Corporate Governance of State-Owned Extractive Companies: What Uganda Can Learn From Norway

The document argues that Uganda's current legal framework, specifically the Companies Bill of 2009 and the Petroleum Bills of 2012, is insufficient for the governance of its proposed national oil company (NOC) because it focuses on shareholders rather than a broader range of stakeholders. By contrasting this with Norway's model—which utilizes the Department of State Ownership to enforce transparency, performance targets, and independent board control—the author recommends that Uganda enact mandatory corporate governance guidelines for SOEs and establish a central supervisory institution to prevent corruption and government interference.

• Uganda's existing corporate governance framework is deemed inadequate for state-owned enterprises (SOEs) because it is primarily shareholder-oriented and does not sufficiently address the needs of broader stakeholders, such as citizens and employees.
• The legal provisions in Uganda's Companies Bill of 2009 regarding the adoption of the Corporate Governance Code are non-mandatory, which the author suggests could allow the national oil company (NOC) to avoid compliance through executive discretion.
• Norway's SOE governance model is highlighted as a best-practice example, utilizing a system based on OECD guidelines that emphasizes transparency, the use of performance targets, and the prevention of political interference in board operations.
• A key feature of the Norwegian model is the Department of State Ownership, which centrally supervises SOEs and publishes an Annual Ownership Report to ensure transparency regarding results and directors.
• The Norwegian state oil company, Statoil, demonstrates stakeholder involvement through a 'corporate assembly' where members are elected by both the general assembly and employees, as required for companies with over 200 employees.
• The author recommends that the Ugandan government establish a central supervisory institution similar to Norway's Department of State Ownership to ensure SOEs and the NOC comply with corporate governance regulations.

APA

Kyepa, T. (2013). Corporate Governance of State-Owned Extractive Companies: What Uganda Can Learn From Norway. South African Institute of International Affairs. https://saiia.org.za/wp-content/uploads/2013/03/Policy-Briefing-64.pdf

Chicago

Kyepa, Timothy. Corporate Governance of State-Owned Extractive Companies: What Uganda Can Learn From Norway. South African Institute of International Affairs, 2013. https://saiia.org.za/wp-content/uploads/2013/03/Policy-Briefing-64.pdf.

Wikipedia

{{cite report |last1=Kyepa |first1=Timothy |title=Corporate Governance of State-Owned Extractive Companies: What Uganda Can Learn From Norway |publisher=South African Institute of International Affairs |date=March 2013 |url=https://saiia.org.za/wp-content/uploads/2013/03/Policy-Briefing-64.pdf |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{kyepa2013corporate, author = {Kyepa, Timothy}, title = {{Corporate Governance of State-Owned Extractive Companies: What Uganda Can Learn From Norway}}, institution = {South African Institute of International Affairs}, year = {2013}, month = mar, url = {https://saiia.org.za/wp-content/uploads/2013/03/Policy-Briefing-64.pdf}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }