2011 FiRe Awards winners | Financial Reporting Awards

Financial Reporting Awards:

a) Banking Services.

This category had 9 entrants as shown in the table below:

	Name of Organisation	General Score	Rank
1	Centenary Rural Development Bank	106	1^st
2	Stanbic Bank	101	2^nd
3	Uganda Development Bank	93	3^rd
4	Crane Bank	91	4^th
5	KCB Bank Uganda Limited	88	5^th
6	Housing Finance Bank	75	6^th
7	Opportunity Bank	66	7^th
8	Cairo International Bank	58	8^th
9	Diamond Trust Bank	53	9^th

Winner - Centenary Rural Development Bank Limited.
1^st Runner–Up - Stanbic Bank
2^nd Runner–Up – Uganda Development Bank Limited.

b) Insurance Services.

This category had 9 entrants as shown in the table below:

	Name of Organisation	General Score	Rank
1	Lion Assurance Company Limited	89	1^st
2	UAP Insurance Uganda Limited	88	2^nd
3	Jubilee Insurance Company Limited	69	3^rd
4	Liberty Life Assurance	59	4^th
5	Insurance Company of East Africa	55	6^th
6	First Insurance Company Limited	55	6^th
7	Alexander Forbes Uganda Limited	38	7^th
8	Pax Insurance Company Limited	37	8^th
9	Rio Insurance Company Limited	11	9^th

Winner - Lion Assurance Company Limited.
1^st Runner–Up – UAP Insurance Uganda Limited.
2^nd Runner–Up – Jubilee Insurance Company of Uganda.

Public Sector.

This category had 4 entrants as shown in the table below:

	Organisation	General Score	Rank
1	Capital Markets Authority	111.5	Non competing
2	National Water & Sewerage Corporation	110	1^st
3	Bank of Uganda	104	2^nd
4	Uganda Securities Exchange	104	Non competing
8	Institute of Certified Public Accountants of Uganda	82	Non competing
5	Soroti Municipal Council	50	3^rd
6	Uganda National Chamber of Commerce	24	4^th
7	Uganda National Bureau of standards	10	5^th

Winner – National Water & Sewerage Corporation.

Consumer and Industrial Products.

This category had 5 entrants as shown in the table below:

	Organisation	General Score	Rank
1	British American Tobacco	86	1^st
2	Uganda Baati	62	2^nd
3	Rwenzori Tea Investments Ltd	49	4^th
4	Mcleod American Tobacco	49	4^th
5	DHL Global Forwarding Uganda Ltd	40.5	5^th

Winner - British American Tobacco.
Runner – Up – Uganda Baati Limited.

Non-Governmental Organisations.

This category had 5 entrants as shown in the table below:

	Organisation	General score	Rank
1	Brac Uganda	106.5	1^st
2	The National Forum of PLHA in Uganda	88.5	2^nd
3	Makerere University Water Reed Project	85	3^rd
4	World Vision	83.5	4^th
5	Anti-corruption Coalition Uganda	82	4^th

Winner - Brac Uganda.
1^st Runner-Up – The National Forum of PLHA in Uganda.

1. Report of the Year Award

Summary of Overall Winners:

	Organisation	General Score	Rank
1	National Water & Sewerage Corporation	110	1^st
2	Brac Uganda	106.5	2^nd
3	Centenary Rural Development Bank	106	3^rd

On the basis of the general evaluation criteria, National Water & Sewerage Corporation (NWSC) would have been the winner.

However, moderators noted that whereas NWSC, as its main business conducts extractive activities (uses water), it did not provide sufficient sustainability reporting. On this basis, NWSC could not take the Gold Award.

The moderators also noted that Brac Uganda did not provide adequate corporate governance reporting.

