KAMPALA – UAP Old Mutual Insurance Uganda Limited is elated after scooping two awards in the just concluded 13th annual Financial Reporting (FiRe) Awards.
The company took home ”Insurance Company with the Best Report and ‘Most Improved Report’ awards at the function last week. These accolades not only celebrate the company’s outstanding performance but also stand as a testament to the unwavering commitment to ESG values.
Organized 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, this year’s FiRe Awards were themed ‘ESG: Reporting as Brand Storytelling.’
The underlying message was that the world is increasingly looking towards organizations to address Environmental, Social, and Governance issues.
Mr Stephen Ineget, the Chairperson of the FiRe shared that 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.
In his remarks, Capital Markets Authority chief executive officer, Mr Keith Kalyegira explained that this year’s theme holds profound importance.
He shared 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,” he said.
Josephine Okui Ossiya, the President ICPAU, in her remarks at the event noted that 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.
About FiRe Awards
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 across 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.
Participating in the FiRe Awards is 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.