Masinde Muliro University Staff Retirement Scheme Holds Annual General Meeting to Review Growth and Future Plans

The Masinde Muliro University of Science and Technology (MMUST) Staff Retirement Benefits Scheme (SRBS) held its Annual General Meeting (AGM) on Friday 30^th May 2025, bringing together Trustees, University leadership, members, and other key stakeholders to reflect on the Scheme’s performance during the 2023/2024 financial year and chart the way forward. The event was graced by the representative from the Retirement Benefits Authority- Ms. Julie Oloo.

The Vice Chancellor- Prof. Solomon Shibairo during a past event.

Speaking during the Annual General Meeting of the Masinde Muliro University Staff Retirement Benefits Scheme (SRBS), Vice Chancellor- Prof. Solomon Shibairo commended the Board of Trustees for their dedication to safeguarding the welfare of staff through a well-managed and forward-looking retirement scheme. “As a University, we will continue working closely with the Board of Trustees to ensure that the Scheme remains sustainable, transparent, and aligned with the highest standards of accountability,” he stated.

In his address, Chairperson of the Board of Trustees, Prof. Joseph Nasongo, highlighted the Scheme’s positive performance of 2023/2024 financial year, noting growth in assets under management and improved member returns despite challenging times. He reaffirmed commitment in ensuring that MMUST Staff Benefits Scheme remains a pillar of security for all our members now and in the future.

The Chairperson of the Board of Trustees, Prof. Joseph Nasongo speaks at the AGM.

“The Scheme has demonstrated commendable growth which is a reflection of prudent financial stewardship, strategic decision-making, and unwavering support from all stakeholders,” said Prof. Nasongo. Prof. Nasongo also expressed appreciation for the continued support and collaboration from the University’s management, noting that their cooperation plays a critical role in the Scheme’s ongoing success and sustainability.

Commenting on the Scheme’s compliance with RBA regulations, Ms. Oloo commended MMUST for its strong commitment to staff financial security, noting that this dedication has been reflected in the Scheme’s adherence to regulatory standards and transparent governance.

A section of the participants keenly following the presentations during the AGM.

The other Trustees present during the AGM included Prof. Peter Bukhala, Prof. Alice Ndiema, Prof. George Lawi, Dr. Eglay Tsuma, Ms. Veronica Wamalwa, Ms. Dorah Mbakaya, and CPA Patrick Kivale. The Secretariat were Mr. Bernard Wesonga and Ms. Celestine Mmasi.

The Scheme Administrator, Octagon Pension Services Limited highlighted that MMUST’s Scheme has ensured timely contributions which indicates its commitment to financial freedom of members. They encouraged staff to consider ‘Additional Voluntary Contributions’ to grow their financial kitties.

The Consultant of the Scheme noted that they have enhanced member’s benefits through prudent and innovative investments. “We did not expose the Scheme. We have maintained segregated bank accounts for the Scheme’s incomes,” said Dr. Mandala Robert.

The Scheme’s Auditor- Mr. Evans Ogari.

The Scheme’s Auditor- VCK Auditors & Consultants pointed out that according to their audit conducted per the International Standards on Auditing (ISAs), the financial statement given is a true and fair view of the financial position of the Scheme as at 31^st December 2024. “The Scheme’s financial performance and cash flow for the period ended in accordance with International Financial Reporting Standards (IFRSs) and in a manner that is required by the retirement benefit Act 1997 as amended,” said the Auditor.

One of the participants, Mr. Aggrey Shimenga, asks a question during the AGM.

The AGM also provided a platform for members to engage directly with the Scheme’s leadership, interrogate the report, and offer feedback on the Schemes’ strategic priorities. As the Scheme looks ahead, the board reaffirmed its dedication to sustainable growth, member-focused services, and adherence to good governance.

The AGM marked a significant milestone for the Scheme. It reinforced its dedication to financial security, transparency and member engagement practices.