the extent of further alignment that will be required to give effect to King V.
We provide an insight on this and the status of our transition in the Governance chapter. We have also provided an insight on the value created by the actions of the Board and Management to more fully disclose impacts and outcomes.
Forward-looking statements
This integrated report contains forward-looking statements relating to the Fund's future performance, strategic priorities and outlook.
While these statements reflect management's current expectations, they are subject to uncertainties and factors beyond the Fund's control that may cause actual outcomes to differ materially. Readers should consider these statements in conjunction with the risks outlined throughout this report.
Outlook
Our outlook reflects management's assessment of the key trends, risks, opportunities and uncertainties expected to influence the achievement of Vision 2035.
These factors inform our strategic priorities, investment decisions and risk management responses as we continue to strengthen the Fund's resilience, expand social security coverage and deliver sustainable long-term value for members and stakeholders.
Read more about our outlook
Report overview
Internal controls and assurance
01
Internal audit
Internal audit provides independent and objective assurance over the governance, risk management and internal control processes that support both financial and non-financial reporting. Through a risk-based approach, Internal Audit evaluates the effectiveness of the systems, processes and controls that underpin integrated reporting, providing confidence that the information presented is complete, reliable and aligned with the Fund's strategic objectives.
02
External audit
KPMG Uganda, appointed by the Auditor General, conducted the independent audit of the Fund's Annual Financial Statements for the year ended 30 June 2026. The audit was performed in accordance with applicable auditing standards and resulted in an unqualified audit opinion, providing assurance that the financial statements are fairly presented.
03
Combined assurance
NSSF applies a Combined Assurance approach based on the Three Lines Model, bringing together management, Enterprise Risk Management, Legal, Compliance, Internal Audit and external assurance providers. This coordinated approach enhances governance, strengthens assurance coverage and improves confidence in the information presented throughout this integrated report.
04
Internal audit’s role in integrated reporting
Internal audit at NSSF is structured to support enterprise value creation through integrated reporting. It evaluates reporting processes, governance, risk management, and control adequacy related to financial and non-financial capitals. Providing objective assurance independent of management, Internal audit enhances the integrity of the integrated report's content, ensuring alignment with stakeholder interests.
Internal audit provides assurance on key areas across the six capitals:
This comprehensive assurance framework supports NSSF in delivering value and ensuring transparency in its operations and reporting.
Manufactured
IT infrastructure and real estate portfolio management
Financial
Strategy execution, financial performance, investment processes, and financial reporting
Human
Organisational restructuring, recruitment, rewards, benefits, and training
Social and Relationship
Strategic partnerships, CSI activities, and community impact
Natural
ESG frameworks and compliance
Intellectual
Brand management, data security, and IT frameworks