Mak Leadership Commends MURBS Fund Value Growth ahead of 11th AGM

By Mark Wamai.

The University Council and Management have commended the Makerere University Retirement Benefits Scheme (MURBS) Board of Trustees (BoT), Service Providers and Secretariat on the Scheme’s fund value growth from UGX 209 Billion to UGX 255 Billion during the Financial Year 2020/21. The commendations were delivered on Tuesday 19^th October 2021 in the Telepresence Centre, Senate Building at the presentation of MURBS’ performance for the aforementioned period ahead of the 11^th Annual General Meeting (AGM) scheduled to take place on Thursday 21^st October 2021.

“The Chairperson of MURBS has told us that the Scheme now has assets worth UGX 255 Billion and has shown a rising trend of members’ benefits over the last few years. It is quite remarkable that 200 University employees have crossed into the group having over UGX 200 million in a space of one year!” exclaimed the Vice Chancellor, Prof. Barnabas Nawangwe in his remarks.

Earlier, Dr. Godwin Kakuba the Chairperson MURBS BoT had in his communication shared that the Scheme recorded two (2) members whose benefits crossed into the UGX 350-400 Million range, while four (4) members’ benefits crossed into the UGX 300-350 Million range within the period 30^th June 2021 to 30^th June 2021. Furthermore, within the same period, members with benefits in the UGX 250-300 Million range grew from six (6) to seventy eight (78), while those in the UGX 200-250 Million range grew from seventy three (73) to two hundred seventy three (273).

“These are good performance indicators and I am sure members of MURBS are pleased about them. We too welcome these results and hope that they will result into something positive for the University” said Prof. Nawangwe.

On this note, the Vice Chancellor urged members of MURBS to serve the University with dedication and contribute generously towards the reconstruction of the Main Building. He equally appealed to staff to actively participate in celebrations to mark 100 years of Makerere University’s existence. The year-long celebrations were launched by the President H.E. Yoweri Kaguta Museveni on 9^th October 2021 during the 59^th Independence Day commemorations at Kololo Ceremonial Grounds.  

The Chairperson, Makerere University Council, Mrs. Lorna Magara who was represented by Council Member and Dean School of Women and Gender Studies, Assoc. Prof. Sarah Ssali in her remarks thanked God for MURBS’ notable achievement despite a Financial Year characterized by lockdowns and COVID-19 infection waves.

“These (performance indicators) are well above the objectives of the scheme and have added real growth to every individual member’s funds. I also congratulate the Trustees on this achievement” lauded Mrs. Magara.

At 77.79%, Treasury Bonds form the largest Asset Class in MURBS’ investment portfolio. This is followed by Investment property at 7.96%, Quoted shares (East Africa Equities) at 5.58%, Guaranteed Fund at 4.45%, Fixed Deposits at 2.15%, Treasury Bills at 2.01% and Corporate bonds at 0.07%.

The Chairperson congratulated MURBS upon winning an additional two accolades at the Financial Reporting (FiRe) Awards in November 2020. Earlier, the Chairperson Board of Trustees reported that MURBS had emerged winner in the retirement benefits category of the FiRe Awards for four consecutive years.

“That is something that brings me, and Makerere University Council as a whole, lots of joy. I am confident that those awards testify about the strength of the Scheme and the level of transparency that you put into this work. Please keep it up” complimented the Chairperson.

Mrs. Magara thanked the Government of Uganda for creating an investment climate that is conducive to good performance of retirement benefits schemes, as well as continuing to pay the salaries of Makerere University Staff from which the scheme receives monthly contributions to invest. She equally thanked the University administration for supporting MURBS by paying most of the staff benefits on time.

The Chairperson concluded by reiterating Council’s support to MURBS as a model scheme in the country and commitment to ensuring that the balance of the In-house debt is cleared.

“I am satisfied that the University Council is achieving the objectives of setting up MURBS. I would like to again advise the Trustees to continue exercising due diligence in all matters of the Scheme” she summed up.

She commended MURBS on its new status as the mandatory retirement benefits scheme of Makerere University. “Given the new status of the scheme, we implore the Trustees to ensure strict compliance with the law, scheme trustee deed and the rules.”

The Chairperson Board of Trustees (BoT), Dr. Godwin Kakuba while presenting the Scheme’s performance reiterated MURBS’ commitment to ensuring that all practices of good governance are adhered to.

“For the Financial Year 2020/21, and in accordance with the Board Charter, the BoT engaged Profiles International Uganda Limited to evaluate its performance. This is the fourth time such an evaluation is being done and the results show that on the whole, the Board was rated very highly with an overall performance rating of ‘Excellent’.

“The Trustees will continue to work towards the realization of MURBS’ medium to long-term targets, such as, individual member holding reaching the UGX 500 Million band by 2024 and achieving 100% income replacement ratio by 2027” remarked Dr. Kakuba.

The Chairperson concluded by thanking the Chairperson and members of the University Council as well as the Vice Chancellor and members of Management for supporting MURBS to become a fully-fledged Employer Mandatory Scheme.

The presentation was moderated by Mr. Wilber Grace Naigambi MURBS Secretary BoT and Principal Public Relations Officer Ms. Ritah Namisango.