General
MURBS Registers 16% Growth Despite Volatile 2016-17 Markets
The Makerere University Retirement Benefits Scheme (MURBS)’s total fund value has grown from UGX 67.46billion as at 30th June 2015 to UGX78.2billion as at 30th June 2016 representing a 16% growth, despite declines in the money and equity markets over the same period. This was the latest update shared by Hajati Fatumah Nakatudde the Chairperson, Board of Trustees, MURBS at the 6th Annual General Meeting (AGM) held on Thursday 27th October 2016 in the Main Hall, Makerere University.
The AGM which came in the wake of similar ones by other players in the Ugandan Retirement Benefits market was highly anticipated, given the generally poor performance by regional equity and money markets over the same period. Approximately 30% of the fund value is invested in Equities especially in the Kenyan market, which played witness to two banks failing in the same period. The fast approaching Kenyan election combined with the recently concluded Ugandan election also led to a poor performance of local currencies, which led to foreign investors exiting the regional markets.
“After due consideration, the Trustees are declaring a rate of return of 4.34% on the opening balances as at 1st July 2016,” reported Hajati Fatumah Nakatudde as she gave her report. She however reassured members that the Board was anticipating a higher rate of return at the next AGM especially as foreign investors, who wield a lot of influence in the regional equity and money markets are expected to return as the currencies stabilize. The Chairperson further commended Makerere for remitting contributions due to MURBS members consistently over the 2015/16 financial year, but urged the University to honour outstanding debt obligations to the Scheme.
In his remarks, Dr. John Kitayimbwa the Secretary, Board of Trustees restored the member’s confidence in the scheme when noted that despite declaring a lower rate of return than other players, the MURBS fund value was solid and guaranteed. He also reported that the Scheme had sought legal redress with regard to the outstanding debt owed by the University and Trustees were only awaiting the signing of a judgement on the same. He further clarified that the change in the Scheme’s Custodians from Standard Chartered Bank Limited to Stanbic Bank Uganda Limited was completely in line with terms of the Service Level Agreement (SLA) as agreed upon at commencement. Additionally, he explained that the recruitment of GenAfrica Asset Managers Limited to replace Stanlib Uganda Limited as Fund Manager, whose contract expired on 31st January 2016, was after a thorough review of their performance in the regional market. The scheme retained PineBridge East Africa Investments Limited as Fund Manager.
The regional investment atmosphere and opportunities for the future were further explained by Mr. Denis Mugalya, Investment Manager at PineBridge when he said, “In the equity markets, about 70-80% of investors within our region are actually outside East Africa and so when the currency misbehaves within the region like it did in 2015, even if the share price hasn’t moved, they are already losing value. The only election we are left with is in Kenya under a year and for now the currencies have sort of stabilized.”
He anticipated that within at least 6 months, the projections would have improved and confidence would have returned to the market, “and therefore it might not be as bad as we did previously, maybe a 10% growth and we are looking at a 10-15% return on equities” he added.
In other initiatives reported at the AGM, the Board of Trustees has developed an online platform through which members can access their statements at their own convenience. “This is a good innovation and we are going to train members intensively on how to use the system,” remarked Dr. Kitayimbwa the Board Secretary. He added that members will still be able to receive printed statements but warned that this trend would gradually be phased out as a way of improving efficiency.
At the conclusion of the AGM, the Chairperson, Hajati Fatumah Nakatudde thanked members for sparing time to participate in the meeting. She reminded all present that the term for the current serving Trustees expires on 31st March 2017 and an election for new members is slated to take place in December 2016. She therefore thanked all Trustees who were ineligible for another term for their service and urged scheme members to actively participate in the election process when it is announced.
The 2016 AGM was attended by the Deputy Vice Chancellor (Finance and Administration) Prof. Barnabas Nawangwe, as well as representatives from; Uganda Retirement Benefits Regulatory Authority (URBRA), Scheme Administrator-Octagon Uganda Limited, Auditors-KPMG, Custodian-Stanbic Bank Uganda Limited and Fund Managers-PineBridge Investments and GenAfrica Asset Managers.
Article by Public Relations Office
The Gender Mainstreaming Directorate (GMD), Makerere University on 14th September 2021 presented findings from phase one of the study on Enhancing Women’s Participation and Visibility in Leadership and Decision-Making Organs of Public Universities in Uganda through Action Research. The study team led by the Director GMD and Principal Investigator (PI), Dr. Euzobia Mugisha Baine also consists of Assoc. Prof. Consolata Kabonesa, Dr. Anna Ninsiima, Ms. Frances Nyachwo, Ms. Susan Mbabazi and Mr. Eric Tumwesigye.
