UAP Old Mutual Insurance Uganda Limited scooped two awards at the 13th annual Financial Reporting (FiRe) Awards held on November 1st 2023 in Kampala Serena Hotel.
The awards were organised by the Institute of Certified Public Accountants Uganda (ICPAU), in partnership with the Capital Markets Authority (CMA), the Uganda Securities Exchange (USE), and the New Vision.
UAP Old Mutual walked away with two prestigious awards including; ”Insurance Company with the Best Report and ‘Most Improved Report.’
This year’s FiRe Awards theme was ‘ESG: Reporting as Brand Storytelling’ with a focus on not only building a better reputation but also enhancing performance and embracing transparency in operations as the world increasingly looks towards organizations to address Environmental, Social, and Governance issues.
These accolades not only celebrate the company’s outstanding performance but also stand as a testament to the unwavering commitment to ESG values.
“ESG is an external investment framework with three pillars, Environmental, Social and Governance which assists companies in identifying and addressing potential risks and enhancing long-term value creation,” said Stephen Ineget, Chairperson of the FiRe awards.
According to the CEO of Capital Markets Authority, Keith Kalyegira, this year’s theme holds profound importance.
He said that reporting on ESG matters not only aligns companies with sustainable and ethical principles but also shapes their brand narrative.
“In today’s interconnected world, investors, stakeholders, and the public are increasingly interested in how organizations contribute to a sustainable future, treat their employees, and uphold ethical governance. By reporting on ESG, companies are not just disclosing data; they are narrating their commitment to making a positive impact on society and the environment,” noted Kalyegira.
The FiRe Awards are a pivotal annual event on Uganda’s corporate calendar. They were introduced in 2011 to enhance the quality of financial and business reporting in Uganda by encouraging the implementation of financial reporting standards.
They are a recognition and reward system that spans private, public, and non-profit sectors, based on their adherence to International Financial Reporting Standards (IFRS) and the adoption of emerging best practices in corporate reporting.
“The overarching aim of the 2023 FiRe awards is effective communication of financial and business information, showing best practices in financial reporting and promoting and institutionalizing transparency in the corporate reporting process,” Josephine Okui Ossiya emphasized, President ICPAU, in her remarks at the event.
Furthermore, the FiRe Awards have a broader mission to create a more robust economic landscape.
Participating in the FiRe Awards is also a chance for organizations to receive invaluable feedback on their compliance with relevant financial and corporate reporting frameworks. This feedback is a crucial step in fostering better reporting practices within organizations and, ultimately, throughout the nation.