The Bank's compliance with principles of good corporate governance is reflected through a properly constituted Board of Directors.
1. BOARD STRUCTURE AND COMPOSITION:
Article 161  of the Constitution 1995, vests the authority of Bank of Uganda in the Board of Directors. The BoU Board is a unitary or one-tier Board with the ultimate responsibility for the management, general affairs, direction, performance and long- term success of the Bank. The Board of Directors, the governing body of the Bank consists of:
Board members are appointed by the President with the approval of Parliament. The composition of the Board must be such to enable them to discharge their responsibilities and provide effective leadership to the Bank [CAP.51].
The Board shall include a balance of Executives and Non-Executive Directors [NEDs] who are expected to be independent, such that no individual or group of individual interests can dominate its decision taking [CAP.51].
Non-Executive Directors are chosen for their ability to make a contribution to the governance and strategic development of the Bank. The Executive and Non- Executive Directors are members of the same body and share the overall collective responsibility for the direction of the Bank.
The Executive Directors have additional responsibilities for the daily operation of the Bank business as determined by the Board.
3. TERM OF OFFICE:
2.The office of the Governor and Deputy Governor are public offices.
4. ROLES AND RESPONSIBILITIES OF THE BOARD:
4.1. The Role and Functions of the Board:
The Board of Directors shall exercise all the powers of the Bank subject only to the limitations contained in the Constitution of the Republic of Uganda, 1995, and the Bank of Uganda Act [Chapter 51, Laws of Uganda].
The Board shall fulfil the following collective responsibilities:
4.2 Duties and Powers of the Board:
The Board, in accordance with the 1995 Constitution of the Republic of Uganda and Section 10 of the BoU Act shall: