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Saturday, March 30, 2019

Financial Performance Of Selected Commercial Banks In Uganda Finance Essay

pecuniary functioning Of Selected mercenary tills In Uganda Finance strivePersistent poor fiscal implementation in technical avers in Uganda yet stakeholders continuously every last(predicate)eged that merged formation of these avers was doubtful, provoked the composing of this paper. apocalypse and imprecate, which constitute the integral parts of corporal presidency, offer up b needmail for improved m championtary process (Mark2000). This paper aims at establishing the relationship surrounded by the core principles of incorporated cheek and monetary work in mercenary believes of Uganda. Findings indicate that somatic arrangement predicts 34.5 % of the division in the general pecuniary work of commercialized banks in Uganda. However the meaning(a) contri more overors to monetary performance include up to(p)ness and reliability. Openness and Reliability argon cakes of aver. On the another(prenominal)(a) hand credit chance as a measure of d ivine revelation has a negative relationship with financial performance. It is obvious that religion has a significant impact on financial performance devoted that foil and manifestation boosts the trust morality of commercial banks. vernaculars both local and international should follow up well(p) apocalypse practices and transp atomic number 18nce practices thereby enhancing trust in stray to arrive in the competitive financial landscape.IntroductionThe supranational financial landscape is changing rapidly economies and financial strategys atomic number 18 undergoing traumatic years. globalization and technology maintain continuing speed, financial arenas are becoming much open, new products and services are being invented and marketed and regulators everywhere are scrambling to quantify the changes and master the turbulence. An international wave of mergers and acquisitions has swept the banking industry as boundaries amongst financial sectors and products h ave blurred dramatically. In this brave new world, unmatchable fact re significants unchanged. The need for countries to have dense resilient banking systems and unattackable banks with good Corporate cheek consequently will use disputation to beef up and upgrade their institutions that will survive in an increasingly open environment (Kaheeru, 2001). According to James Wolfensohn former World Bank sort President, Corporate governance is nearly promoting corporate fairness, transparency and accountability (Financial Times, 1999). Governance is a requisite for survival and a forecast of how predictable the system for doing business in any country is. In developing countries, the vastness of governance is to strengthen the foundation of society and chip into the global prudence. external standards and guidelines on corporate governance have been established by legion(predicate) multi later(prenominal)al organizations including the OECD and the Basle Committee in the effo rt to ensure improved lawful institutional and regulatory framework for enhancing corporate governance in institutions much(prenominal) as banks and financial markets (Kibirango, 2002). Specifically, the World Bank has proposed guidelines for good corporate governance in the financial sector, because of the critical utilization of the sector as the main vehicle for robust economic growth and effective transmission of fiscal policy In Uganda, the factors responsible for poor corporate performance especially in banks emanate from need of transparency, accountability and poor ethical select (Kibirango, 1999). Commercial banks failures have been uniteed to self-inflicted causes resulting from bank owners ICB(International Credit Bank), GBL(Greenland Bank), and Coop Bank were afflicted with the one-man way syndrome of corporate governance exemplified by doubting Thomas Kato (ICB), Sulaiman Kiggundu (GBL) and USAID (Co-op Bank). There was no separation amidst senior management an d the bill of directors in ICB or GBL and that management took little account of depositors interests. The board of ICB consisted of 4 members of the Kato family including a six -year- old child GBL had two boards of directors but incomplete had a say in the running of the bank for vitrine ICBs audit report cited connected or insider lending to a tune of UShs. 4 billion In the parapraxis of GBL the July 1998 Bank of Uganda (BOU) Audit Report express that as per30th June 1998, Insider lending stood at Ushs.22, 722 million representing 47 percent of node deposits and accounting for 55 percent of the tot up loan portfolio yet the upper limit amount the bank could lend according to FIS 1993 was Ushs.975 million only. The report besides cited that in just about cases credit was extended on sole instructions of then Managing Director without any or minimal documentation (BOU, 1999).At the time of removing the Managing director in December 1998, the bank was much illiquid than what the financial statements were showing. Greenland Bank had tried to cover up the short take back through kiting cheques betwixt them selves and Uganda Commercial Bank and this involved instruments worth slightly Ushs. 4 billion. At the time of handing over, Kigundu admitted having made huge investments (UShs. 37bn off-Balance Sheet) somely in related companies without disclosing