Dr Peter Kimbowa, a corporate governance and management expert has been appointed the new chairman of the board of directors for the National Social Security Fund (NSSF).

Kimbowa is a renowned motivational speaker whose philosophy is that you can achieve what you want and set out to do and make a mark in life.

The Minister of Finance Matia Kasaija has appointed the NSSF board for the next three years effective September 1.

Kimbowa is the team leader at CEO Summit Uganda, a private sector think tank, managing partner at IFE Consultants and an award-winning business Leader.

He replaces Patrick Byabakama Kaberenge, whose two terms expired on August 31, after he served for last six years.

The minister appointed to the board four representatives of trade unions, two representatives of employers through the Federation of Uganda Employers (FUE).

He re-appointed Aggrey David Kibenge representing the Ministry of Gender, Labour and Social Development, and Patrick Ocailap, representing the Ministry of Finance, Planning and Economic Development.

Others appointed are Dr Eng. Silver Mugisha and Fred K Bamwesigye representing employers through FUE.

Other appointees are Sam Lyomoki and Penninah Tukamwesiga representing workers under the Confederation of Free Trade Unions (COFTU).

Bahemuka Julius and Hassan Lwabayi Mudiba represent workers under the National Organisation of Trade Unions (NOTU).

The NSSF managing director Richard Byarugaba will continue serving as the only executive member of the 12th board.

Kimbowa said that he views the appointment as a challenge given the stability the fund has enjoyed over the last decade.

“It is a big challenge at a personal and professional level, because the fund has been very successful beyond expectations over the last eight years or so.    We will have to find what is missing or the next opportunity that can regenerate the fund, re-imagine what else is possible to create the fund of the future,” he said.

He added that his vision for the next three years is three-fold ― reshape and repurpose the investment portfolio to make it more responsive to the market, take advantage of the 5th industrial revolution by prioritising digitisation and analytics, and ensure the right culture to make NSSF fit for purpose.

He pledged to work with all the stakeholders and to build mutual trust with management while raising substantive issues to improve the governance of the fund.

“We will ask the right questions, be open minded with a deep sense of curiosity but we must also be willing to remain agile and very adaptive, move with the times but also ahead of the times. In summary, we will ask, analyse and follow through,” he added.

Byarugaba expressed appreciation to the outgoing board for providing oversight and leadership at a time when the fund and the entire retirement benefits sector was preparing for reforms that will be ushered in by the NSSF Amendment Bill (2019) that is expected to be enacted this year.

“The appointment of Kimbowa is a message from the minister that he wants to maintain stability the fund has enjoyed over the last decade, but also prepare us for a new era,” he said.

Byarugaba added that the new board has been appointed at an opportune time to steer the Fund through a transition as it positions itself to play a major role in the expansion of social security coverage and expanding the long-term savings space in Uganda.

He said he believes the new board will ably provide strategic leadership as we exploit the opportunities provided by the milestone occasioned by the legislation once it is assented to by the President, especially around expansion of coverage to the informal sector, cementing the alternative savings through voluntary top ups, mid-term benefits.