“It’s about integrity, accountability, and doing things the right way,” says CFO Frederick Kakooza of Quality Chemical Industries Ltd (Qcil), who earned the prestigious Compliance & Governance Award at the at the 9th edition of the Chief Financial Officer Awards 2025– an initiative of ACCA Uganda and Deloitte Uganda.
Kakooza sits down with Paul Murungi to discuss his transformative approach to finance, detailing how he has driven the function from a back-office operation to a powerful leadership statement within Qcil.
He explains that this recognition is a powerful stamp of confidence in the efforts invested to ensure that company rules, practices, and processes are not only visible but also aligned with global best practices. Discover why a deep commitment to honesty, discipline, and rigour is central to his success and what he is building to last.
Frederick, congratulations. Many view governance as a back-office function, yet you’ve turned it into a leadership statement. What does this award mean to you personally?
Thank you very much.
This award is a strong stamp of confidence in the efforts we’ve invested to ensure that the rules, practices, and processes that govern the company are not only visible but also aligned with best practices. Many people often view governance as a back-office function, yet for me, it has always been a leadership statement. It is about integrity, accountability, and doing things the right way.
Personally, this recognition motivates me even more. It is both an honour and a challenge to continue excelling in the delegated authority I’ve been entrusted with and to continue running the company’s affairs in a transparent, responsible, and widely acceptable manner. This award reinforces my commitment to uphold the highest standards of compliance and governance for the benefit of the organisation and its stakeholders.
What inspired you to pursue finance — and when did you realise that compliance could be a foundation for trust, not just regulation?
My finance journey started quite early. During my S4 vacation, I worked as an apprentice in an accounting firm owned by a close friend of my father. I was immediately drawn to the discipline, structure, and commitment to accuracy demonstrated by the accountants. I returned for another apprenticeship during my S6 vacation, and by then my desire to pursue an accounting career had grown even stronger.
I eventually began my professional career as an auditor at Deloitte & Touche, and that experience was transformative. Exposure to different systems, industries, and the ways clients managed their businesses deepened my appreciation for the role of compliance. I saw firsthand that companies that enforced good governance and strong compliance practices consistently outperformed others, and, interestingly, many of the others were actively seeking advice on how to improve in this area.
That’s when I realised that compliance is not just about regulation. It is a foundation for trust in systems, trust in leadership, and trust in the organisation’s ability to deliver sustainably. That understanding has shaped my career ever since.
Were there defining experiences or mentors who taught you that doing the right thing isn’t always easy — but always worth it?
Absolutely.
I’ve been fortunate to have mentors and remarkable individuals who shaped my commitment to always doing the right thing, even when it is not the easiest path. I pay special tribute to the late Mrs Fawn Cousens, who recruited me into Deloitte & Touche after university when I was just 23. She was a true stickler for procedure, and her straightforward, no-nonsense approach inspired everyone around her.
Fawn questioned anything that was even slightly out of line, and working under her taught me that it is always safer and wiser to get things right the first time.
Her personal discipline was unmatched. Despite being the ‘top dog,’ she arrived at the office an hour before official working hours. That level of commitment left a deep imprint on me, and I’ve mirrored that discipline to this very day.
She, and others like her, helped me understand that integrity is a daily practice. Doing the right thing may not always be the easiest route, but it is always worth it.
How do you create systems that not only ensure compliance but also inspire confidence across teams and stakeholders?
For me, the starting point is always understanding how the governance structure works, what responsibilities have been delegated, and what systems need to be put in place to fulfil that mandate effectively. Once this is clearly defined, I align those responsibilities with the company’s strategic objectives and ensure that the right policies are established to guide disciplined execution.
These policies and procedures are then benchmarked against best practices to ensure they deliver the highest possible results. But systems alone are not enough; they must be trusted. That’s why we regularly test and review our controls to confirm they continue to meet the expectations of all stakeholders.
In addition, we maintain a culture of continuous improvement. Compliance and governance are not static; they evolve. By keeping our systems dynamic and responsive, we not only ensure compliance but also inspire confidence across teams, leadership, and all stakeholders who rely on us.
When you think about your legacy at Qcil, what do you hope endures — the frameworks, the mindset, or the culture you’ve built?
I hope the culture endures. Frameworks and processes are essential, and I’m proud of the systems we have built. These can be updated and redesigned over time as the business grows. What truly lasts is the mindset and culture behind them.
I want my legacy at Quality Chemical Industries Limited (Qcil) to be a culture where integrity is non-negotiable, where accountability is shared, and where people instinctively choose to do the right thing even when no one is watching. A culture that respects structure, values discipline, and understands that good governance is not a hurdle but an enabler of long-term success.
If that mindset continues to guide the organisation, influencing decisions, shaping leadership, and inspiring the next generation of professionals, then I would consider that the most meaningful and enduring part of my contribution.