these in books of the bank. In addition, he had secretly solicited for substantial deposits UShs. 20 billion which were unploughed off the financial Statements of the bank (BOU, 19, 1999). The B.O.U. closure of the supra mentioned banks was intended to rouse the owners, directors and managers of the other commercial banks to institute sound corporate governance principles and harbor better financial performance.It is worth highlighting that, insufficient financial disclosure evidenced by high level of off-balance sheet items, lack of transparency resulting from gross mismanagement and dubious accou nting actions as observed in cases of ICB, GBL (Yunusu, 2001) and TransAfrica Bank Ltd (B.O.U., 2002) are detrimental to interests of banks stakeholders especially the depositors. The banks nifty, as typeset and topings determine are strickleed and as a result the financial performance is questionable. This may be collectible to poor corporate governance. Amazingly, even later on the intervention by Bank of Uganda through the closure of at to the lowest degree three commercial Banks in 1999, a number of Commercial Banks in Uganda have continued to register poor financial Performance, for instance, National Bank of Commerce in 2001/2002 reported a loss of 729,000,000/= and the banks liabilities swelled to 5bn/= in year 2002 from Ug. Shs 2.3bn in 2001.Citibanks profits fell from Ug. Shs. 4.1bn. in year 2001 to 2.3bn/= in year 2002 (Aggrey, 2003), Similarly, the Balance sheet position of Stanbic Bank (U) ltd. for year 2001 declined by 14.24 per cent compared with a growth of 1 9.19 per cent in 2000. Loans and advances, which comprised 32.95 percent of total assets declined by 24.42 percent, and the efficiency ratio deteriorated from 31.65 percent to 35.07 percent (Stanbic Bank Uganda, 2001). The overall aim of this paper is to investigate the link amongst, financial performance and the lens nucleus tugs of corporate governance transparency, disclosure and trust in commercial banks in Uganda, within International and local Commercial Banks with headquarters in bully of Uganda District, Stanbic Bank, Cairo Bank, Orient Bank and CERUDE Bank were the identify focus in this paper. In order to achieve this aim bank annual reports create a major source of financial data used to gauge financial performance. Financial performance was metrical using CAEL Model which was later correlated with corporate governance variable.An Overview of the Key VariablesTo understand corporate governance and financial performance variables in relation to commercial banks, t he major corporate governance pillars i.e. financial transparency, disclosure and trust are dissected. Financial performance especially relating to commercial banks is likewise reviewed based on the performance dimensions comprising majuscule adequacy, asset graphic symbol, gelt and liquidity. The significance of stakeholders in commercial banks is also highlighted. These are compressed in a conceptual frameworkRevenue spot and Bank of Uganda, the expectation of government is that, nurture from these enterprises should not be diagonal and misleading. Management has to take into account the stakeholders expectations when they set a strategic flush but this can only be attained through sound corporate governance.Corporate GovernanceCorporate governance is about edifice credibility, ensuring transparency andaccountability as well as maintaining an effective broadcast of selective instruction disclosure that would foster good corporate performance. It is also about how to bui ld trust and sustain self-assurance among the various interest groups that leave up an organisation. Indeed the outcome of a survey by Mckinsey in collaboration with the World Bank in June 2000 attested to the strong link between corporate governance and stakeholder confidence(Mark, 2000).Given that a study has already been carried out on the extent to which boardcomposition affects team processes (orientation converse feedbacks, coordination, leadership and monitoring), board effectiveness and performance of the selected financial institutions in Uganda (Rosette, 2002), the tec picked three basic tenets of Corporate Governance transparentness, Disclosure and authority in relation to commercial bank financial performance in Uganda, these tenets amount under the accounting field. The constructs/tenets are reviewed in the side by side(p) sections. transparentnessTransparency is integral to corporate governance, higher transparency reduces the instruction asymmetry between a an d bondholders), mitigating the agency problem in corporate governance (Sandeep et al,firms management and financial stakeholders ( equity2002). In Uganda lack of transparency is attributed to the closures of commercial banks (Yunusu, 2001).Bank TransparencyThe concept of Bank transparency is broad in s fill out it refers to the quality and quantity of man information on a banks risk profile and to the timing of its disclosure, including the banks past and current decisions and actions as well as its plans for the future. The transparency of the banking sector as a whole also includes usual information on bank regulations and on safety net operations of the of import bank (Enoch et al, 1997 and Rosengren, 1998).Weak transparency makes banks asset risks opaque. sprout market participants including victor analysists much(prenominal) as Moodys encounter