27 May 2019

IRA equips Industry Executives with Corporate Governance skills

A total of 56 Senior Executives of the Insurance Industry have been equipped with Corporate Governance skills. The players were advised to make investment decisions cautiously to avoid collapsing.

“No one is too big to fail. It’s always important to balance between risk and return. Most companies fail because they prioritize their investment returns over the risks they are carrying,” said, Mr. Japheth Kato, the lead facilitator for the training programme. Kato emphasized that processes, procedures, rules (even financial performances) among others are important, but adherence to ethical conduct and good business principles is paramount.

The Authority set out to facilitate and promote industry capacity development as one of its strategic initiatives.

While opening the training session conducted at the Insurance Training College, the IRA Chief Executive Officer Alhaj Kaddunabbi Ibrahim Lubega said the Authority attaches great importance to Corporate Governance noting that if the industry is to grow and insurance business to thrive, compete and remain sustainable in the long term, high standards of Governance are essential. He emphasized that information disclosure and transparency were key to gaining legitimacy from stakeholders.

The Authority is finalizing the development of Governance Regulations under which the overriding obligation is for players to take reasonable care to organize and control the company affairs effectively and have adequate risk management procedures and controls in place.

The Chief Executive Officer of the Insurance College, Mr. Saul Sseremba applauded the Regulator for the tremendous support provided to the Training College over time and for organizing the Corporate Governance skills development training for the Industry Captains.