By Abraham Malinga
Communications Intern - ICPAU
CPA Stephen Ineget, the chairperson of the Financial Reporting (FiRe) Awards Committee has stressed the requirement for organisations to demonstrate not only their financial performance but also their commitment to sustainable and ethical practices. He was speaking at the 13th edition of the Financial Reporting (FiRe) Awards on 1 November 2023.
“Many organisations are integrating sustainability into their core practices, from product development to operations, in order to attract investors and financing through ESG reporting,” said CPA Ineget.
“ESG reporting enables investors to align their investments with organisations that share their values and avoid those associated with environmental damage, social missteps, or corruption,” he emphasised.
ESG is a set of external metrics that assists organisations in communicating their initiatives and enables investors to assess an organisation's performance and risk. It comprises three pillars: environmental, social, and governance, which help organisations to identify and address potential risks, improve decision-making, and enhance long-term value creation.
CPA Stephen Ineget extended his appreciation to all participating organisations and emphasised the need for organisations to adopt the feedback reports received from the evaluation exercise.
Introduced in 2011, the FiRe Awards aim at enhancing the quality of financial and corporate reporting in Uganda, by encouraging the adoption of financial reporting standards and other best practices in reporting. The 2023 FiRe Awards were organised under the theme, ESG: Reporting as Brand Storytelling, and the winners of the top three awards were selected based on the extent of connectivity of information, resulting in a holistic, comprehensive, and coherent annual report, in line with the theme.
ENDS.