difficulties in measuring banks credit worthiness and risk exposures (Poon, Firth, and Fung, 1999, Morgan 1999, and Jordan, Peek , Rosengren, (2000)). Ball (2001) argues that timely incorporation of economic losses in the published financial statements (that is, conservatism) increases the effectiveness of corporate governance, compensation systems, and debt symmetricalnesss in propel and monitoring managers. For instance, improved governance can manifest in a reduction of the private benefits that managers can extract from the company or in a reduction of the legal and auditing costs that shareholders must bear to oppose managerial opportunism Governance research in accounting exploits the role of accounting information as a source of credible information variables that support the existence of enforceable contracts, such as compensation contracts with payoffs to managers dependent on(p) on realized measures of performance, the monitoring of managers by boards of directors and outside investors and regulators, and the exercise of investor rights allow by existing securities laws. There are a number of i ssues to choose in this regard. First, the existence of a strong financial accounting governing is likely a precondition for the existence of a vibrant broth market and in its absence the notions of equity-based pay and diffuse ownership of firms dumbfound moot (Ball (2001) and Black (2000)) Institutional Variables Used to Measure Corporate transparency comprises.Financialaccounting disclosures of major stakeholders, Timeliness of disclosures, Information dissemination and completeness of information. Robert Abbie (2001) curb with BPS especially on institutional transparency, they outline the transparency dimensions as Completeness of financial information, Release of information, Timeliness, and Means of dissemination.DisclosureGiven the recent corporate scandals (US Based Enron, WorldCom (Heidi and Marleen (2003) and Uganda Based Greenland Bank Ltd, ICB(Japheth (2001)) restoring public trust is at the steer of the agenda of todays business leaders. Greater information provi sion (disclosure) on the companys capital and control structures can be an important bureau to achieve this goal. gamy quality and relevant information is crucial for exercise of governance powers. luxuriant Disclosure seeks to avoid financial statements fraud(Beasley, 1996 Beasley et al, 2000). Prior studies have concentrated on disclosure of items such as management earnings forecasts (Johnson et al, 2001 Lev and Penman1990) or impermanent earnings (Leftwich and Zimmerman 1981), or have examined a very general disclosure index of financial and/or non financial items (Chow and Wong Borren, 1987). The CIFAR Index (i.e. a disclosure index created by the Center for Intentional Financial Analysis and look (CIFAR) rates annual reports on the inclusion or omission of about 90 (rather traditional and mandatory financial) items from the following categories general information, income statements, balance sheet, specie flow statement, accounting standards, filiation data and speci al items (Laporta et al, 1998).Dangers of Voluntary DisclosureThe most parking lot arguments against voluntary disclosure from a managerial attitude are fear of giving away comminuted information to competitors and procurement of extra costs for collecting and disclosing the information (Eccles and Mavrinac (1995), Healy and Palepu (1993), Reich and Cylinder (1997).However, it is worth noting that as competition continues to bite, the basket of secret information tends to reduce.Financial DisclosureFinancial disclosure, which is a key component of the newly proposed Basel bang-up Accord, is reviewed in the following paragraphs. In April 2003, the Basel Committee on Banking Supervision (BCBS, 2003a), headquartered at the Bank for International Settlements in Switzerland, released the new Basel jacket crown Accord, which replaced the1988 seat of government Accord with an attempt to set regulatory capital wants that are comparable across countries. The purpose of pillar three is to complement the other pillars by presenting an growd set of public disclosure requirements focusing on capital adequacy. This pillar is examined in more detail than the first 2 pillars given that disclosure represents one of the key variables in the scope of this study.Details of Pillar tiercePillar Three addresses the issue of improving market discipline through effective public disclosure. Specifically, it presents a set of disclosure requirements that should improve market participants ability to survey banks capital structures, exposures, management processes, and, hence, their overall capital adequacy. The proposed disclosure requirements consist of soft and quantitative information in three general areas corporate structure, capital structure and adequacy, and management. Corporate structure refers to how a banking group is organized for example, what is the die corporate entity of the group and how are its subsidiaries consolidated for accounting and regulatory purpose s. Capital structure corresponds to how much capital is held and in what forms, such as common stock. The disclosure requirements for capital adequacy focus on a thickset discussion of the banks approach to assessing its current and future capital adequacy.The Concept of depositTrust means many things. Everyone knows intuitively what it is to