We place a high degree of importance on the maintenance of a sound corporate governance structure and applying the highest standards of business integrity and professionalism.
The shareholders' role is to appoint the Board of Directors and the external auditors. This role is extended to holding the Board accountable and responsible for efficient and effective governance.
The Board of Directors is responsible for the governance of the institution and to conduct the business and operations of the institution with integrity and in accordance with the requirements of the Ugandan Companies Act (Cap 110) and the Financial Institutions Act 2004, in a manner based on the principles of transparency, accountability and responsibility.
The Board is chaired by a non-executive Chairman and includes the Managing Director, Executive Director and five other non-executive directors. All the non-executive directors are independent of Management. Directors are required to disclose all areas of conflict to the Board and are excluded from voting on areas of conflict of interest. The Board members have extensive business experience.
The Board has delegated the authority for day to day management to the Managing Director/CEO. It however retains the overall responsibility for financial and operational decisions, and monitoring performance of senior management. The Board meets on a quarterly basis and has a formal schedule of matters reserved to it and has access to the company secretary, lawyers and auditors.
The key function of the Board is the identification of current and future business risks and to ensure that the necessary systems and controls are in place to enable such risks to be monitored and effectively managed. The board has appointed various sub-committees to which it has delegated certain responsibilities with the chairman of sub-committees reporting to the board.
Non-executive Chairman, MD, ED, and five independent non-executive directors
Directors disclose conflicts and are excluded from related voting
Identification and management of current and future business risks
Board meets quarterly with formal schedule of matters
Clear and open communication with all stakeholders about our decisions and processes
Taking responsibility for decisions and actions while answering to stakeholders
Ethical conduct and compliance with legal and regulatory requirements