Reconfiguring corporate governance in Uganda: Legal perspectives on adaptation to digital innovation

The fast pace of digital trends evolution creates opportunities as well as challenges for corporate governance in Uganda. Innovations such as shareholder meetings conducted remotely, digital reporting, cloud accounting, fintech solutions, virtual statutory compliance and AI decision-support have revolutionised the operations of corporates, yet the Ugandan corporate governance regime is lagging. This research analyses whether the Companies Act, the Electronic Transactions Act and associated regulations sufficiently facilitate accountability, transparency, protection of stakeholders and cybersecurity in this dynamic environment. Through a doctrinal research methodology, findings demonstrate that although the laws in existence lay a minimal foundation of governance, they are scattered, antiquated and inconsistent with global best practice. Transparency, decision-making, risk management, regulatory compliance, stakeholder engagement, innovation and sustainability still need to be addressed. In addition, shareholders have a limited role in influencing the development of corporate strategies for digital trends, thereby lessening investor trust, protection, and engagement with the company over time. The research recommends the revision of Uganda’s governance regime to integrate norms responsive to digital innovations, strengthen participation of stakeholders, and be harmonised with regional and international instruments, including the AU Malabo Convention, thus promoting a flexible corporate governance regime that can adequately respond to emergent digital trends.