Co-management - a partnership between government, community organisations and other stakeholders - is now a commonly used approach in fisheries management. However, the effectiveness of fisheries co-management has varied considerably, especially in low-income settings. Although research into co-management is growing, there are few accounts of co-management that explore the experiences of community leaders and how their role within co-management institutions fits within the broader social and economic context of their lives. In this article, I utilise qualitative data collected from two landing sites on Lake Victoria, Uganda where the growth of the Nile perch export market in the 1980s and 1990s resulted in rapid social and economic change on the lakeshore. I explore how the attitudes and actions of the individuals who lead local co-management institutions are not simply governed by assumed economic incentives but are affected by complex social and political factors. I also consider how the co-management institutions are perceived by community members more broadly. Finally, I reflect on how the findings contribute to broader debates about co-management and its potential to protect the sustainability of fish stocks.