Overview:

The Financial Reporting (FiRe) Awards, which are organized by the Institute of Certified Public Accountants of Uganda (ICPAU), were introduced in 2011 to enhance the quality of financial and business reporting in Uganda by encouraging the implementation of financial reporting standards and other best practices in corporate reporting.

The National Social Security Fund (NSSF), PostBank Uganda, Stanbic Uganda Holdings Limited, dfcu Limited and MTN Uganda are among several companies that scooped top accolades at the 2024 Financial Reporting (FiRe) Awards.

The Financial Reporting (FiRe) Awards, which are organized by the Institute of Certified Public Accountants of Uganda (ICPAU), were introduced in 2011 to enhance the quality of financial and business reporting in Uganda by encouraging the implementation of financial reporting standards and other best practices in corporate reporting.

In the awards held in Kampala on Wednesday evening, NSSF won the Gold Award for Integrated Report of the Year, PostBank Uganda won the Bronze Award for Integrated Report of the Year and Stanbic Uganda Holdings Limited took the Silver Award for Integrated Report of the Year.

NSSF also took home the best Sustainability Reporting Award 2024, the Parastatal of the year award, and a Certificate of Recognition for outstanding achievement in Corporate Governance.

dfcu Limited took home the Banking Services – General Banking category while MTN Uganda scooped three awards; 1st Runner Up in Consumer and Industrial Products – Category A, the Presentation and Communication Award and Best Listed Entity Reporting Award.

Bank of Uganda took home the Regulatory Bodies and Associations category while Makerere University Retirement Benefits Scheme won in the Retirement Benefits Services category

Some of the guests at the award dinner.

Economic Exchange Forex Bureau Limited won the Forex Bureaux category

UMEME was the winner in the Consumer and Industrial Products Category A while the Umeme Staff Multipurpose Cooperative Society Limited was the 1st Runner-Up in the SACCOs & Cooperative Societies.

Uganda Crop Care Limited won in the Consumer & Industrial Products Category B.  Infectious Diseases Institute won the Non-for-Profit Organisations category.

Steadfin Uganda SACCO won the Cooperative Societies category

The Integrated Report of the Year Gold Award goes to an exemplary report demonstrating integrated thinking, strong sustainability targets, and a compelling value-creation story.

The Integrated Report of the Year Silver Award is for an engaging report linking value creation with stakeholder engagement and sustainability.

Gen Katumba Wamala delivers his speech.

Integrated Report of the Year Bronze Award goes to a report that’s clear, concise, and visually impactful, with a well-defined business model and value-creation process.

The winner of the IPSAS Award for Excellence in Financial Reporting goes to an entity that demonstrates compliance with IPSAS and provides extensive mandatory and non-mandatory information.

The IFRS for SMEs Award celebrates a report that shows a strong commitment to IFRS for SMEs standards and presents useful and relevant financial information.

Best Listed Entity Award goes to a winner for outstanding compliance with IFRS and exemplary ESG practices.

The Presentation & Communication Award is for an engaging report with reader-friendly design and professional graphics.

The Governance Reporting Award goes to an entity that exemplifies strong governance reporting, with clear insights into decision-making and ethical practices.

The Sustainability Reporting Award goes to a company with an in-depth analysis of sustainability and climate-related risks.

The chief guest, Works and Transport Minister Gen Edward Katumba Wamala highlighted the theme of the awards, ‘Promoting Excellence in Corporate Reporting: Disclosing ESG Performance & Progress’ and called on organizations to embrace sustainability to combat climate change.

‘Financial reporting fuels trust and progress,’ said Gen Katumba as he congratulated the winners. He emphasized the critical role of annual reports for decision-making by shareholders, regulators, and the public.

dfcu Bank staff receive their award.

He congratulated winners of the Financial Reporting Awards, emphasising the hard work, dedication, and teamwork involved in producing excellent annual reports. He encouraged all participants to continue striving for excellence, whether they won or not.

Gen Katumba applauded the efforts of ICPAU, CMA, USE, and Vision Group for promoting transparency through financial reporting excellence.

He highlighted the importance of such events in enhancing stakeholder trust, employee motivation, and sustained funding.

Uganda Securities Exchange CEO, CPA Paul Bwiso, shared his opening remarks at the Awards 2024, underscoring the vital role of financial reporting in enhancing transparency and investor confidence. CPA Bwiso highlighted how this year’s theme, Promoting Excellence in Corporate Reporting: Disclosing ESG Performance and Progress, directly impacts the securities exchange industry.

FiRe Awards Committee Chairman, CPA Stephen Ineget said: “Welcome to the 2024 FiRe Awards, since 2011, we’ve celebrated excellence in Uganda’s financial and business reporting. As we gather tonight, we mark 14 years of recognizing organizations that uphold transparency, accountability, and integrity