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Stakeholder Engagement takes root at Uganda Development Bank

posted 24 Nov 2016, 02:49 by David Tamale   [ updated 24 Nov 2016, 06:10 ]

Uganda Development Bank Limited has developed a comprehensive Stakeholder Engagement Framework and Plan to guide engagement with its stakeholders. The Framework is a culmination of several months of planning by Management and Board of UDB. The Framework defines the Banks commitment to effective stakeholder management going forward. 

The document scopes and analyses the power and interest of UDB stakeholders and provides details as well as suggesting initiatives / activities to manage UDB's stakeholder relationships. The Banks expectation is to achieve focused and structured stakeholder engagement as the Bank seeks new approaches to executing its development mandate.

According to Jimmy Kiberu, Head of Marketing and Corporate Communication who coordinated the team that developed the project said, "The Framework and plan focus on stakeholder groups that are core to UDB operations. As such we would like to secure policy makers support, create strategic advocates, build a strong network of supporters and generate good will for the Bank's business."

He adds that "Stakeholder Engagement is a leadership led process. However, broad involvement through multiple touch points by the Bank's staff, management and Board in managing what can sometimes be a challenging and tedious but rewarding process of stakeholder engagement will ultimately synergise UDB's strategic initiatives and plans."

Lessons learned during the execution shall be used to improve on the process underway. We will have to abide by the protocol guidelines to keep the process fruitful as different stakeholders shall dictate our tact and composition of different team members. Jimmy added that "As a brand we expect to enhance the trust and respect of our stakeholders through a well-coordinated stakeholder management program as we earn UDB's 'License' to Operate. This is crucial in delivering a sustainable business and Bank's mandate by securing stakeholders' trust."

Speaking to UDB news, Mrs. Patricia Ojangole the CEO of UDB thanked the Stakeholder Engagement Committee that developed the Framework. "I would like to appreciate your input. We look forward to every one's continued support and involvement in executing this corporate initiative. It's now implementation time," she said.