Uganda’s corporate reporting standards under spotlight at FiRe Awards launch

As global investors tighten standards on where they put their money, Ugandan companies are coming under growing pressure to prove they are not only profitable, but also socially responsible and environmentally sustainable.

Financial market leaders say access to financing is becoming increasingly difficult for enterprises that fail to demonstrate transparency, accountability, and commitment to sustainable business practices.

The warning was made Tuesday during the launch of the 16th edition of the Financial Reporting (FiRe) Awards organised by the Institute of Certified Public Accountants of Uganda.

Industry leaders noted that the global investment landscape is rapidly changing due to increased climate change awareness, evolving consumer expectations, and stronger demands for ethical business conduct.

As a result, investors and financiers are increasingly directing capital toward businesses that can clearly show how they protect communities, the environment, and long-term economic value.

Isaac Kayemba, a Revenue and Financial Analyst at the Uganda Securities Exchange, said companies seeking investment can no longer rely only on audited financial statements.

“Investors do not just buy into numbers; they buy into the story, vision, and credibility behind a business,” Kayemba said.

He explained that businesses are now expected to disclose how they manage environmental, social, and governance concerns, alongside their financial performance, if they are to remain attractive to investors.

According to Kayemba, annual reports are increasingly becoming tools for demonstrating transparency, sustainability, and long-term value creation.

Speaking at the launch, Kayemba said the Uganda Securities Exchange, as a partner in the 2026 FiRe Awards, remains committed to promoting quality corporate reporting that strengthens Uganda’s investment climate.

The 2026 FiRe Awards will be held under the theme: “Driving Sustainability Reporting through Technology and Innovation,” highlighting the growing role of technology in improving transparency and sustainability reporting.

CPA Derick Nkajja, Chief Executive Officer of ICPAU, said organisations today are operating in a highly complex environment shaped by climate-related risks, rapid technological change, and rising investor expectations.

“The 2026 theme recognises the critical role technology and innovation play in strengthening sustainability reporting. Organisations are now expected not only to implement sustainable practices, but also to communicate their impact and long-term value creation in an accurate and accessible manner,” Nkajja said.

Organisers say the awards continue to provide a platform for encouraging high-quality financial reporting and accountability among organisations responding to global sustainability demands.

Lyn Tukei, Communications and Public Relations Manager at the Capital Markets Authority, stressed the importance of credible reporting in strengthening investor confidence and protecting the public.

She revealed that companies seeking to list on the stock exchange are now required to disclose much more information about their operations, governance, and sustainability practices in their prospectuses.

Meanwhile, CPA Stephen Ineget, Chairperson of the FiRe Awards Committee, urged both public and private institutions to embrace international financial reporting standards to improve transparency and public trust.

He said accountability and sustainability reporting should not be confined to private companies alone, noting that government institutions also need to adopt stronger reporting practices to improve governance and stakeholder confidence.

Last year’s overall FiRe Awards winner was MTN Uganda.

Entries for the 2026 FiRe Awards will open on June 1 and close on September 30, 2026. Organisations are required to submit their latest annual reports through the FiRe Awards portal or physically at ICPAU offices in Bukoto.

The awards are open to public institutions, private companies, and non-profit organisations, with winners expected to be recognised during the awards ceremony scheduled for November 4, 2026.