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.
