Top honors at Corporate Governance Awards
UAP Old Mutual Insurance received the prestigious Resilience and Sustainable Impact Award in the insurance category at the 3rd edition of the Corporate Governance Awards. Photo/COURTESY
What you need to know:
Organized by the Institute of Corporate Governance of Uganda (ICGU) in partnership with Grant Thornton, the awards celebrate organizations demonstrating exceptional governance practices while contributing to sustainable development in Uganda
On 18 October 2024, UAP Old Mutual Insurance received the prestigious Resilience and Sustainable Impact Award in the insurance category at the 3rd edition of the Corporate Governance Awards, held at Sheraton Hotel, Kampala, under the theme "Recognizing Resilience and Sustainable Impact."
Organized by the Institute of Corporate Governance of Uganda (ICGU) in partnership with Grant Thornton, the awards celebrate organizations demonstrating exceptional governance practices while contributing to sustainable development in Uganda. Introduced in 2018, the Corporate Governance Awards raise awareness and promote sound governance across the public, private, and non-profit sectors through training, advocacy, research, and consultancy.
UAP Old Mutual was honored for its commitment to transparency, accountability, and strong governance practices within the insurance sector. The award reflects the company’s efforts to lead with integrity, ensuring customers, employees, and stakeholders benefit from robust governance structures.
Speaking at the event, Hon. Beti Kamya Turwomwe, Uganda’s Inspector General of Government (IGG), commended the participating organizations for their dedication to good governance, resilience, and sustainable impact. Mr. Dison B. Okumu, CEO of ICGU, emphasized the importance of governance amid today’s business challenges, noting that the awards recognize organizations setting benchmarks for positive corporate conduct.
A 2018 report by ICGU and Grant Thornton Uganda identified key governance indicators such as board effectiveness, risk management, and succession planning, revealing both strengths and areas for improvement across sectors. While 100% of insurance companies reported having board-approved strategies, only 66.7% had comprehensive risk frameworks, and 87.5% practiced succession planning, underscoring the need for ongoing improvement.
This recognition reaffirms UAP Old Mutual's leadership in promoting ethical business practices and excellence in corporate governance, further cementing its reputation as a model in Uganda’s insurance industry.
