Corporate Governance – Uganda Development Bank

The Board

The Bank has in place a fully constituted, broad-based and independent Board of Directors, who exercise control over the Bank, determine the overall strategic direction of the Bank and provide oversight to the Bank’s Management team. The Board is composed of one executive director, one non-independent non-executive director and 5 independent non-executive directors, one of whom is the Chairman. The Board’s operations are clearly guided by the Board Charter and committee terms of reference. To enhance its effectiveness, the Board is constituted into three committees – namely Board Audit & Risk Committee, Board Strategic Planning Committee and Board Credit Committee; the mandate of these committees is articulated below;

Board Strategic Planning Committee: The Committee provides oversight on the implementation of the Bank’s strategic objectives, staff welfare, management information systems as well as the Bank’s governance structures. The Committee is mandated with the responsibility to ensure that the organisation’s structure is consistent with the Bank’s cultural objectives, strategy, control environment and best practices.
Board Credit Committee: The Board Credit Committee assists the Board in discharging its oversight responsibilities relating to the Bank’s Asset quality, administration and standards. In accordance with the Board’s authority, the Committee approves credit facilities within approved limits, oversees loan administration operations and Credit Risk management, sets strategic direction for the Bank’s lending operations and reviews the quality and performance of the Bank’s credit portfolio.
Board Audit and Risk Committee: The Board Audit and Risk Committee is mandated with overseeing the quality, integrity and reliability of the bank’s risk Management. The Committee is also mandated with reviewing the Bank’s internal controls, operating procedures and systems, reviewing the Bank’s management and audited financials and confirming that they are representative of the Bank’s actual performance.
Board Equity Investment Committee:

Management

At the helm of Management is an 8-member Executive Committee (EXCO) headed by the Managing Director, and with other members being Director Finance & Business Operations, Director Strategy & Corporate Affairs, Director Investment, Director Credit, Director Research & Knowledge Management, Director Risk and Bank Secretary/Head of Legal. The EXCO, appointed by the Board, is accountable for the day-to-day management of the Bank and the implementation of all Board-approved policies, strategies, budgets and plans.

Risk Management and Assurance

The Bank has in place a Board-appointed Chief Internal Auditor who provides independent assurance to the Board and Management on the effectiveness of internal control environment. Further, UDBL has a Risk Management unit whose mandate is to proactively anticipate probable risks that may face UDB and ensures that appropriate mechanisms are in place to mitigate the occurrence and/or minimize the effects of these risks if they crystalized.

The Board

Management

Risk Management and Assurance

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