General
MURBS Declares 34% Fund Value Growth at 7th AGM
Financial forecasts at the 6th Makerere University Retirement Benefits Scheme (MURBS) Annual General Meeting (AGM) held in October 2016 were noncommittal especially in the wake of the February 2016 presidential election in Uganda and the then upcoming Kenyan General Election in August 2017. Trustees in their remarks then braced attendees for the worst performance, especially since the East African equity markets, which hold a substantial amount of the Scheme’s investments, are dominated by foreign players. These closely monitor the regional political climate and are known to withdraw their investments whenever any political event that will likely affect the markets looms. The situation was not helped by failing commercial banks in the region and conflict in South Sudan.
Fortunately, whereas the markets behaved as predicted, MURBS’ fund value grew by 34% from UGX 78.2billion as at 30th June 2016 to UGX 104.5billion as at 30th June 2017, thanks largely to retiree contributions and recovery of UGX 10billion as partial settlement of outstanding retirement benefits both from Makerere University. Addressing Members at the 7th AGM, held on Thursday 26th October 2017, the Chairperson-elect, Board of Trustees Mr. Wilber Grace Naigambi also noted that the Scheme made net returns on investments worth UGX 12.5billion compared to UGX 3.5billion the previous year. “This performance was driven mainly by a positive performance in fixed income owing to high interest rates prevailing on government securities” explained the Chairperson. Government securities in the form of treasury bonds and bills account for approximately 72% of the Scheme’s total investments.
The Scheme’s membership also grew from 3,301 members the previous financial year to 3,763 members. The Chairperson in his remarks introduced the MURBS Departmental Ambassadors Programme, aimed at enhancing the Scheme’s governance by directly involving members who are trained and exposed to the operations of MURBS. “These volunteers will assist with clarifying informal queries from members at departmental level and they will form a team from which potential trustees can be identified and mentored” said Mr. Naigambi.
MURBS emerged winner of the Retirement Benefits Schemes category of the Financial Reporting (FiRe) Award 2016. At the 7th AGM, the Chairperson Mr. Naigambi presented the FiRe Award 2016 to members present. MURBS remains the top institution in this category thanks largely to the work by the Audit Committee headed by Mr. David Ssenoga. Mr. Ssenoga informed the AGM that a new format of the Auditor’s report has since been adopted and the Scheme reasonably complied with new financial reporting guidelines as issued by the Uganda Retirement Benefits Regulatory Authority (URBRA). He further noted that the Scheme duly complies with all Income Tax Requirements and reassured the AGM that MURBS maintains a meticulous track record of all owed to it by the sponsor Makerere University.
The 7th MURBS AGM held in the main hall was a well-attended affair with representation from both University Leadership and staff associations. The days emcee, Mr. Louis Kakinda often used the breaks in between sessions to introduce key members of the University leadership and staff associations. In attendance were; Mr. Bruce Kabaasa-The Chairperson Appointments Board, who represented Eng. Dr. Charles Wana-Etyem, the Chairperson University Council, Ag. Director of Human Resources-Mrs. Dorothy Senoga Zake, Deputy Dean of Students-Mr. Stephen Kateega, members of Council and staff.
Earlier, the Secretary to the Board of Trustees-Dr. John Kitayimbwa had introduced the new Trustees as appointed on 1st April 2017. These are; The Chairperson-Mr. Wilber Grace Naigambi, Mr. John Peter Okello and Mrs. Dorothy Nannozi Kabanda. In addition to Dr. Kitayimbwa who was reappointed as Secretary to the Board, Mr. William Ndoleriire also returned as one of five Trustees of the Board. Mr. David Ssenoga and Dr. Saul Hannington Nsubuga by virtue of their being Chairperson and Member of the Audit Committee respectively are in addition co-opted Members of the Board.
In his address to the AGM and in response to some of the questions raised by members especially regarding the safety of their investments in seemingly unpredictable equity markets, Dr. Kitayimbwa reassured the gathering that the Scheme’s fund managers; Sanlam Investments East Africa and GenAfrica Asset Managers, are some of the best in the region and keenly follow market trends to return the best value on investment.
“All investments made by the fund managers on behalf of MURBS are informed by an actuary’s inventory” said Dr. Kitayimbwa. “Our investments are also guided by an investment horizon; which in our case, based on the average age of our membership, is 15years. We have to ensure that whereas we seeking the best investments to grow the fund value, we maintain a certain level of liquidity to pay members who are eligible to leave the scheme” he further explained.
Responding to members who also felt that it was unfair to struggle with constantly rising interest rates on loans taken from commercial banks and yet they could borrow against their benefits portfolio, Dr. Kitayimbwa shared that MURBS is regulated by URBRA which has strict conditions under which a member may access their benefits, the key being upon retirement. He however reassured the AGM that URBRA is fronting the Retirement Benefits Sector Liberalisation Bill, which will hopefully provide for more flexible ways of accessing benefits to support mortgages, foot treatment costs and other needs. He further restored confidence in the members that there benefits are protected by law and in the unforeseeable event that the Scheme’s bankers were to go under, the regulator would first and foremost ensure that retirement benefits are secured before any other depositors are considered for compensation.
To reiterate Dr. Kitayimbwa’s point, Prof. Jean Barya-MURBS’ Senior Legal Counsel advised Scheme members to take keen interest and actively participate in the debates around the Retirement Benefits Sector Liberalisation Bill and the National Health Insurance Scheme bill. “Education and Health are two of the largest expenditures that we incur in life. You therefore need to be interested in these bills because we shall all benefit if they are passed in a proper manner.”
In closing the 7th AGM, the Chairperson Mr. Naigambi thanked all members for sparing time to attend the event in large numbers and urged them to further study the report they had received as well as all information on the MURBS website. “I encourage you to embrace the idea of additional voluntary contributions (AVC) in addition to the 5% by Makerere to further boost your benefits at the time of retirement” he concluded.
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.
