INSTITUTE OF CORPORATE GOVERNANCE OF UGANDA

Speech by Ms. Beti Olive Namisango Kamya–Turomwe, Inspector General of Government

Chief Guest At The 3rd Corporate Governance Awards On 18th October 2024 Held At Sheraton Kampala Hotel

The President of the Institute of Corporate Governance of Uganda
Distinguished Council Members of the ICGU
The Keynote Speaker

Esteemed Panel of Judges
Our Esteemed Sponsors, led by Grant Thornton, our Platinum Sponsor
Honored Guests and Dignitaries
Members of the Press
Ladies and Gentlemen

I am deeply honored on behalf of the Government of the Republic of Uganda, and in my own capacity as the Inspector General of Government, to participate and be part of the celebration of excellence at this 3rd Corporate Governance Awards.

I wish to extend heartfelt gratitude to the Institute of Corporate Governance of Uganda and the sponsors for bringing us together to recognize the remarkable strides made in promoting sound corporate governance in our beloved country. This evening is not just about celebrating achievements; it is a testament to our collective resilience and commitment to driving sustainable impact.

The theme for this year, “Recognizing Resilience and Sustainable Impact”, resonates profoundly with the NRM Government’s unwavering dedication to mainstreaming business practices that build resilience, foster sustainability, and contribute to Uganda’s Vision 2040.

This theme serves as a clarion call to all institutions: whether large or small, private or public, to remain steadfast in their pursuit of governance excellence. Resilience and sustainability are not mere buzzwords—they are the cornerstones of lasting success and societal progress.

Corporate Governance, as you all know, is the heart beat of any successful enterprise. It ensures that organizations—whether public or private, small or large—are effectively directed and controlled. It is through good governance that we build institutions that are transparent, accountable, and capable of meeting their strategic goals.

For Uganda, as we stand on the threshold of becoming a middle-income country, Corporate Governance is a vital ingredient for ensuring the survival and resilience of our SMEs and large companies alike. These principles are not just theoretical—they are essential for organizations aiming to thrive in a competitive global market.

The journey towards good corporate governance in Uganda is one that the NRM Government embarked on with great foresight. Our policy shift toward privatization and divestiture of para-statals set the stage for the formation of the Institute of Corporate Governance of Uganda, in 1998. Since then, the Institute has been a guiding beacon, raising awareness and instilling best practices across sectors.

The African Peer Review Mechanism (APRM), to which Uganda subscribes, underscores the importance of sound governance. Institutions that fail to uphold these standards stumble and fall, but those that embrace governance thrive and flourish.

Allow me to briefly highlight the strides made under the National Programme of Action:

1. Promoting an Enabling Environment and regulatory frameworks to facilitate business growth.
2. Ensuring Accountability and Ethical Leadership in all sectors.
3. Encouraging Fair Treatment of Stakeholders, fostering trust and equity.
4. Championing Corporate Citizenship, with a strong focus on environmental preservation and tackling the challenge of climate change.

These efforts are designed to empower Ugandan enterprises to grow, attract foreign investment, and reduce capital flight—ensuring that our economic growth benefits our local industries and SMEs.

As we celebrate tonight’s nominees and winners, let us remind ourselves that these Awards are not just about recognizing past achievements—they are about inspiring future action.
Let us move forward with resilience and sustainable impact as our guiding stars, knowing that through sound Corporate Governance, we are building a brighter, more prosperous Uganda for generations to come.

For God and My Country,
Beti Olive Namisango Kamya-Turomwe
Inspector General of Government
Government of the Republic of Uganda