Gen Edward Katumba Wamala, the Minister for Works and Transport, has called on organizations to embrace sustainability to combat climate change as they champion transparency, sustainability, and best practices.
Gen Katumba made the remarks on Wednesday, November 6, 2024, while speaking as a chief guest at the Financial Reporting (FiRe) Awards organized by the Institute of Certified Public Accountants of Uganda (ICPAU), in partnership with the Capital Markets Authority (CMA), the Uganda Securities Exchange (USE) and the New Vision.
The event held at Serena Hotel, Kampala brought together accountants from across Uganda to celebrate excellence in Uganda’s financial and business reporting.
Gen Katumba highlighted the importance of such events in enhancing stakeholder trust, employee motivation, and sustained funding.
The minister cited Uganda’s achievement in the recent World Investor Week, including the launch of the e-purchase platform for treasury bills and bonds by USE, which makes investing in government securities more accessible than ever.
He said his Ministry’s ongoing projects, including the Standard Gauge Railway and major road developments, were all designed to foster social and economic growth.
“Exciting times ahead for Uganda’s infrastructure. Environmental responsibility takes center stage. Financial reporting fuels trust and progress,” noted the minister while emphasizing the critical role of annual reports for decision-making by shareholders, regulators, and the public.
FiRe Awards Committee Chairman, CPA Stephen Ineget, said the institute is marking 14 years of recognizing organizations that uphold transparency, accountability, and integrity.
“This year’s FiRe Awards theme, Promoting Excellence in Corporate Reporting: Disclosing ESG Performance and Progress, reflects our ongoing focus on Environmental, Social, and Governance (ESG) practices. Here’s to setting the standard in sustainable business,” he noted.
He said participation in the awards has grown, with 108 entities this year. “An impressive 82% of last year’s participants have returned, showing their commitment to transparency and excellence in reporting.”
Uganda Securities Exchange CEO, CPA Paul Bwiso, underscored the vital role of financial reporting in enhancing transparency and investor confidence.
The winners
The first award of the night in the Forex Bureaux category went to the Economic Exchange Forex Bureau Limited.
Steadfin Uganda SACCO took the Cooperative Societies category award.
Makerere University Retirement Benefits Scheme won in the Retirement Benefits Services category.
The Bank of Uganda won the Regulatory Bodies & Associations category award.
“We are thrilled to announce our wins at the 2024 Financial Reporting (FiRe) Awards! BoU proudly took home the top spot in the ‘Regulatory Bodies and Associations category and 1st runner-up in ‘Retirement Benefit Services.’ These achievements reflect our commitment to excellence in financial reporting, making a positive impact on society, and contributing to a sustainable future through positive Environmental, Social, and Governance (ESG) practices,” the bank said on its X platform.
The Infectious Diseases Institute won the Non-for-Profit Organisations category award.
Uganda Crop Care Limited took home the Consumer & Industrial Products Category B award.
Umeme Limited took home the Consumer & Industrial Products Category A award.
dfcu Limited won the Banking Services – General Banking category award.
Stanbic Uganda Holdings Limited emerged winner of the Silver Award for Integrated Report of the Year.
The National Social Security Fund (NSSF) took the Gold Award for Integrated Report of the Year.
“We also led the way by winning in the Parastatals/GBEs and Sustainability Reporting categories, along with a special recognition certificate for Corporate Governance Reporting,” said the Fund on X.
PostBank won the Bronze Award for Integrated Report of the Year.
The Integrated Report of the Year Recognition honors the top 10 entities in integrated reporting—demonstrating exceptional value creation and reporting practices.
The Bronze Award goes to a report that’s clear, concise, and visually impactful, with a well-defined business model and value-creation process. The Silver Award celebrates an engaging report linking value creation with stakeholder engagement and sustainability while the Gold Award goes to an exemplary report demonstrating integrated thinking, strong sustainability targets, and a compelling value-creation story.