The team is also made of coordinators from participating Universities such as Busitema University-Ms. Elizabeth Birabwa, Kabale University-Sr. Dr. Eva Tumusiime, Mbarara University of Science and Technology (MUST)-Dr. Specioza Twinamasiko, Muni University-Ms. Amandru Stella Wawa, and Gulu Univeristy-Sr. Rosalba Aciro.
Funded by the Government of Uganda through the Makerere University Research and Innovations Fund (Mak-RIF), the study was inspired by the fact that women are persistently few in numbers as staff, more so in leadership and decision-making organs of Ugandan Public Universities. “This is despite all the various efforts at national and international levels; the numbers are not growing as fast as needed to meet development goals of the country” explained Dr. Euzobia.
Based on this background, the study team therefore sought to conduct a situational analysis of the gender terrain of the six public universities to obtain baseline information encompassing the composition of governance and leadership organs and senior staff by sex, as well as a needs assessment and profiles of potential mentors and mentees.
Furthermore, the team sought to explore the capacity to conduct gender-responsive research as well as the role of male staff engagement in gender equity interventions within the universities as the drivers of development.
Dr. Mugisha-Baine shared that results of the baseline would then be used to design participatory training manuals or guides on gender and leadership. The manuals would cover; Institutionalized mentorship, How to conduct gender-responsive research, gender and equity budgeting, among others.
“Within these manuals, we shall have a male staff engagement strategy in gender equity interventions in universities” she explained.
The development of the aforementioned materials would then be followed by their adoption and use to build capacity for women not only in leadership of participating and other public university but also beyond. “We shall periodically evaluate whether the capacity we have built has influenced women’s participation in leadership and decision-making organs of the university” supplemented the PI.
The capacity building trainings for women, it is envisaged, will lay the foundation for the formation of a functional Uganda University Women’s Think Tank, starting with the six participating universities. Dr. Mugisha Baine added that through this Think Tank, a monitoring and tracking system for gender representation in recruitment, promotion, retention/turnover and leadership of public universities shall be established and maintained.
At the conclusion of phase one, the study team had drafted participatory training manuals in gender and leadership with content on; gender specific critical analysis of the leadership spectrum of public universities, positioning of individual women within the institutional framework and strategies for their advancement, gender equity advocacy in the university setting, institutional mentorship, building capacity in conducting gender-responsive research, among others.
“This content will be validated by the participating universities before the actual research training is conducted” added the PI.
On behalf of the research team, Dr. Mugisha Baine thanked the Government of Uganda for providing the resources that facilitated phase one of the study and prayed that the Mak-RIF Grants Management Committee (GMC) would support the next phase of capacity building.
Speaking on behalf of the Mak-RIF GMC Chairperson, Prof. William Bazeyo, Dr. Helen Nambalirwa Nkabala thanked and congratulated the team led by the Director GMD upon the milestones registered in the critical research.
“We are very proud of that work that is being done by all researchers in Mak-RIF and we would like to most sincerely thank Management for all the support throughout this process” she remarked.
Dr. Nkabala encouraged the research team to continue disseminating and using the findings for the furtherance of gender mainstreaming, particularly through the aspect of male staff engagement in gender equity interventions.
Prior to delivering the keynote address of the day, the Executive Director National Council for Higher Education (NCHE) Prof. Mary Okwakol thanked the Vice Chancellor, Prof. Barnabas Nawangwe for inviting her to the important forum, noting that women’s participation in decision making and governance is a priority area of the Uganda Gender Policy 2007.
She commended Makerere University for being at the forefront of gender mainstreaming in Uganda, noting that this prominence was one of the reasons why the Gender in Education Policy 2007 provides for replicating the institution’s strategy in all other Higher Education Institutions.
Prof. Okwakol whose keynote address was punctuated incisive personal examples reaffirmed the statistics that women are generally not visible in leadership of Universities. That notwithstanding, in instances where they rise to leadership and decision-making positions, they are regularly subject to roles traditionally deemed as women’s inconsiderate of their managerial seniority and experience.
