UAP Old Mutual wins in insurance category at the 3rd Corporate Governance Awards

Kampala, Uganda | THE INDEPENDENT | On Friday, 18th October 2024, UAP Old Mutual Insurance received the prestigious resilience and sustainable impact award in the insurance category at the 3rd edition of the Corporate Governance Awards. The event, held at Sheraton Hotel, Kampala, was themed “Recognizing Resilience and Sustainable Impact.”

Organized by the Institute of Corporate Governance of Uganda (ICGU) in collaboration with Grant Thornton, the awards aimed to acknowledge organizations that exhibit exceptional governance practices while contributing to sustainable development in Uganda.

The Corporate Governance Awards are a pivotal annual event on Uganda’s corporate calendar. Introduced in 2018, they aim to raise awareness, and deepen corporate governance principles and practices within both the public and private sectors. Through training, advocacy, research, publication, and consultancy, the awards recognize and reward organizations across private, public, and non-profit sectors for their adherence to corporate governance standards in Uganda.

UAP Old Mutual was recognised for its commitment to upholding corporate governance principles and promoting transparency and accountability in the insurance sector. This accolade reflects UAP Old Mutual’s efforts to lead with integrity while ensuring its customers, employees and other stakeholders benefit from robust governance structures.

Speaking at the event, the Guest of Honour, Hon. Beti Kamya Turwomwe, Inspector General of Government (IGG) of Uganda, commended the participants for their dedication to good governance, resilience, and creating long-term sustainable impact.

Dison B. Okumu, CEO of ICGU, echoed similar sentiments, highlighting the growing importance of governance in today’s corporate landscape, especially as companies face challenges in maintaining resilience. He added that the awards shine a light on organizations that are driving positive change and setting benchmarks for good corporate conduct.

According to the 2018 report on the state of corporate governance in Uganda by the ICGU and Grant Thornton Uganda, some effective governance processes include the presence of a Board of Directors, the frequency of board meetings, and robust risk management practices. Notably, the report indicates that in the insurance sector, while 100% of companies follow a board-approved strategy, only 66.7% have comprehensive risk management frameworks in place, and 87.5% have succession planning processes. These figures highlight areas for improvement and the importance of continued commitment to governance excellence across all sectors.

The recognition re-emphasizes UAP Old Mutual’s commitment to ethical business practices, positioning the company as a leader in both the insurance industry and corporate governance.