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.La co-gestion -ou le partenariat entre le gouvernement, organisations communautaires, et d'autres parties concernĂ©es -est une approche assez utilisĂ© dans la gestion des pĂȘcheries. Cependant, l'efficacitĂ© de la cogestion des pĂȘcheries est trĂšs variable, surtout dans les cadres ou le revenu est bas. Il y a peu d'Ă©tudes sur la co-gestion qui explorent les expĂ©riences des leaders des communautĂ©s oĂč la co-gestion a lieu, et comment le rĂŽle et participation des leaders dans la co-gestion sont ancrĂ©s dans le contexte Ă©conomique et social de leur vie. Dans cet Ă©tude, on utilise des donnĂ©es qualitatives recueillies en deux sites de dĂ©barquement sur le lac Victoria, en Uganda, ou la croissance du marchĂ© d'exportation de la perche du Nile aux annĂ©es 1980 et 1990 a causĂ© des changements Ă©conomiques et sociaux trĂšs forts sur la riviĂšre du lac. On Ă©tude comment les attitudes et les actions des individus en tĂȘte aux institutions de cogestion locales sont influencĂ©s par des facteurs sociales at politiques assez complexes, et pas seulement par des gains Ă©conomiques. On Ă©tude aussi la perception des institutions de cogestion par plusieurs membres de la communautĂ©. Enfin, on rĂ©flĂ©chĂźt sur comment nos conclusions puissent contribuer aux dĂ©bats sur la cogestion, et son potentiel de protection de la durabilitĂ© des rĂ©serves de poissons.