The National Social Security Fund (NSSF), Stanbic Bank Uganda and Centenary Bank have emerged as the top three overall winners of the Financial Reporting (FiRe) Awards 2022.
The awards ceremony was held Thursday night November 10, 2022, by the Institute of Certified Public Accountants Uganda (ICPAU) at Hotel Africana in Kampala.
The Chief Guest was CPA Henry Musasizi, the State minister of Finance, Development and Economic Planning.
NSSF took home the Gold Award in the Integrated Report of the Year category. They also emerged overall winners for the public sector category and 1st runners-up for the communication, sustainability, and corporate governance categories
The awards committee said the organization presented an outstanding integrated report and demonstrated a high level of adherence to the guiding principles and content elements of the Integrated Reporting (IR) Framework.
The organization provided a clear and detailed explanation of its value-creation process highlighting the key inputs, business activities, outputs, and outcomes.
The report layout, summaries, and highlights provided useful context for the detailed information presented in the report.
The report was well-designed, easy to navigate, and made good use of icons to enable the reader to make the necessary links between the various content elements in the report.
The FiRe Awards Committee was satisfied that this organization provided the most exemplary integrated annual report for the year 2022.
Stanbic bank took home the Silver Award in this category for a report that had a strong future focus, particularly on Environmental, social, and governance (ESG) and value creation.
They provided a detailed and understandable explanation of its business model, together with the relevant focus areas and performance indicators.
The organization provided detailed disclosure of performance outcomes against each of the strategic objectives. The report provided a compelling account of its sustainability impact and contribution to sustainable economic growth.
Overall, the report had a crisp narrative with granular disclosure presented in a way that does not overwhelm the reader.
Centenary Rural Development Group Limited (Centenary bank) won the Bronze Award in this category for a report that provided a wealth of useful, well-contextualized, and clearly explained information.
There was a thorough explanation of the operating context within which the group operates. The report disclosed performance against each of the strategic objectives, including a discussion of the challenges experienced, and the outlook for each objective. The comprehensive reporting on the six capitals was both captivating and stimulating for the reader.
In the special awards category, Stanbic bank once more won the Corporate Governance Reporting Award and Sustainability Reporting Award.
New Vision Printing and Publishing won the Presentation and Communication Award.
The FiRe Awards Committee recognised Post Bank Uganda for its significant achievement in integrated reporting.
INTEGRATED REPORT OF THE YEAR AWARD
🏆 Gold Award – @nssfug
🥈Silver Award – @stanbicug
— ICPAU 🇺🇬 (@ICPAU1) November 10, 2022
Their report was identified as Integrated Report and prepared as such. The entity prepared an outstanding integrated report and the committee thought it deserved special mention.
Governance Reporting Award
Stanbic bank returned as the winner of the Governance Reporting Award for providing transparent and open disclosure of its corporate governance practices and policy framework.
The report provided a clear and concise picture of the organization’s corporate governance structure.
The entity also provided an informative discussion on the governance of its financial reporting process and approaches used by those charged with governance to assess compliance with legal, regulatory, and governance responsibilities.
The FiRe Awards Committee agreed that this organization showed leadership in corporate governance reporting.
Last night was amazing🤩
— 🦋Daphyn🥵🦋 (@daphyn_lubega) November 11, 2022
Sustainability Reporting Award
Stanbic bank was also the winner of this Award for providing an outstanding and comprehensive sustainability report with engaging and informative insights into the organization’s societal and environmental impact.
The report effectively revealed the organization’s focus on material issues likely to impact the organization’s ability to be sustainable & socially relevant with a clear & comprehensive picture of the organization’s ability to create sustainable value over time.
The FiRe Awards Committee was impressed by the entity’s commitment to sustainable practices throughout its operations.
Presentation and Communication Award
New Vision Printing and Publishing also took home this award for providing a well-designed report employing multiple readership enhancement techniques and showing innovation and creativity in its delightful portrayal of the achievements of the organization.
The consistent use of the company’s colours emphasized the brand identity. There was an elaborate description of products and services using both text and images. The team was further commended for using good-quality photographs.
The FiRe Awards Committee commended this report for its ability to engage the reader through the use of carefully selected layout, colour, and images that spoke to the organization’s theme for the year.