Business & Management
Corporate Governance: A Strategy for Business Competitiveness
Renowned Corporate Governance Consultant Japheth Katto has advised businesses to ensure their entities are run on the principles of corporate governance if they are to grow and make profit.
Corporate Governance, he said, is concerned with holding the balance between economic and social goals as well as between individual and communal goals.
Quoting Sir Adrian Cadbury, Katto said the corporate governance framework exists to encourage the efficient use of resources and equally to require accountability for the stewardship of those resources. The aim is to align as nearly as possible the interests of individuals, corporations and society.
Mr. Katto was speaking during a public lecture, organized by the School of Business, Makerere University on Corporate Governance as a Strategy for Business Competitiveness held on April 5, 2023 in the Yusuf Lule Auditorium.
He said good corporate governance is the foundation of any successful business. “In business, it refers to the purpose, people, processes, practices, and policies used to make formal decisions and run the company.”
“Research has shown that better-governed firms have higher stock prices and investors are rushing to buy their shares” Mr. Katto said.
Corporate governance not only applies to big firms but also the small start-ups, Mr Katto shared.
“The high level of informality of most African Economies, which includes Uganda and the role of these businesses that operate informally (SME’s who employ 75% of Ugandans) significantly add to the economic growth of the economy but –
there are no formal ways to enforce and improve their corporate governance since they are not officially captured in the data. Uganda’s 1.1 million SME’s account for 80% of the country’s GDP and 90% of its private sector,” he said.
Mr. Katto shared that corporate governance has some pillars that all firms must abide by. These include;
- Transparency
- Accountability
- Fairness
- Responsibility
- Independence
- Ethical conduct
- Reputation and Reputational risk
All these pillars, Ambassador Damalie Ssali one of the panelists added, must be imbued in the employees of the organization. She underscored the importance of diversity among board members as well as employees. She said diversity will result in innovation among the employees and thus spur competitiveness.
“Your organization should have diversity of skills and gender. Research has shown that companies with gender diversity perform better than those that are male dominated” she added.
To become competitive, businesses were advised to 1. Establish and implement clear policies and procedures 2. Appoint a suitable board of directors (skills, ethics, independence) 3. Implement robust internal controls and trainings, and 4. Be accountable.
Once a company is competitive it stands to gain from access to loans, access to markets, strategic partnerships, talent retention, good will from the public, reporting and accountability and long term sustainability among others.
On the qualities of individuals that companies hire, Mr. Katto said, “We’re looking for three things, generally, in a person: intelligence, energy and integrity. And if they don’t have the last one, don’t even bother with the first two”.
Ms. Cathy Adengo, one of the panelists emphasized that people want to be associated with organizations that have good corporate governance because those will thrive. She advised the students to look to such firms when searching for jobs.
The public lecture was graced by the Vice Chancellor Prof. Barnabas Nawangwe who appreciated the keynote speaker for sparing time to share knowledge with staff, students and members of the public present. He encouraged the students to listen attentively as he too was delighted to listen to Mr. Katto and learn something new on corporate governance.
He thanked the School of Business for organizing the public lecture for it will benefit the students. “They will go out to lead the world better equipped,” he said.
The Vice Chancellor made reference to a newspaper article that cited the Mulwana Empire as being one of the few surviving family businesses in Uganda, which was attributed to its corporate governance. In reference to Makerere, he said the institution also survived the political turmoil of the 1980s due to good corporate governance.
The Dean School of Business, Prof. Godfrey Akileng who represented the Principal of the College of Business and Management Sciences (CoBAMS), Prof. Eria Hisali, also appreciated Mr. Katto and the organisers of the lecture. He challenged the students to ensure they learn something and utilize it to run or start their businesses.
“Corporate governance not only relates to private firms but can be used as a driver in SMEs and public institutions,” he said.
Hoima and Kikuube Districts, Uganda – October 20, 2024
A group of third-year students from College of Business and Management Sciences’s Energy and Natural Resources Economics program visited the Kingfisher oil operations and Kabalega Airport in Hoima and Kikuube districts on October 20, 2024. Led by Dr. Peter Babyenda and Dr. John Sseruyange, and with authorization from the Petroleum Authority of Uganda, the visit offered the students an invaluable opportunity to connect classroom learning with field experience.
The primary objective of the field trip was to enhance students’ practical understanding of Uganda’s oil industry by observing the extraction and production processes firsthand. According to Dr. Babyenda, “Blending theory with real-world exposure is essential for these students, as it allows them to apply and expand their knowledge beyond the classroom.”
During the tour, students explored several key areas:
- Practical Exposure – Witnessing the operational procedures of oil extraction offered students a concrete understanding of how theoretical concepts play out in the field, enhancing their grasp of the industry.
- Economic Impact Analysis – Observing the economic role of oil production in Hoima and Kikuube allowed the students to explore its broader impact on local and global markets and its contributions to community development and Uganda’s economic landscape.
- Technical Knowledge – The students gained insights into the technical aspects of oil extraction, learning about the complexities of the operations, the innovations employed, and the challenges faced by the industry.
- Environmental and Social Considerations – Students observed the environmental practices in place and evaluated the social dynamics involved, gaining an understanding of how oil companies balance production with community and environmental sustainability.
- Career Insights – With opportunities to interact with professionals in the oil sector, students received guidance on potential career paths in the industry, helping them make informed decisions about their futures.
- Current Industry Issues – The group also delved into the status of the East African Crude Oil Pipeline (EACOP) project and discussed challenges in oil and natural gas production, examining where Uganda stands in terms of production timelines, obstacles, solutions, and the role they can play as future energy professionals.
Reflecting on the trip, Dr. Sseruyange highlighted the importance of this experience in solidifying students’ understanding of Uganda’s evolving oil industry. “This field experience not only complements what they’ve learned in lectures but also equips them with a real sense of the operational and societal impact of the energy sector,”he noted.
The students expressed their gratitude for the immersive experience, noting how it broadened their perspectives and deepened their knowledge. The field trip served as an essential step in preparing them for careers within Uganda’s energy and natural resources sectors, bringing them closer to the industry’s forefront and the future of sustainable energy in the region.
The Environment for Development (EfD) Uganda team, led by Prof. Edward Bbaale, has been
recognized as Runners-Up for the prestigious EfD Policy Impact Award 2024. Their impactful
paper, titled “Policy Options for Clean Cooking and Reduced Biomass Dependency,” earned
them a Certificate of Excellence during the 18th Annual General Meeting (AGM) of the EfD
network, held from October 3 to 6, 2024, at the Argyle Grand Hotel in Nairobi, Kenya.
Organized by the EfD Global Hub at the University of Gothenburg and hosted by EfD-Kenya
Centre at the University of Nairobi, the AGM brought together researchers and policymakers
from across the world. The event celebrated the remarkable work being done to influence global environmental policies.
Representing Uganda, Prof. Bbaale was accompanied by Mr. Gyaviira Ssewankambo, EfD-
Mak’s Office Manager, and a team of researchers and collaborators. Among those present were
Dr. Peter Babyenda, Dr. Susan Kavuma, Dr. John Sseruyange, Dr. Nicholas Kilimani, Dr.
Florence Lwiza Nsereko, Mr. Jordan Ssemwanga, Mr. Nathan Mununuzi (Ministry of Water and
Environment), and Eng. Domnic Mucunguzi (Ministry of Agriculture, Animal Industry, and
Fisheries).
Insights from the Study
The award-winning study, led by Prof. Bbaale and his research fellows—Dr. Babyenda, Dr.
Sseruyange, and Dr. Kilimani—focused on “Promoting Inclusive Clean Energy Transition in
Uganda: Evidence, Challenges, and Policy Options.” The research explored perceptions of
cooking energy systems in Uganda, with an emphasis on the over-reliance on biomass,
particularly charcoal, as the primary energy source in low-income areas.
The study revealed key barriers to the clean energy transition, including fear of electricity and
liquid petroleum gas, weak public awareness, and insufficient regulatory frameworks. These
challenges have slowed the adoption of alternative energy solutions in Ugandan households.
Prof. Bbaale emphasized the need for stronger regulatory support and awareness to foster the
country’s energy transition: “The transition to cleaner energy requires overcoming public
misconceptions and improving regulatory systems to promote sustainable cooking solutions.”
See video clips interview with Edward Bbaale and Peter Babyenda – Courtesy of the EfD Global
Hub
Edward Bbaale:
Peter Babyenda:
EfD-Mak’s Growing Impact
Prof. Bbaale highlighted the value of the 18th AGM for fostering collaboration and growth
within the EfD network. “The EfD-Mak Centre appreciates the efforts of colleagues who
submitted proposals and papers, and we congratulate Dr. Lwiza and Dr. Kavuma for their
contributions. These proposals are vital to keeping the Centre running,” Bbaale noted.
Looking ahead, he encouraged further mobilization of research fellows, recommending the
appointment of collaborative leaders and co-leaders to enhance engagement and productivity
within the Centre. A full report on EfD Uganda’s participation at the AGM is attached.
The EfD-Mak Centre’s research has continued to make waves, including a recent presentation to Parliament in May 2024, where the team advocated for regulatory frameworks to support the transition to clean energy in Uganda.