trust yet articulating a precise definition is not a simple matter (Wayne Megan 2002). Trust is difficult to define because it is so complex, in fact, Hosmer (1995) has observed. There appears to be general reason on the importance of trust in human conduct, but unfortunately there also appears to be an equally widespread lack of agreement on a suitable definition of the construct. Trust is a multi flavorted construct, which may have different bases and phases depending on the context it is also a dynamic construct that can change over the line of descent of a relationship (Wayne and Megan, 2002).Facets of trustThere are at least five fac ets of trust that can be gleaned from the literature on trust (Hoy Tschannen-Moran, 1998 Tschannen-Moran Hoy 2001). Benevolence, reliability competence, righty and desolation are all elements of trust (Wayne Megan 2002). Benevolence perhaps the most common facet of trust is a sense of benevolence confidence that ones well being or approximatelything one cares about will be protected and not harmed by the believe party (Baier, 1986 butter Cantecell, 1984 Cummings Bramily, 1996 Deutch, 1958 Frost, Stimpson Maughan, 1978 Ganbetta, 1988 Hosner, 1995 Hoy Kupersmith 1985 Mishra 1996).Reliability at its most basic level trust has to do with predictability that is, consistency of behaviour and discerning what to expect from others (Butter Cantrell, 1984 Hosmer1995). In and of itself, however, predictability is insufficient for trust. We can expect a individualistic to be invariably late, consistently malicious, inauthentic, or dishonest when our well-being is fall or damaged in a predictable way, expectations may be met, but the sense in which we trust the other person or group is weak. Competence Good intentions are not always bounteous when a person is dependent on another but some level of skill is involved in fulfilling an expectation an individual who means well may nonetheless not be trusted (Baier 1986 Butter Cantrell, 1984 Mishra, 1996). Competence is the ability to perform as expected and according to standards grab to task at hand, many organisational tasks rely on competence. satin flower Honesty is the persons character, integrity and authenticity Rotter (1967) defined trust as the foreboding that the word, promise, verbal or written statement of another individual or group can be relied upon. Statements are truthful when they confirm to what sincerely happened from that perspective and when commitments made about future actions are kept. A balance wheel between a persons statements and deeds demonstrates integrity. Openness Opennes s is the extent to which relevant information is shared it is process by which individuals make themselves vulnerable to others. The information shared may be strictly about organisational matters or it may be personal information, but it is a giving of oneself (Butter Cantrell, 1984, Mishra, 1996) such nudity signals reciprocal trust a confidence that n any the information nor the individual will be work and recipients can feel the same confidence in re braid. Individuals who are unwilling to extend trust through bareness end up isolated (Kramer, Brewer Hanna, 1996). In Uganda, as in many other countries, there is a rooted distrust in most of the public sector Shleifer, and Vishny, (1993) this may also be the case for the private sector in which the commercial banks fall.Macro-Economic VariableMacro-economic variables through factors such as inflation and changes in interest rates may either enhance or distress commercial banks financial performance. Cordella levy Yeyati (199 8a) billet out that if the shocks of the economy are wide and banks cannot control their asset portfolio risks, then full transparency of banks risk positions may destabilize the banking system. A countrys big economic environment may also affect transparency levels and so it becomes difficult to relate to financial performance of commercial Banks. Consider Uganda where the economy is shaped by a number of straining factors like unemployment, 38% of entire population under the poverty line. Such factors have a serious impact on the behaviour of potential account holders or even those who operate accounts. This means that even if there is proper transparency, full disclosure and trust in the banking industry, the above challenges may negatively affect financial performance in Uganda. In this paper, these together with other social, political and technological factors are assumed invariable. Relationship of Transparency, Disclosure, Trust and Financial Performance Transparency, dis closure and trust, which constitute the integral part of corporate governance, can provide pressure for improved financial performance. Financial performance, present and prospective is a benchmark for investment. The Mckinsey Quarterly surveys suggest that institutional investors will pay as much as 28% more for the shares of well governed companies in rising markets (Mark, 2000). According to the corporate governance survey 2002, carried out by the Kuala Lumpur stock exchange and accounting firm Price Water House Coopers (PWC), the legal age of investors in Malaysia are prepared to pay 20% premium for companies with sea captain corporate governance practices.Financial Performance and financial institutionsFinancial resolution is a situation where depositors funds are safe in a stable banking system. The financial