ICPAU Launches 2023 FiRe Awards with Focus on ESG

The Institute of Certified Public Accountants Uganda (ICPAU) has announced the 13th edition of the Financial Reporting (FiRe) awards.

The awards will be held on November 1, 2023. This will be held under the theme, “ESG: Reporting as Brand Storytelling”.

Speaking during the launch at Protea Hotel by Marriott Kampala Skyz in Naguru on Tuesday, CPA Charles Lutimba, Director of Standards and Regulations ICPAU, appreciated the increasing participation in the FiRe.

CPA Stephen Ineget, Chairman of the Financial Reporting Awards Committee, said the annual ceremony seeks to promote the quality of corporate reporting in Uganda by recognising and rewarding entities in the private, public and non-profit organisation sectors based on their level of application and compliance with the International Financial Reporting Standards (IFRSs) and other emerging practices in corporate reporting such as Environmental, Social and Governance (ESG) reporting.

“We are looking at various categories that will help us evaluate whether companies are running in accordance with best practices,” noted Ineget.

He said the awards will encourage effective communication of financial and business information but will also create public awareness of the roles that are being played by the different organizations under the ESG agenda.

According to CPA Derick Nkajja, the CEO of ICPAU, the growing multidimensional corporate stakeholdership calls for organisations to adopt a deliberate approach to embracing the diverse needs of their stakeholders.

“The 2023 FiRe Awards seek to give organisations a chance to tell their story and how they have embraced ESG as a way of recognising the diverse reporting interests of their stakeholders,” remarked Nkajja.

Ssembuya Dickson, Director of Research and Market Development, said the earlier companies adapt to ESG, the more enhanced marketing-based financing will be.

Peter Victor Kwagala, Business Development Manager, extended his appreciation to the media and continues to advocate for companies to adopt ESG reporting.

According to CPA Augustine Tamale, Chief Finance Officer Vision Group, some of the key drivers for a great organisation include; successful and effective corporate governance, and honest and fair financial reporting.

“The way you present your annual reports speaks volumes about your company,” stated Danish Mohammad, CEO of Liberty Life Assurance while sharing his experience as a previous winner of FiRe Awards.

Mercy Tumukunde Chief Executive Officer, SteadFin Uganda SACCO Ltd, also expressed her gratitude for financial reporting and declared that SteadFin has greatly improved due to the personalised feedback from FiRe Awards.

The awards are sponsored by Capital Markets Authority (CMA),  Uganda Securities Exchange (USE)  and New Vision, among other partners.