On behalf of the Financial Reporting (FiRe) Awards Committee, I welcome you all to the 2022 FiRe Awards Ceremony & Dinner. This year marks our 12th edition of the uninterrupted celebration of achievements in corporate reporting and quality reporting which remain one of the key foundations for Uganda’s economic development.
The Awards
ICPAU, Uganda Securities Exchange (USE), and the Capital Markets Authority (CMA) hold annually the Financial Reporting (FiRe) Awards. This year, the Awards run under the Theme: "Corporate Reporting: Strengthening Environmental, Social and Governance Reporting".
The 2022 FiRe Awards attracted a total of 108 participating entities, up from 88 last year. The Committee continues to be impressed by the level of enthusiasm and commitment to the FiRe Awards. A total of 59 organizations that participated in the 2021 FiRe Awards also participated in the 2022 FiRe Awards. This represents a 67% retention rate.
Reporting Framework
The FiRe Awards exist to continually improve the standards of reporting in the country; and aim at recognizing, encouraging, and promoting compliance with best practices in Reporting. The evaluation includes a review of the annual reports for compliance with legislative requirements and applicable financial reporting framework and other corporate reporting best practices. I wish to emphasize that in Uganda, the applicable financial reporting framework/ Generally Accepted Accounting Principles (GAAPs) as envisaged in the Companies Act means the full IFRS - for profit-oriented businesses that are public interest or are required by industry legislation; IPSAS - (including any modifications and guidance from the accountant general’s office for the public sector entities; and the IFRS for SMEs - a simplified set of standards with reduced disclosure requirements for any other organizations.
The transition to a sustainable economy demands that organizations in Uganda not only comply with current reporting standards but also emulate trends in best corporate reporting practices globally.
Integrated Reporting and ESG Considerations
The IFRS Foundation announced the creation of the International Sustainability Standards Board (ISSB) home to the Sustainability Accounting Standards Board (SASB) Standards and Integrated Reporting (‹IR›) Framework.
The Council of ICPAU on its part has approved the creation of the Uganda Integrated Reporting Committee (UIRC) in order to accelerate the adoption and implementation of integrated reporting and sustainability reporting in Uganda.
In line with the 2022 FiRe Awards theme, the FiRe Awards Committee placed emphasis on integrated reporting. There is an increased appetite to adopt and implement integrated reporting globally, and it is set to become the way organizations report their performance. We expect to see more and more entities embrace Integrated Reporting, and include environmental, social, and governance considerations in their annual reporting.
The Committee noted an overall increase in adoption of the <IR> Framework by the reporting entities assessed. Of the 108 reports that were considered for evaluation for the 2022 FiRe Awards, 24 (about 22%) entities’ reports were identified as Integrated Reports or prepared as such. However, the Committee found that entities still had some ground to cover in fully appreciating the purpose and content of an integrated report.
The process of preparing the annual report is a great opportunity to re-examine the organization’s business model, refocus strategies, and reposition the organization to create sustainable and long-term value. To this end, the winners of the top FiRe Awards were selected based on both their financial and non-financial reporting achievements.
Feedback and Recommendations
We continue to encourage participants to make use of the expert feedback provided by our professional team of evaluators so that they are able to make continuous improvements.
Partnerships and Sponsorships
We wish to thank the different Regulatory Bodies and Associations that did not only participate in this year’s Awards but also encouraged the entities under their supervision to participate in the Awards. In a special way, we extend our thanks to the Uganda Retirement Benefits Regulatory Authority and the Insurance Regulatory Authority who mobilized their sector entities to participate in the 2022 FiRe Awards in large number. Like I already noted, this is the best way of improving reporting within a given sector.
We continue to thank our partners CMA, USE, and the New Vision for your continued support of the FiRe Awards over the years.
As we continue to promote FiRe awards, it has been observed over the years that the process requires a lot of resources. To this end, the FiRe Awards Committee put in place a mechanism of soliciting for support by way of sponsorship either as a non-competing entity or a competing entity. The framework is very clear and I want to lay to rest all those who may still be having worries of conflict of interest, that the process takes care of that and we invite all organizations to join hands and we improve financial reporting in Uganda when you choose to sponsor FiRe awards.
This year, we received on board 2 other Sponsors – the Deposit Protection Fund of Uganda and the Bank of Uganda and I take this opportunity to invite a member from each to share with us, within 3 minutes, their experience. We pray that you both continue to work with us through this journey next year.
PAUSE
Appreciation
I want to thank the team of eminent professionals that comprise the FiRe Awards Committee, the evaluation team, and the entire ICPAU Secretariat for having entrusted us with this responsibility.
Finally, I congratulate all the winners of the various Awards that will be given out this evening. I hope that organizations, large and small, will be both inspired and encouraged by the very high bar that you have set.
I thank you for your kind attention.
CPA Stephen Ineget,
Chairperson, FiRe Awards Committe