(https://news.mak.ac.ug/2024/05/efd-takes-research-findings-to-parliament-advocates-for-
regulatory-and-policy-framework-to-support-transition-to-clean-energy-for-households/)
A full report on EfD Uganda’s participation at the NAIROBI 18th EfD AGM may be accessed below.
Jane Anyango is the Communication Officer EfD Uganda
The School of Business, College of Business and Management Sciences, has concluded the 3rd Annual Doctoral Colloquium Programme, 2024, which brought together 34 PhD students, including 11 third-year and 23 first- and second-year students, for a four-day engagement held from Monday October 14 to October 17, 2024.
Organized under the leadership of Prof. Godfrey Akileng, Dean of the School of Business, and Dr. Kasimu Sendawula, the colloquium focused on the theme, “Research Grounding, Framing, Problematizing, and Making a Contribution for a Seamless PhD Experience.” The event aimed
to educate participants on research proposals and thesis guidelines, enhance scholarly writing and presentation skills, and foster networking between young and senior researchers.
The colloquium achieved its objectives through sessions on both provisional and full admission processes, addressing essential topics such as proposal and thesis structure, conceptualization, literature review, qualitative and quantitative data analysis, philosophy of methods, scholarly writing, and ethical clearance. Paper presentation sessions, held on Days 3 and 4, allowed students to refine their research ideas and enhance their understanding of PhD management policies, philosophical foundations, and scholarly writing skills.
Prof. Godfrey Akileng highlighted the remarkable progress of the School’s doctoral program since its inception in 2019. “We have 31 active doctoral students, and five graduates are expected in January,” said Prof. Akileng. He expressed pride in the school’s initiatives, noting the increasing publication rate among both students and staff, which reflects the growing research output. Prof. Akileng encouraged scholars to present their research, develop a matrix for comments received, and work diligently to finish their work on time.
Prof. Akileng also emphasized the importance of customer satisfaction in research, stating, “Our business thought is that the best strategy is having a satisfied work customer and addressing their needs.” He reaffirmed that the staff remains committed to supporting students throughout their PhD journey, urging them to stay focused and follow the plan.
In addition to the ongoing training efforts, upcoming events include the November and December research seminars, where staff members studying abroad will present their work.
During his opening remarks, Prof. Edward Bbaale, Principal of the College of Business and Management Sciences (CoBAMS), emphasized Makerere University’s strategic vision under the 2020-2030 plan, which focuses on transforming the university into a research-led and innovation-driven institution. Prof. Bbaale highlighted three key pillars of the strategy: increasing graduate enrollment, establishing research entities, and bridging research and policy.
“We aim to raise the graduate student population to 30% by 2030, with 10% being international students,” Prof. Bbaale said, adding that the current figure stands at 12%, with only 2% being international students. He also noted the creation of 68 research centers and institutes, such as the School of Business Center for Entrepreneurship and Innovation, as key steps in developing innovative solutions through collaborative research.
Prof. Bbaale encouraged students to embrace challenges and use the resources available at Makerere University to further their academic and research goals. “Your research is not just an academic pursuit; it’s a beacon of hope and a catalyst for societal change,” he said, citing the importance of interdisciplinary research and international collaboration in shaping the future of academic excellence.
Speaking at the closing of the colloquium, Dr. Julius Kikoma, Deputy Director of the Directorate of Research and Graduate Training (DRGT) at Makerere University, praised the School of Business for its progress in doctoral training. “I’m happy to see that the school has grown its capacity to train PhDs,” Dr. Kikoma remarked, adding that the DRGT is working to make the PhD journey less isolating by organizing gatherings like the colloquium, which bring students together.
Dr. Kikoma further highlighted the reforms initiated by the DRGT to streamline PhD training, including a shift from open-ended to structured programs, cohort-based admissions, and providing full admission to students. “We’ve implemented changes to help PhD students move more smoothly through their journey,” he explained.
The symposium also featured contributions from experts such as Dr. Kassim Sendawula, the Coordinator of the PhD Programme at the School of Business, who underscored the value of expert feedback in the research process. Dr. Sendawula noted that the review process provided essential skills and insights, helping scholars refine their research and develop practical solutions.
The colloquium demonstrated Makerere University’s dedication to advancing graduate training and research, fostering a supportive community for PhD students. Dr. Kikoma highlighted that 350 applicants for PhD by research were received in the current academic year, underscoring the increasing interest in graduate studies at the university. The event concluded with a call for continued efforts to support PhD students, align research with national priorities, and maintain the momentum toward achieving the university’s vision of becoming a research-led institution.
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