The moderators, therefore, indexed the scores factor in both sustainability and corporate governance reporting, to bring each criterion (general, corporate governance and sustainability reporting) to a maximum score of 150. The following formula was used:

General Criteria X 1

Sustainability Reporting Criteria X 1.5

Corporate Governance Criteria X 2.5

Organisation	General Criteria X 1 (A)	Sustainability Reporting X 1.5 (B)	Corp. Governance Reporting X 2.5 (C)	Total (A+ B+ C)	Rank
Centenary	106	76 X 1.5 = 114	43 X 2.5 = 107.5	327.5	1^st
NWSC	110	15 X 1.5 = 22.5	32 X 2.5 = 80	212.5	2^nd
Brac	106.5	52 X 1.5 = 78	11 X 2.5 = 27.5	212	3^rd

Report of the Year Award:

The moderators recommended the following organisations for the Report of the Year Award:

Gold Award - Centenary Rural Development Bank Limited (Centenary Bank)
Silver Award – National Water & Sewerage Corporation.
Bronze Award – Brac Uganda.

3.3 Special Awards:

3.3.1 Corporate Governance Award.

	Organisation	Score	Rank
1	British American Tobacco	57	1^st
2	Centenary Rural Development Bank	43	2^nd
3	Stanbic Bank	40	3^rd
4	Bank of Uganda	35	4^th
5	Capital Markets Authority	34	5th
6	Lion Assurance Uganda Limited	33	6th
7	National Water & Sewerage Corporation	32	10th
8	Uganda Securities Exchange	32	10th
9	UAP Insurance Uganda Limited	32	10th
10	Uganda Baati	32	10th
11	Crane Bank	31	11th
12	Uganda Development Bank	28	12th
13	KCB Bank Uganda Limited	25	14th
14	Housing Finance Bank	25	14th
15	Institute of Certified Public Accountants of Uganda	20	15th
16	Opportunity Bank	17	16th
17	Liberty Life Assurance Uganda Limited	16	18th
18	Cairo International Bank	16	18th
19	Jubilee Insurance Company Limited	15	19th
20	Diamond Trust Bank	14	20th
21	World Vision	13.5	21st
22	First Insurance Company Limited	12	22nd
23	Brac Uganda	11	24^th
24	Africa 2000 Network – Uganda	11	24^th
25	National Forum Of PLHA Networks in Ug	10	25^th
26	Soroti Municipality Council	9.5	26^th
27	Anti-Corruption Coalition Uganda	9	27th
28	Makerere University Water Rered Project	8	28th
29	Insurance Company of East Africa	7	32^nd
30	Rwenzori Tea Investments Ltd	7	32^nd
31	Mcleod Russel Uganda Ltd	7	32^nd
32	DHL Global Forwarding Uganda Ltd	7	32^nd
33	Alexander Forbes Uganda Limites	6	34^th
34	Pax Insurance Company Limited	6	34^th
35	Uganda National Chamber of Commerce	5	35^th
36	Rio Insurance Company Limited	2	36^th
37	Uganda National Bureau of Standards	1.5	37^th

From the table above, the Corporate Governance Award winner is British American Tobacco Uganda Limited.

Moderators also proposed that the following organisations be recognised for good corporate governance reporting:

1^st Runner Up - Centenary Rural Development Bank.
2^nd Runner Up - Stanbic Bank.

3.3.2 Sustainability Reporting Award.

	Organisation	Score	Rank
1	Lion Assurance Uganda Limited	81	1^st
2	UAP Insurance Uganda Limited	80	2^nd
3	Centenary Rural Development Bank	76	3^rd
4	Stanbic Bank	74	4^th
5	Bank of Uganda	73	5^th
6	British American Tobacco	70	6^th
7	Uganda Development Bank	68	7^th
8	KCB Bank Uganda Limited	66	9^th
9	Jubilee Insurance Company Limited	66	9^th
10	Uganda Securities Exchange	64	10^th
11	Liberty Life Assurance Uganda Limited	62	11^th
12	Crane Bank	61	12^th
13	Housing Finance Bank	58	15^th
14	First Insurance Company Limited	58	15^th
15	Insurance Company of East Africa	58	15^th
16	Cairo International Bank	55	16^th
17	Brac Uganda	52	17^th
18	Opportunity Bank	51	20^th
19	Diamond Trust Bank	51	20^th
20	Alexander Forbes Uganda Limited	51	20^th
21	World Vision	45	22^nd
22	Anti-Corruption Coalition Uganda	45	22^nd
23	Africa 2000 Network – Uganda	44	23^rd
24	National Forum of PLHA Networks in Uganda	43	25^th
25	Makerere University Walter Reed Project	43	25^th
26	Pax Insurance Company Limited	40	26^th
27	Uganda Baati	39	27^th
28	Institute of Certified Public Accountants of Uganda	30	28^th
29	DHL Global Forwarding Uganda Ltd	21	29^th
30	Rwenzori Tea Investments Ltd	19	31^st
31	Mcleod Russel Uganda Ltd	19	31^st
32	National Water & Sewerage Corporation	15	32^nd
33	Rio Insurance Company Limited	13	33^rd
34	Capital Markets Authority	0	37^th
35	Soroti Municipality Council	0	37^th
36	Uganda National Chamber of Commerce	0	37^th
37	Uganda National Bureau of Standards	0	37^th

