By Joan Abaasa
Communications Officer, ICPAU
CPA Stephen Ineget, Chairperson of the Financial Reporting (FiRe) Awards Committee, has applauded participating organisations for their achievements in financial reporting.
“For over three years, we have focused on providing feedback to help organisations enhance their ESG reporting,” CPA Ineget remarked, highlighting how this feedback has guided participating organisations in refining their sustainability practices.
Ineget was speaking at the 2024 FiRe Awards ceremony on 6 November 2024 held under the theme, Promoting Excellence in Corporate Reporting: Disclosing ESG Performance and Progress .
CPA Ineget noted that 108 entities entered the 2024 awards, an increase from 101 participants in 2023, reflecting the growing commitment to corporate reporting standards. Of these, 26 were first-time participants. The high retention rate of 82% from the previous year further reflects the impact of the awards in fostering consistent improvements in financial reporting and sustainability disclosures.
31 integrated reports were evaluated, and winners were selected based on both financial and non-financial reporting achievements. To enable meaningful comparisons across categories, the Committee further regrouped the organisations in the banking and insurance categories in accordance with the respective regulator’s categorisation, resulting in fairer assessments and category-specific awards.
Exemplary organisations including FINCA Uganda Limited (Microfinance Deposit-Taking Institutions), Trinity College Nabbingo (Education Institutions), Economic Exchange Forex Bureau (Forex Bureaux), Moyo SACCO (Cooperatives), and Reformed Poachers & Batwa Farmers’ Cooperative Society Ltd (Cooperatives) were recognised.
Ineget reaffirmed ICPAU's commitment to raising financial reporting standards in Uganda, noting the recent pronouncement on adopting the IFRS Sustainability Disclosure Standards.
The FiRe Awards chairperson thanked regulatory bodies like the Uganda Retirement Benefits Regulatory Authority, which actively promotes sector participation in the FiRe Awards. He also recognised long-term partners, the Capital Markets Authority, Uganda Securities Exchange, and Vision Group, as well as sponsors; Bank of Uganda, Uganda National Oil Company , and Uganda Insurers Association. He acknowledged their support in sustaining the FiRe Awards, which have become a crucial avenue for improving financial reporting standards in Uganda.
-END-
