Kampala, Uganda | THE INDEPENDENT | The Minister of Finance, Planning and Economic Development Matia Kasaija has today inaugurated a new Board of Directors of the Uganda Retirement Benefits Regulatory Authority (URBRA), urging them to adhere to principles of sound governance and to work closely with management to promote sector growth and improve access to retirement benefits services across the country.
“Government expects you to champion reforms that enhance public confidence, strengthen supervision and encourage participation of private sector players,” Kasaija said. “I urge you to always act in the best interest of the country and the citizens whose savings and financial security you ultimately protect,” he stressed.
The URBRA Board will be chaired by Henry Balwanyi Magino. The members include Professor Irene Nalukenge, Florence Nightingale Kuteesa, Moses Zziwa; Alex Asiimwe represents the Permanent Secretary of Ministry of Gender Labour and Social Development; Musa Lukwago represents the Permanent Secretary/Secretary to the Treasury; while Victor Bua Leku representing the PS Ministry of Public Service, is the only continuing member of the Board.
URBRA has not had a board for two years.
Delivering his inaugural speech, Balwanyi reassured the minister and all URBRA stakeholders that the new board would immediately embark on bringing the authority back on track. He acknowledged that over the last two years, the institution had lost a lot of time and opportunities owing to governance gaps, but his board would soon restore stability.
“There are governance gaps that we must first plug to bring the organisation back to speed,” Mr Balwanyi said. “We are committed to ensuring that you do not have a situation that created the two-year gap. We shall provide strategic leadership to staff and management to enable them to carry out their duties,” he added.
Acknowledging the task ahead, he observed that the retirement benefits sector has grown over the years and is now valued at over Sh30 trillion, which makes it a big portfolio requiring effective management and regulation.
Balwanyi reiterated the need to expand coverage to the informal sector and promised to draw from his experience at the Uganda Development Bank, where he was a board director too. He particularly recalled when UDB worked with the President to organise informal sector workers into groups that enabled them to get funding to enhance their livelihoods. He promised to tap into those organised groups, to mobilise informal sector workers to join existing retirement benefits arrangements.
“We shall leverage existing initiatives like Emyooga, Operation Wealth Creation and the Parish Development Model and encourage beneficiaries to save for retirement,” he said.
Focusing on URBRA as an institution, Balwanyi acknowledged that the institution had skilled and competent staff, and the Board would enhance their capacity to deliver the mandate of the Authority. He said they would also work on enhancing the visibility of URBRA to ensure that all Ugandans get involved in the sector, no matter their background.
As a corporate governance specialist, Balwanyi promised to uphold the principles of accountability, transparency and continuous progress.
In a message read for him by Moses Kaggwa, the Permanent Secretary and Secretary to the Treasury, Ramathan Ggoobi congratulated the newly appointed board directors and reminded them that URBRA was a key institution in safeguarding the financial wellbeing of citizens and stabilising Uganda’s financial sector. He told them that the Retirement Benefits Sector was central to the realisation of the government’s vision of a $500bn economy by 2040, which would be pursued through the tenfold growth strategy.
“The sector contributes over 60% of gross national savings and more than 13% of the gross domestic product (GDP). This makes the sector one of the strongest pillars for mobilising long-term capital to support Uganda’s development,” Ggoobi said.
Specifically on governance, PS Ggoobi said that they expected the Board to promote transparency, accountability, integrity, sound risk management and to work harmoniously with management.
“Boards are not alternatives to management. Their roles are distinct but complementary. I therefore urge the incoming Board to provide leadership that promotes cooperation, professionalism, institutional stability and to protect staff,” he advised.
Pledging his unreserved support to the new Board, Minister Kasaija urged the chairman to be firm, sincere and avoid squabbles. He wished them success in their new roles.
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