She nevertheless rallied the women to play their respective roles in enhancing participation and visibility at a personal level. The following were some of the strategies she proposed; work hard to acquire academic credentials so as to compete favourably with men, acquire necessary administrative training and experience, network among women, join professional networks as well as do research and publish.
On joining professional networks, she shared her personal experience as a young zoologist who joined UNESCO’s Tropical Biology and Fertility Programme. “Within a short time I was appointed Coordinator for Africa and after two years, I was elected as a Member of the International Board of Management. After serving for two years, I became Vice Chairperson of that Board and finally I became Chairperson of that International Board.”
At the institutional level, Prof. Okwakol appealed to the Chairperson Council and Vice Chancellor to proactively recruit women who meet the requirements for leadership positions even if it means actively seeking out the reluctant ones. In this regard, she shared that it would be useful for the university to develop a database of women and their qualifications to ease this process.
She shared that NCHE has in recognition of female underrepresentation at every level in Higher Education approved the establishment of a Gender and Equity Unit with the aim of promoting inclusive gender participation in the sub-sector.
“This unit has been placed under the Directorate of Quality Assurance and Accreditation which implies that as we look out for and regulate quality, gender will be a very important aspect of that regulation” she reassured.
Prof. Okwakol concluded by urging participants to read the; Third National Development Plan (NDPIII), Uganda Vision 2040, and Sustainable Development Goals (SDGs) noting that there is no way all three can be achieved while women are left behind because they each make a case for inclusion of the female gender.
“What we are addressing here are historical injustices” said Prof. Barnabas Nawangwe as he commenced his remarks, “And in the case of Makerere University, it is well known that the institution started as a male-only institution and we all know the original motto was ‘Let us be men’” he added.
Citing examples from history such as; Marie Curie – one of the smartest physicists, Hatshepsut, Nefertiti and Cleopatra – prominent Pharaohs of Egypt, George Eliot, Rosa Luxemburg and Hypatia – all great philosophers as well as Chancellor Angela Merkel – first female Chancellor of Germany, the Vice Chancellor said there is no plausible argument that there are things women cannot do as well as their male counterparts.
He said it was against this knowledge and in a bid to correct historical injustices that Makerere University pioneered initiatives such as putting in place affirmative action for girls, establishing a Gender Mainstreaming Directorate as well as a School of Women and Gender Studies. The Vice Chancellor nevertheless stressed the need to go beyond pioneering to protecting these gains through legislation. “Historically we have seen that discrimination can only be addressed by laws and policies.”
Prof. Nawangwe thanked the Government for providing funds to support Mak-RIF as well as the Funds GMC and Secretariat for ensuring that these funds are put to good use. He equally thanked the Chairperson of Council, Mrs. Lorna Magara for her not only her support but also sparing time to attend a good number of the research dissemination events.
Delivering the concluding remarks, Mrs. Magara acknowledged that the study was timely and relevant the contemporary University, as one of the critical drivers of the national and international development agenda. She therefore reechoed the Vice Chancellor’s thanks to the Government of Uganda for generously supporting the University’s research through Mak-RIF.
Turning to the keynote speaker she said, “I thank Prof. Okwakol for ardently discussing the critical issues affecting the female gender, the strategies to overcome the challenges, including sharing her inspiring personal experiences.”
Mrs. Magara equally thanked Prof. Okwakol for her very instructional analysis, providing mentorship guidance with the resultant impact of enhancing the female gender in decision-making positions. In the same breath she congratulated the PI and her team upon successfully concluding phase one of the project.
“Phase one has generated insights in understanding the status of women in leadership in public universities, the legal and policy framework and its implications on women’s visibility, the institutional mentoring systems and the gaps therein” she observed.
The Chairperson of Council acknowledged that the challenge of underrepresentation of women in leadership roles cannot be resolved at an individual level. She therefore advocated for broad based strategies that can address deep-seated structural and cultural biases facing women. “These include developing mentorship networks, enacting laws and policies that address the imbalances and providing training programmes to address the leadership gaps.”
She therefore pledged the University Council’s unwavering support to the Gender Mainstreaming Programme by ensuring an enabling policy environment that facilitates gender-responsive teaching, learning, research innovation and community service.
The research dissemination was moderated by the Principal Public Relations Officer (PRO), Ms. Ritah Namisango and the Director Communications, Learning and Knowledge Management, ResilientAfrica Network (RAN) and PRO Mak-RIF, Ms. Harriet Adong.
