By Caroline Nassuuna,
Communications Officer
The Institute of Certified Public Accountants of Uganda (ICPAU), in collaboration with the Capital Markets Authority (CMA), the Uganda Securities Exchange (USE), and Vision Group, has announced the 14th edition of the Financial Reporting (FiRe) Awards, during a press briefing held on Tuesday 25 June, 2024 at the Millenium Terrace Hotel, Kamwokya.
Organised under the theme, Promoting Excellence in Corporate Reporting: Disclosing ESG Performance and Progress, the awards aim to spotlight the pivotal role of sustainability reporting in today’s corporate landscape.
Launched in 2011, the FiRe Awards have a rich history of enhancing the quality of financial and business reporting in Uganda. By encouraging the adoption of global financial reporting standards and best practices, the awards aim to promote transparency and excellence in corporate reporting. ICPAU, reflecting recent advancements in sustainability reporting, has now aligned the awards to recognise the transformative impact of streamlined sustainability disclosures.
“We are celebrating the 14th year of the FiRe Awards, a deliberate journey with the intention of seeing the economy, and the country at large, move forward. The awards purposely stress the issue of ESG, where institutions make disclosures around Governance, the Environment, Society and Social dealings through their financial reports,” said CPA Charles Lutimba, Director Standards, ICPAU.
In 1998, ICPAU adopted the International Financial Reporting Standards for use by preparers of general-purpose financial statements in Uganda, and there came a need to monitor compliance with these standards. The FiRe Awards presented an effective approach.
According to CPA Lutimba, participating entities can benchmark their annual reports with up-to-date financial reporting requirements, receive recognition for excellence in financial reporting, and receive expert feedback on the annual report’s strengths and weaknesses, at no cost.
CPA Stephen Ineget, Chairperson of the FiRe Awards Committee noted that this year, the intention is to give organisations a chance to demonstrate how far they have progressed in implementing the feedback from the FiRe Awards evaluators regarding ESG, especially regarding the recently introduced global sustainability reporting standards.
Over 1,000 organisations have been impacted since the inception of the FiRe Awards.
While giving partners’ remarks at the FiRe Awards media briefing, Ms Lyn Tukei, Communications and PR Manager – Capital Markets Authority noted that the FiRe Awards present an opportunity to celebrate excellence in financial reporting.
“In line with the theme of the awards, this is an opportunity for organisations to narrate their contribution to the Environment, their role played through governance, as well as their contribution to society in the pursuit of a sustainable future,” said Tukei.
On the other hand, CPA Augustine Tamale, Chief Finance Officer – Vision Group stressed the need for businesses to prepare their annual reports.
“Documenting what has been done, especially reports that involve attending to society's needs, promotes confidence and trust from the public,” noted CPA Tamale.
Organisations participate in the FiRe Awards by submitting their most recent annual report. Entries opened on 1 June 2024 and will close on 30 September 2024. Submission of entries can be made either online via www.icpau.co.ug/fireawards or by delivering 3 printed copies of the annual report to the ICPAU offices.
FiRe Awards partners also believe that ESG investment is a key business mandate. In other words, efficient ESG strategies open up opportunities for investments and collaborations. They are key to promoting organisational success, as noted by Mr Peter Victor Kwagala, Business Development partner—Uganda Securities Exchange.
The FiRe Awards are open to all organisations that prepare annual reports, including public sector entities, not-for-profit organisations, and private sector entities.
Participating entities shared their experiences, which involved learning from feedback shared by the FiRe Awards Evaluation team and benchmarking on performances of other winning teams, as remarked by Miss Winnie Viola Nassimba, Chief Accountant—UAP Old Mutual Insurance Uganda.
“When we began participating in the FiRe Awards, we were only submitting the financial statements without the sustainability, corporate governance and other material information concerning the activities of the organisation in a year,” said Ms Nassimba.
“However, when reviewed the feedback from the FiRe Awards evaluators, we began producing integrated reports,” she added.
“Applying the evaluators’ feedback has made me more creative and it has enhanced teamwork within the organisation. Furthermore, UAP Old Mutual has become more competitive in bidding for insurance contracts because of our enhanced profile as winners of the 2023 FiRe Awards insurance award,” noted Ms Nassimba.
The 13th FiRe Awards Gold Awardee, Stanbic Uganda Holdings team, represented by Ms Sophie Achak, Manager Investor Relations & Strategic Projects, appreciated the FiRe Awards Team for demystifying ESG practice, which is a critical driver of growth, especially for developing economies like Uganda.
“As Stanbic Uganda Holdings, we are driven by a commitment to continuous growth and improvement,” said Ms Achak.
“We take our mantra, Uganda is our home, we drive her growth seriously and in our reporting, our foremost objective is to achieve applicability of the information, for the Uganda audience.
The outstanding organisations will be recognised at the FiRe Awards ceremony on 6 November 2024.