soundness of a financial institution may be strong or unsatisfactory varying from one bank to another (BOU, 2002). External factors such as deregulation lack of info rmation among bank customers homogeneity of the bank business, connections among banks do cause bank failure. round useful measures of financial performance which is the alternative term as financial soundness are coined into what is referred to as CAMEL. The acronym CAMEL refers to the five components of a banks condition that are assessed Capital adequacy, Asset quality, Management, earnings, and liquidity. A sixth component, a banks Sensitivity to market risk, was added in 1997 hence the acronym was changed to CAMELS. (Note that the bulk of the academic literature is based on pre -1997 data and is thus based on CAMEL ratings.) Ratings are assigned for all(prenominal) component in addition to the overall rating of a banks financial condition (Jose, 1999). The ratings are assigned on a scale from 1 to 5. Capital Adequacy This ultimately determines how well financial institutions can cope with shocks to their balance sheets. The bank monitors the adequacy of its capital using ra tios established by The Bank for International Settlements. Capital adequacy in commercial banks is mensurable in relation to the relative risk weights assigned to the different folk of assets held both on and off the balance sheet items (Bank of Uganda, 2002). Asset character The solvency of financial institutions typically is at risk when their assets become impaired, so it is important to monitor indicators of the quality of their assets in terms of overexposure to specific risks trends in non- playing loans, and the health and favorableness of bank borrowers especially the corporate sector. Credit risk is inherent in lending, which is the major banking business. It arises when a borrower defaults on the loan repayment agreement. A financial institution whose borrowers default on their repayments may face cash flow problems, which eventually affect its liquidity position. Ultimately, this negatively impacts on the profitability and capital through extra specific provisions fo r baffling debts (Bank of Uganda, 2002). Earnings The continued viability of a bank depends on its ability to earn an adequate return on its assets and capital. Good earnings performance enables a bank to fund its expansion, remain competitive in the market and refill and /or increase its capital(Bank of Uganda, 2002). A number of authors have agued that, banks that must survive need Higher Return on Assets (ROA)., better return on net worth/Equity (ROE), sound capital base i.e. the Capital Adequacy Ratio (CAR), adoption of corporate governance ensuring transparency to stakeholders that is equity holders, regulators and the public. liquid state Initially solvent financial institutions may be drive toward closure by poor management of short-term liquidity. Indicators should cover funding sources and capture large maturity mismatches. An unmatched position potentially enhances profitability but also increases the risk of losses (The Ugandan Banker, June 2001). The M represents Ma nagement, given that this paper is hinged on financial performance, the management component in not considered in the measure. Generally, literature on corporate governance comprises attributes such as financial transparency, disclosure and trust among others and it is revealed that financial transparency and disclosure enhance trust between the stakeholders and organisations like commercial banks. Capital Adequacy, Earnings and Liquidity are the key dimensions of measuring financial performance in Commercial Banks. In compendious, this literature forms an underpinning for the establishment of the association between corporate governance and financial performance.MethodologyThis study was conducted as a cross sectioned and correlational investigation. Given that the key focus was to investigate the relationship between Corporate governance and financial performance.The managers of commercial banks in Uganda may be ensuing the arguments of Eccles Mavrinac (1995), Healy Palepu (199 5), and Reich Cylinder (1997) whose studies make a note that voluntary disclosure of information for instance on Total capital bases Tier 1 2 capital, and preference shares may directly give away sensitive information to competitors and the disclosure process itself may lead to extra bank operating costs.AnalysisLevel of Trust in Commercial Banks On average the Commercial banks are not open to their clients on matters concerning the banks the majority indicated that manages do not tell them what is really going on in the bank over 62 % were not sure and affirmed this statement. The lack of openness in these commercial banks may raise distrust as noted by Beatty Cantrell (1984), and Mishra (1996) who note that openness signals reciprocal trust a confidence that neither the information nor the individual will be exploited and recipients can feel the same confidence. Many authors conclude that reliability implies a sense of confidence. From URA, it was shown that the commercial bank s are open to URA officials about what is going on in the bank (62.5%), it was also found out indicated that the commercial banks are competent in doing their work. The majority of URA officials also indicated that commercial banks are honest to URA and it is also indicated that commercial