By Caroline Nassuuna
Communications Officer
The Chief Executive Officer of the Capital Markets Authority (CMA), CPA Josephine Okui Ossiya has highlighted the impact of corporate reporting as a basic foundation for economic growth and growing capital.
During her speech at the 2024 Financial Reporting (FiRe) Awards, delivered by Dickson Ssembuya, Director of Research and Development at CMA, CPA Ossiya noted that in this era, investors, stakeholders, and the public focus on how companies treat their workforce, uphold ethical governance, and protect the environment.
“By reporting on Environmental, Social, and Governance (ESG) factors, organisations go beyond sharing data and showcase their dedication to positively impacting society and the planet. We urge companies to recognise the significance of their financial outcomes and their societal and environmental contributions,” remarked CPA Ossiya.
She further noted that excellence in ESG reporting boosts investor confidence, strengthens corporate reputation, and promotes sustainable growth. Therefore, organisations should disclose not only their achievements but also their ongoing efforts toward building a sustainable future.
CPA Ossiya disclosed CMA’s commitment to supporting the FiRe Awards, reflecting on their focus on transparency, accountability, and the broader impacts of robust financial reporting on investor confidence and market growth in Uganda.
The 2024 FiRe Awards ceremony was held on 6 November 2024 at the Kampala Serena Hotel. Established in 2011, these awards celebrate excellence in financial and business reporting in Uganda. They aim to elevate reporting standards and promote the adoption of best practices, inspiring organisations to enhance transparency, accountability, and overall reporting quality across the financial landscape.
The FiRe Awards are organised by the Institute of Certified Public Accountants of Uganda (ICPAU) in partnership with the Capital Markets Authority, the Uganda Securities Exchange and the Vision Group.
The 2024 FiRe Awards attracted 108 participating entities, including public, not-for-profit, and private sector organisations. National Social Security Fund emerged as the gold winner of the integrated report of the year (silver in 2023), Stanbic Uganda Holdings Limited won the silver award (gold in 2023), and PostBank Uganda Limited won bronze (bronze in 2023). Several other entities were recognised for their outstanding performances in the various award categories during the FiRe Awards dinner.
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