Uganda Investments Authority (UIA) is to get a new board of directors next week, one and half years since the previous board expired.
Finance Minister Maria Kiwanuka today told Parliament’s Finance Committee that a cabinet paper had been finalized to submit the nominated persons for approval of cabinet before constituting a new board next week.
Kiwanuka and other officials of the Ministry of Finance were appearing before the Finance Committee to give responses to issues raised by MPs concerning the ministry and the Financial Year 2014/2015 Budget.
Kasilo County MP Elijah Okupa asked why the Finance Ministry had taken so long to put in place a Board for UIA yet the board is vital in the management of the investment body.
Minister Kiwanuka said the new board had been delayed by consultations. However, Okupa dismissed this saying that it was not right for the Finance ministry to wait for the board to expire and then start consultations.
UIA Board is provided for under the Investment Act, Cap 92 which provides that the Board shall be the governing body of the authority and shall be responsible for the discharge of the business and functions of the authority.
It is also provided that all members of the board, other than the executive director, shall hold office for a term of not more than three years and shall be eligible for reappointment.
Kiwanuka said that the Finance ministry was in the final process of constituting a new Board saying that the ministry already received nominations for competent Ugandans for consideration.
She noted that the nomination of new board members has been received by the ministry from representatives of institutions such as Bank of Uganda, Uganda National Chamber of Commerce and Industry and Uganda Manufacturers Association.