The Uganda Bankers Association has launched the Environmental, Social and Governance framework to join a global phenomenon that companies have adopted to boost their sustainability and development impact. During the launch that took place at the Kampala Serena Hotel on June 4, the bankers hailed the move as one that will improve corporate governance in the sector.
Deputy Governor of Bank of Uganda Michael Atingi-Ego said, “This pioneering initiative will transform our collective approach to promoting best practices in ESG matters.
“The urgency of sustainability cannot be overstated. Our planet faces unprecedented challenges, from climate change to resource depletion and social inequalities.” Atingi-Ego said that the banking sector is uniquely positioned to catalyze sustainable economic activities and foster responsible business practices.
The ESG framework will be captured in the theme of the seventh edition of the annual bankers conference to be held at the same venue on June 19 as “Navigating the Future of Banking: ESG, Sustainability and Digital Transformation.”
Julius Kakeeto, chair of UBA, said the association chose ESG as a theme citing the interconnectedness between financial performance and ESG practices. “The framework launched this morning will guide the banking industry on how to integrate its principles across their operations, from governance to products, policies, and processes.”
Kakeeto who is MD of Post Bank stressed that digital transformation streamlines bank operations and hence effective management of ESG data more sustainable investment.
Wilbrod Owor, ED of UBA, said the conference will tackle a diversity of topics like energy, sustainability, finance, digital evolution, and the role of AI in banking. Owor underscored the role of partnerships in the banking sector. “These partnerships are often far-reaching and deeply rooted in the very communities we serve, for example, government initiatives, development banks etc. We hope more can join us in this and other causes.”
