The Institute of Certified Public Accountants of Uganda (ICPAU), the Capital Markets Authority, Uganda Securities Exchange and Vision Group are set to hold the 2022 Financial Reporting (FiRe) Awards on 9 November 2022.
The 2022 FiRe Awards will be held under the theme, Corporate Reporting: Strengthening Environmental, Social and Governance Reporting.
As the world suffers the adverse effects of climate change and degradation of the environment, the push for robust implementation of the Environmental, Social and Governance (ESG) factors into organisations’ investment processes has since evolved and grown rapidly. To remain attractive and ensure more sustainable economies, organisations now have to perform well both in financial and ESG matters.
“The FiRe Awards Committee came up with the ESG theme as a way of strengthening ESG reporting in Uganda to help organisations reap benefits such as, reduction in operating costs, increased investor confidence and access to finance, improved regulatory compliance, and increased employee motivation, among others,” CPA Derick Nkajja, the Secretary/CEO of ICPAU said.
The overall aim of the Financial Reporting (FiRe) Awards is to enhance the quality of financial and business reporting in Uganda by encouraging the implementation of international financial reporting standards as well as best practices in financial and business reporting. In 1998, ICPAU adopted the International Financial Reporting Standards for use in Uganda, and therefore, it became imperative for the Institute to monitor the level of compliance with the standards, hence the introduction of the FiRe Awards.
Since the inception of the FiRe Awards in 2011, over 826 organisations have been impacted. Among other benefits, participants have cited: the ability to benchmark their annual reports with up-to-date financial reporting requirements, recognition for excellence in financial reporting, and expert feedback on their annual report’s strengths and weaknesses.
The FiRe Awards Committee has also noted improvement in the nature and extent of corporate disclosure in the country, improved corporate reporting among Small and Medium Entities, greater disclosures among public sector entities, confidence building among stakeholders, and enhanced publicity for participating organisations.
While speaking at the 2022 FiRe Awards launch on 14 September, CPA Stephen Ineget, the Chairperson of the FiRe Awards Committee said,
“ESG is a top agenda and governments are investing heavily in this. As we evaluate the annual reports this year, we want to see how Uganda is improving on environmental issues like our forest cover, how companies support the communities in which they operate, and how they are governed, to ensure that they deliver the value to not just the owners, but to all stakeholders.”
CPA Gervase Ndyanabo, the Vision Group Deputy Managing Director said,
“You cannot talk about the good Corporate Governance of nations devoid of Corporate Governance of institutions in that country.”
“Good Corporate Governance is directly related to effective economies and Corporate Governance failures have direct effects on economies of nations, therefore, we need to look at it seriously,” he added.
He emphasized that the higher the number of organisations participating in the FiRe Awards, the higher the prevalence of good corporate governance in the country.
Mr Ssembuya Dickson, Director of Research and Market Development at the Capital Markets Authority noted that one of the ways to tap into non-bank financing is through disclosures, as people with capital rely on such information in order to make decisions regarding whether to invest.
“ESG means responsible investing, therefore, providers of capital will look at certain criteria,” he noted.
“For example, before I deploy capital, is my capital going to be used to push the conservation of the environment, will it be used to ensure that there are favourable conditions for workers and that human rights aspects are addressed, and does the company uphold sound corporate governance, especially looking at the current social issues?” he stated.
According to Mr Andrew Mwima, the Trading and Research Manager at the Uganda Securities Exchange the Exchange’s regulations are fused with fundamental financial reporting standards to ensure that investors across the world can easily determine the performances of companies, as well as the areas where they have invested.
“We are strongly committed to upholding the best Corporate Governance practices in order to uphold the integrity of the capital markets and the Exchange,” he said.
The 2022 FiRe Awards will be the 12th edition. Organisations participate by submitting their most recent annual report to the Institute’s offices (Plot 42, Bukoto Street), or online via www.icpau.co.ug/fireawards/. Entries for the 2022 FiRe Awards are open until 30 September 2022, for organisations in the public, private and Not-for-Profit sectors and participation is free.
The highest honour in financial reporting is the Integrated Report of the Year Award (Gold). Previous winners of the Award include:
- Centenary Rural Development Bank: 2011
- Stanbic Bank Uganda Limited: 2012
- Umeme Limited: 2013
- Stanbic Bank Uganda Limited: 2014
- Stanbic Bank Uganda Limited: 2015
- Lion Assurance: 2016
- Stanbic Bank Uganda Limited: 2017
- National Social Security Fund: 2018
- Stanbic Bank Uganda Limited: 2019
- National Social Security Fund: 2020
- National Social Security Fund: 2021
END.
Editors’ Notes
About ICPAU
ICPAU is the national professional accountancy organization, established in 1992 by an Act of Parliament, now the Accountants Act, 2013. The functions of the Institute, as prescribed by the Act, are:
- To regulate and maintain the standard of accountancy in Uganda.
- To prescribe and regulate the conduct of accountants and practising accountants in Uganda.
ICPAU is a member of the International Federation of Accountants, the global organization for professional accountants.
About CMA
CMA was established in 1996, by the Capital Markets Authority Act, Cap 84. It is an autonomous body responsible for promoting, developing and regulating the capital markets industry in Uganda, with the overall objectives of investor protection and market efficiency. The Authority reports and accounts to Government through the Ministry of Finance, Planning and Economic Development. CMA plays a significant role in regional and international cooperation and is a member of the East African Securities Regulatory Authorities (EASRA) and the International Organisation of Securities Commissions (IOSCO
About USE
USE was licensed to operate as an approved Stock Exchange in June 1997 by the Capital Markets Authority of Uganda. The basic function of USE is to provide a facility for raising funds for investment in long-term assets. This is extremely important as it is the engine through which the stock exchange is driven. The USE began formal trading operations in January 1998 following the listing of its maiden instrument, the East African Development Bank (EADB) Bond.
About Vision Group
Vision Group is the official media partner of the 2022 Financial Reporting Awards (FiRe Awards). The Vision Group incorporated as the New Vision Printing & Publishing Company Limited (NVPPCL), started business in March 1986. It is a multimedia business housing newspaper, magazines, internet publishing, television, radio broadcasting, commercial printing, advertising and distribution services. NVPPCL is listed on the Uganda Stock Exchange.
