By Max Patrick Ocaido
Bank of Uganda (BoU) Non-Executive Directors also known as Directors of the Board take home Shs2.5million net of tax as allowance payment each time they sit.
This is on top of a retainer fee (salary) of Shs5m net of tax that each Non-Executive Director is entitled to per month in accordance with the Bank of Uganda Act, 2000.
The remuneration detail of BoU Board Members is contained in the Bank’s 2019 Annual Report that highlights state of affairs of the Central Bank.
The governing body/ board of directors of Bank of Uganda consists of; Governor Emmanuel Mutebile, who is the chairperson of the Board and the deputy governor, Louis Kasekende, who is the deputy chairperson. The other Non-Executive Members are; the Secretary to the Treasury, Keith Muhakanizi, James Kahoza, Dr. William Kalema, Judy Obitre Gama and Josephine Okui Ossiya.
Section 10 of BoU Act that establishes the Board stipulates the functions of the board among them is being responsible for the general management of the affairs of the bank; functioning of the bank and the implementation of its functions; formulate the policies of the bank and others.
The Act also gives the board leverage to meet as often times as business requires, and in any case the board shall meet at least 10 times in a year and the governor may convene a meeting whenever two directors request for a meeting.
In other words, if in a year, the board sits 10 times then each board member takes home at least Shs25m in sitting allowances alone, totaling to at least Shs100m for the 4year tenure.