Minister of Finance Planning and Economic Development, Matia Kasaija has named retired senior auditor Patrick Byabakama Kaberenge as the new chair for the National Social Security Fund (NSSF) board.
Mr Kaberenge replaces Ivan Kyayonka who died in May this year in the Kenyan capital Nairobi where he was receiving treatment after suffering a stroke.
He is to lead a six member board whose term of service is three years. He will be deputized by Ms Sarah Irene Walusimbi of Federation of Employers. Ms Walusimbi has been the acting board chair.
Other board members include the ministry of Gender Permanent Secretary Pius Bigirimana, Deputy Secretary to the Treasury Patrick Ocailap, NSSF managing director Richard Byarugaba and Ms Peninnah Tukamwesiga.
According to Mr Kasaija, all appointments were made in accordance with the existing laws and regulations.
“Some three weeks ago there were some fireworks about the board. The biggest stakeholders are the workers of Uganda. Not everyone Tom, Dick and Harry can become a member of the board. You must qualify to become a member of the board. He said the new legal framework requires rigorous assessment of nominees for the appointment on Boards of Trustees of Retirement Benefits Schemes to ensure their integrity and suitability,” he said.
The minister also charged the trustees to abide by the laws of Uganda and ensure adherence to relevant sections of the Uganda Retirement Benefits Regulatory Authority Act of 2011 and the NSSF act. He called upon them to adhere to internal policies and procedures approved by the Board.
“This is a very sensitive institution. You must tread very carefully given the fact that you have a lot of money to manage. I apologize to the public and members for delaying to name the new Board,” Mr Kasaija added.
Mr Byaruhanga said workers’ contributions grew by 8% from Shs638.2 billion in Financial Year 2013/2014 to Shs689 billion.
“Balance sheet also grew by 27% for financial year 2014/2015 from Shs4.40 trillion to Shs5.58 trillion,” he said.