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Statement On Misleading Social Media Articles

Our attention has been drawn to two articles on social media that are purportedly based on an open letter from the staff of the Capital Markets Authority (CMA) to the Chief Executive Officer (CEO) alleging misconduct by the latter.

The said open letter has never been brought to the attention of the CEO, the Senior Management Team or the Staff of CMA. The Office of the CEO at CMA is open and promptly responds to complaints from the public and the staff.

The articles circulating on social media contain false and misleading statements relating to matters such as per diems and allowances, salary structure implementation, and procurement.

The Management of the CMA would like to assure the public that the Authority is a well-governed Institution. All policies implemented by the Authority have been approved by the Board and they are well documented in the Human Resources Manual. The wage budget for the Authority’s employees is set in the national budgeting framework and the use of funds appropriated is governed by the Public Financial Management and Accountability Act, 2015.

The Authority has a well-functioning Human Resources & Administration Directorate and an in-house Internal Audit function. Furthermore, procurement at CMA follows a well laid down process in accordance with the Public Procurement and Disposal of Assets Act.

The CMA remains committed to achieving its mission to foster a transparent, accessible and effective capital market in Uganda and accordingly urges the public to disregard the misleading articles with the contempt they deserve.

 

 

NOTES TO THE EDITOR

 

CMA was established in 1996 by the CMA Act Cap 84. The Authority has several functions under this Act which include approval of prospectuses or offer documents; development of the capital markets; protection of investors, management of the investor compensation fund, among others.

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