The Institute of Certified Public Accountants of Uganda (ICPAU) has launched the 14th edition of the Financial Reporting (FiRe) Awards in collaboration with the Capital Markets Authority (CMA), the Uganda Securities Exchange (USE), and Vision Group.
Speaking at the launch held at Skyz hotel in Naguru on Tuesday, CPA Charles Lutimba, ICPAU Director of Standards and Regulations, said this year, the theme of the FiRe Awards is still based on Environmental, Social, and Governance (ESG) i.e. “Promoting Excellence in Corporate Reporting: Disclosing ESG Performance and Progress”.
He said the awards, launched in 2011, aim to spotlight the pivotal role of sustainability reporting in today’s corporate landscape.
“It was imperative to continue with this theme since the Global Standards on ESG were launched this year. ICPAU will be making a pronouncement on the adoption of the recently launched ESG global standard to guide on the quality of financial and business reporting in Uganda,” noted CPA Charles Lutimba.
He added: “We conduct the FiRe Awards with the main purpose of improving the standards of Financial and Business Reporting in Uganda.”
The FiRe Awards have a rich history of enhancing the quality of financial and business reporting in Uganda.
By encouraging the adoption of global financial reporting standards and best practices, the awards aim to promote transparency and excellence in corporate reporting.
According to CPA Stephen Ineget, the Chair of the FiRe Awards Committee at ICPAU, reflecting recent advancements in sustainability reporting, has now aligned the awards to recognise the transformative impact of streamlined sustainability disclosures.
“Organisations in the private, public and non-profit sectors participate by submission of their annual reports for the year under review. The best performers are rewarded based on their level of compliance with IFRS,” he said.
He noted that this year, the intention is to give organisations a chance to demonstrate how far they have progressed in implementing the feedback from the FiRe Awards evaluators regarding ESG, especially regarding the recently introduced global sustainability reporting standards.
According to Lyn Tukei, Communications and PR Manager at Capital Markets Authority, the FiRe Awards present an opportunity to celebrate excellence in financial reporting.
“In line with the theme of the awards, this is an opportunity for organisations to narrate their contribution to the Environment, their role played through governance, as well as their contribution to society in the pursuit of a sustainable future,” she pointed out.
CPA Augustine Tamale, Chief Finance Officer at Vision Group, emphasised the need for businesses to prepare their annual reports.
According to him, documenting what has been done, especially reports that involve attending to society’s needs, promotes confidence and trust from the public.
Peter Victor Kwagala, Business Development partner at Uganda Securities Exchange, said FiRe Awards partners also believe that ESG investment is a key business mandate.
“In other words, efficient ESG strategies open up opportunities for investments and collaborations. They are key to promoting organisational success,” he noted.
Participating entities shared their experiences, which involved learning from feedback shared by the FiRe Awards Evaluation team and benchmarking on the performances of other winning teams, according to Miss Winnie Viola Nassimba, Chief Accountant at UAP Old Mutual Insurance Uganda.
“When we began participating in the FiRe Awards, we were only submitting the financial statements without the sustainability, corporate governance and other material information concerning the activities of the organisation in a year,” she said.
Sophie Achak, Manager of Investor Relations & Strategic Projects, appreciated the FiRe Awards Team for demystifying ESG practice, which is a critical driver of growth, especially for developing economies like Uganda.
“As Stanbic Uganda Holdings, we are driven by a commitment to continuous growth and improvement. We take our mantra, Uganda is our home, we drive her growth seriously and in our reporting, our foremost objective is to achieve applicability of the information, for the Uganda audience,” she stated.
Over 1,000 organisations have been impacted since the inception of the FiRe Awards.
Submission of entries can be made either online via www.icpau.co.ug/fireawards or by delivering 3 printed copies of the annual report to the ICPAU offices.
The FiRe Awards are open to all organisations that prepare annual reports, including public sector entities, not-for-profit organisations, and private sector entities.