From the table above, the Sustainability Reporting Award winner is Lion Assurance Uganda Limited.

Moderators also proposed that the following organisations be recognised for good Sustainability Reporting:

1^st Runner Up - UAP Insurance Uganda Limited.
2^nd Runner Up – Centenary Rural Development Bank.

4.0 Tax Compliance.

On cross checking the tax compliance of the participants, the following were found to be non-compliant.

	Organisation	Status	Reason	Decision
1	Bank of Uganda	Non compliant	Not filing/Not on e-tax/Payments on time.	Award Cancelled
2	Brac Uganda	Non compliant	Late filer.
3	Liberty Life Assurance Uganda Limited	Non compliant	Filer IT, Non filer PAYE.
4	National Forum of PLHA Networks in Uganda	Non compliant	Late filer.
5	Soroti Municipal Council	Non compliant	Not filing/Has Arrears.	Award Cancelled
6	The Jubilee Insurance Company of Uganda	Non Compliant	Late filer.
7	UAP Insurance	Non Compliant	Filer IT & PAYE, Late filer VAT.
8	Uganda National Bureau of Standards	Non Compliant	Late filer.

APPENDIX I

RANKING BASED ON THE GENERAL CRITERIA

	Name of Organisation	General	Rank
1	Capital Markets Authority	111.5	1^st
2	National Water & Sewerage Corporation	110	2^nd
3	Brac Uganda	106.5	3^rd
4	Centenary Rural Development Bank	106	4^th
5	Bank of Uganda	104	6^th
6	Uganda Securities Exchange	104	5^th
7	Stanbic Bank	101	7^th
8	Uganda Development Bank	93	8^th
9	Crane Bank	91	9^th
10	Lion Assurance Uganda Limited	89	10^th
11	National Forum of PLHA Networks in Ug	88.5	11^th
12	UAP Insurance Uganda Limited	88	13^th
13	KCB Bank Uganda Limited	88	12^th
14	British American Tobacco	86	14^th
15	Makerere University Walter Reed Project	85	15^th
16	World Vision	83.5	16^th
17	Africa 2000 Network – Uganda	83.5	17^th
18	Institute of Certified Public Accountants of Uganda	82	19^th
19	Anti-Corruption Coalition Uganda	82	18^th
20	Housing Finance Bank	75	20^th
21	Jubilee Insurance Company Limited	69	21^st
22	Opportunity Bank	66	22^nd
23	Uganda Baati	62	23^rd
24	Liberty Life Assurance Uganda Limited	59	24^th
25	Cairo International Bank	58	25^th
26	First Insurance Company Limited	55	27^th
27	Insurance Company of East Africa	55	26^th
28	Diamond Trust Bank	53	28^th
29	Soroti Municipality Council	50	29^th
30	Rwenzori Tea Investments Ltd	49	30^th
31	Mcleod Russel Uganda Ltd	49	31^st
32	DHL Global Forwarding Uganda Ltd	40.5	32^nd
33	Alexander Forbes Uganda Limited	38	33^rd
34	Pax Insurance Company Limited	37	34^th
35	Uganda National Chamber of Commerce	24	35^th
36	Rio Insurance Company Limited	11	36^th
37	Uganda National Bureau of Standards	10	37^th