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Amanda Ayebare, AutoXpress CFO: Balancing Survival and Growth in the Adventurous SME LandscapeIn moments when profit and principle seem to collide, how do you navigate that tension without losing sight of either?
That tension is real, and every leader encounters it at some point. My approach has always been to recognise that profit and principle are not opposing forces; they are interdependent. Principles create the foundation for sustainable profit. When faced with a difficult choice, I start by grounding myself in the company’s values, the governance framework, and the long-term interests of our stakeholders.
Cutting corners may produce a short-term gain, but it almost always undermines trust, and once trust is lost, value follows. So I rely on transparency, strong internal controls, and open dialogue to navigate those moments. We weigh the risks, consider the ethical implications, and ensure that any decision we take can withstand scrutiny.
In the end, I go with the path that protects our integrity. It may not always be the fastest or easiest route, but it consistently proves to be the most sustainable. Principle, when firmly upheld, has a way of securing profits that last.
What reforms or decisions stand out in your memory as turning points for governance at Qcil?
Several reforms stand out to me as fundamental turning points in strengthening governance at Qcil. One of the earliest was formalising our governance structures, clearly defining delegated authority, establishing decision-making thresholds, and ensuring that every role had clarity of responsibility and accountability. That alone created a stronger foundation for disciplined execution.
Another significant milestone was the enhancement of our policies and procedures. We didn’t just document them; we benchmarked them against best practices and ensured they aligned with regulatory expectations and the company’s strategic direction. This alignment helped embed governance into everyday operations rather than treating it as a compliance exercise.
We also introduced more rigorous internal controls and review mechanisms, creating a culture where continuous improvement became the norm. Regular audits, risk assessments, and transparent reporting strengthened trust internally and externally.
Looking back, each of these reforms played a pivotal role; not because they added more rules, but because they reinforced a mindset of integrity, accountability, and excellence across the organisation.
How have your personal values — perhaps shaped by your upbringing or early career — influenced the way you lead with integrity?
Integrity has always been a cornerstone of my leadership approach, stemming from two key influences: my upbringing and my early career experiences. Growing up, I was taught that doing the right thing isn’t about convenience. It’s about consistency, even when no one is watching. Those values shaped my belief that trust is earned through transparency and accountability.
In my early career, I saw firsthand how ethical decision-making builds resilience in organisations. It taught me that compliance and governance aren’t just frameworks; they’re commitments to fairness and sustainability.
Today, I lead with integrity by fostering a culture where ethical choices are celebrated and where governance is viewed not as a constraint but as a foundation for long-term success.
What do you enjoy most about being in finance, and how do you stay humble and grounded in a role built on responsibility?
What I enjoy most about being in finance is the clarity it brings to decision-making. Finance allows you to see the whole picture, the risks, the opportunities, and the impact of every choice. It grounds strategy in facts and keeps the organisation disciplined. I also enjoy the integrity that the profession demands. Numbers don’t lie, and that honesty creates a strong foundation for trust and accountability.
Staying humble and grounded comes naturally when you recognise that the role is not about power, but stewardship. I am entrusted with responsibility, not status. I remind myself that the systems, controls, and decisions we implement are bigger than any one individual. I stay close to the teams, remain open to learning, and rely on feedback. And most importantly, I stay guided by the values that brought me into the profession: discipline, accuracy, and doing the right thing even when no one is watching.
What advice would you give young professionals who see compliance as a barrier instead of an opportunity to lead with purpose?
My advice to young professionals is to shift their perspective: compliance is not a barrier. It’s a platform for trust and credibility. When you embrace compliance, you’re not just ticking boxes; you’re safeguarding your organisation’s integrity and fostering an environment where ethical leadership thrives.
Compliance allows you to lead with purpose by forcing you to think beyond short-term gains and focus on sustainable success. It’s about asking, ‘How do my decisions impact stakeholders, society, and the future?’ That mindset transforms compliance from a constraint into a strategic advantage.
So, instead of resisting it, lean in. Learn the principles, understand the why behind the rules, and use that knowledge to influence positive change. In today’s world, leaders who champion governance and ethics are the ones who build lasting impact.
If your leadership story were told years from now, what do you hope it teaches others about courage, integrity, and the power of doing what’s right?
If my leadership story were told years from now, I hope it would teach that courage and integrity are not abstract ideals; they are daily choices. I want it to show that doing what is right, even when it is inconvenient or unpopular, ultimately builds a foundation that no shortcut can ever match.
I hope people see that courage is not loud; sometimes it is as simple as saying ‘no’ when everyone expects a ‘yes,’ or insisting on proper process when pressure pushes in the opposite direction. And integrity is not a one-time act. It is a consistent way of working, deciding, and leading.
If my journey demonstrates anything, I want it to be that principled and disciplined leadership is decisive. It earns trust, it shapes culture, and it delivers results that last. And I hope future leaders understand that the accurate measure of their legacy will not be what they achieved, but how they achieved it with honesty, humility, and the courage to always do what’s right.