banks are reliable to URA, Overall analysis from the limitings institutes a piece of evidence that URA trusts commercial banks activities. Level of Financial Performance in Commercial Banks As noted earlier, financial performance was considered the dependent variable in this paper, before correlating it with governance variables its magnitude within the commercial banks was ascertain. second-string data especially from respective commercial banks annual-reports (from 2000 to 2003) were used to extract the summary of the banks financial performance Based on Capital Adequacy, Asset Quality, Earnings and Liquidity as recommended by BOU for measuring Financial Performance (BOU 2002). Capital adequa cy, which is measured by CK/RWAs ratio(Core Capital / Risk Weighted Assets), in most banks was above the central banks, required level of 12%. Asset Quality, which was measured by NPA/ Total advances and Specific Provisions, also indicated that most banks were above the FIS (1993) requirement of 25%. Earnings, which are measured by ROE and ROA ratios, indicated that some banks earnings performance was below zero for instance Bank R. Some other banks indicated a steady movement upwards especially on their ROA Ratios. Liquidity which is measured by Liquidity Assets/Total Deposits and Total Advances/Total Deposits ratios, indicated that in the overall commercial banks were exceedingly liquid over the trend 2000 to 2003,for instance for bank Z the Liquidity Assets/Total Deposits ratios were 119%, 140%, 112 % and 129% respectively, this implied a helplessness in the financial performance of commercial banks. Relationship between Corporate Governance and Financial Performance in Commerc ial Banks.It was disclosed that all the dimensions of financial transparency, Disclosure and trust had positive relationships with most of the financial performance dimensions in commercial banks in Uganda. For instance capital adequacy, earnings, assets quality highly showed positive correlations with openness competence honestly and kindness. This is also in agreement with the McKinsey quarterly Survey Mark (2000) and the Corporate Governance Survey (2000) by the Kuala Lumpar Stock Exchange and accounting firm PWC that noted that there is a link between corporate governance and financial Performance due to the investors willingness to inject more funds in a wellgoverned firm. The extent to which corporate governance influences Financial Performance Regression analysis was used to find the influence of the independent variable Corporate Governance (financial transparency, disclosure and trust) on the dependent variables financial performance (capital adequacy, asset quality, earn ings and liquidity). An analysis of part was produced reflecting the variables corporate Governance and financial performance. Results indicated that Corporate Governance (Transparency, Trust and Disclosure) predicts 34.5 % of the variance in the general financial performance of Commercial banks in Uganda. The significant contributors to financial performance were openness and reliability. Openness and Reliability all these are measures of trust.On the other hand, credit risk as a measure of disclosure had negative relationship with financial performance, this is in harmony with existent finance literature which highlights that, it is probable that when risky lending increases the payback declines. This in turn negatively affects commercial banks earnings.Conclusion and RecommendationsDisclosure whose strongest dimension was ascertained as Credit Risk in this paper is in agreement with the bare-assed Basel Capital Accord (2003) and Lopez (2001). On the side of Trust reliability, openness and honesty came out to be the strongest dimensions to gauge trust in commercial Banks this is in conformity with the study undertaken by Butter Cantrell (1984) and Wayne Megan (2002).Whereas completeness came out as the significant dimension when measuring financial transparency. Recommendations based on the above finds include Given that the corporate governance can influence over 34% of the financial performance of banks, commercial banks need to adopt and strengthen the corporate governance principles especially on dimensions of timeliness in delivering the financial reports to Bank of Uganda and presenting the details of Loan Advances This means that issues regarding transparency where timeliness and completeness fall should not be underestimated by such banks. After the Commercial Banks have established mechanisms to enforce proper governance practices such as financial disclosure and transparency. They will automatically build a bond of trust with their numerous st akeholders including customers, society, and government among others. Some of these stakeholders especially customers will in turn invest their funds in these banks. For instance, they buy shares when the respective commercial bank is listed both on the local capital market like Uganda Stock Exchange (USE) or on international Capital Markets like The New York Stock Exchange (NYSE) or any other capital market. Commercial Banks operating in Uganda, like any form of business organisation, in todays dynamic financial landscape should focus on proper Governance Practices and Principles not only to boost and enhance their financial performances but as path to gaining a better publ

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