Kampala, Uganda | On October 18, 2024, UAP Old Mutual Insurance was honored with the prestigious Resilience and Sustainable Impact Award in the insurance category at the 3rd Corporate Governance Awards, held at the Sheraton Hotel in Kampala. The event, themed "Recognizing Resilience and Sustainable Impact," celebrated organizations demonstrating exemplary governance while contributing to sustainable development in Uganda.
Organized by the Institute of Corporate Governance of Uganda (ICGU) in partnership with Grant Thornton, the awards aim to highlight companies that excel in governance practices. The initiative, launched in 2018, seeks to enhance awareness and deepen the application of corporate governance principles across both public and private sectors through training, advocacy, research, publications, and consultancy.
UAP Old Mutual received this recognition for its unwavering commitment to corporate governance, promoting transparency and accountability within the insurance industry. This accolade underscores the company’s efforts to lead with integrity, ensuring that customers, employees, and stakeholders benefit from strong governance frameworks.
During the ceremony, Hon. Beti Kamya Turwomwe, Inspector General of Government (IGG) of Uganda, praised the participants for their dedication to good governance, resilience, and creating lasting sustainable impact.
Dison B. Okumu, CEO of ICGU, reiterated these sentiments, emphasizing the critical role of governance in today’s corporate environment, particularly as businesses navigate challenges to maintain resilience. He noted that the awards highlight organizations making significant strides in promoting positive change and establishing standards for ethical corporate behavior.
A 2018 report on corporate governance in Uganda by ICGU and Grant Thornton revealed key governance practices, such as having a Board of Directors and regular board meetings, alongside effective risk management strategies. The report indicated that while 100% of insurance companies adhere to a board-approved strategy, only 66.7% have comprehensive risk management frameworks, and 87.5% engage in succession planning. These statistics underscore areas needing improvement and the ongoing need for a commitment to governance excellence across all sectors.
This recognition further solidifies UAP Old Mutual's position as a leader in ethical business practices, enhancing its reputation in both the insurance sector and corporate governance landscape.
