CPA Frederick Kibbedi, Chair Person FiRe Awards
The 2017 Financial Reporting (FiRe) Awards
Corporate Reporting Beyond mere Numbers Ensuring corporate reporting that embraces integrated reporting of an organisation’s performance in terms of both financial and non-financial results
I am greatly honoured to welcome you all to the 7th Financial Reporting (FiRe) Awards Ceremony and Dinner. On behalf of the organisers of the 2017 FiRe Awards, allow me to express our appreciation that you could join us tonight to recognise Ugandan organisations that have excelled in financial, corporate governance and sustainability reporting.
Ladies and Gentlemen, our convergence here this evening is not by mistake, we gather because of our resounding desire and commitment to spur financial reporting to greater and commendable levels in this Country. Since 2011, when we inaugurated the Financial Reporting Awards, our passion for continued improvement in corporate reporting has never withered. This year we celebrate financial reporting under the theme: “Moving Beyond the Numbers: Unlocking Value Through Reporting.”
The ultimate goal and message from this year’s theme is the need to look at corporate reporting beyond mere numbers; that is corporate reporting that embraces integrated reporting of an organisation’s performance in terms of both financial and non-financial results. Such integrated reporting provides a better context for evaluating performance data and may help embed sustainability into organisation’s decision making process. As a result annual reports will demonstrate the linkages between an organization’s strategy, governance, financial performance and the social, environmental and economic context within which the organisation operates.
Ladies and Gentlemen, the FiRe Awards has noted the increasing popularity of the Awards and continued participation of new entrants in the Awards, each and every year. The Committee is also delighted that most organisations have strived to implement the recommendations of the FiRe Awards evaluators. This has resulted in remarkable improvements in financial reporting disclosures across all categories.
Distinguished Guests, as organizers of the awards, we are extremely proud of these achievements. While we recognise the potential and celebrate the above achievements, I wish to comment on the low level of participation by the public sector. We still believe that even more entries can be realized from this category. We hope that in the coming years, the Local Authorities, government business entities and the general public sector will take advantage of this opportunity. Our Guest of Honor, we equally expect full participation of organisations within the Banking sector, a sector that you directly regulate.
Ladies and Gentlemen, the FiRe Awards are run every year. The process starts with a call for submission of entries from all willing organizations. A team of experts is then engaged to review, in great detail, all the reports that are submitted for the Awards. The evaluations are done following well researched and globally recognised criteria that consider applicable financial reporting standards, legal and regulatory requirements and other recognised best practices.
A bundle of benefits accrue to those organisations that participate in the FiRe Awards. Each organisation that submits its annual report also receives a feedback report. This report is an assessment of the benefits and shortcomings of the annual report. The feedback is confidential and provides the opportunity for the organisation to internally improve on its reporting. As the Institute, we continue to carefully manage our carbon footprint by taking cognisance of our environmental impact; as a result the feedback reports will be circulated to you by email. We encourage you to take note of the comments raised as we strive to enhance financial reporting.
On behalf of the FiRe Awards Committee, I would like to take this opportunity to acknowledge the unsung heroes behind the success of the 2017 Awards. Please join me in thanking the following:
Our committed and dedicated team of evaluators; Regulatory bodies that encouraged their members to participate; Participating organisations; and most especially those organisations that have participated in the Awards since 2011; The ICPAU Council and secretariat; Partners and sponsors; and Members of the media for your continued support.
Ladies and gentlemen, not all of you will leave this venue with an award tonight, but ultimately all of you will benefit having taken that bold decision to participate in the 2017 FiRe Awards.
We look forward to receiving and evaluating your reports at the 2018 FiRe Awards.
I thank you and wish you a very pleasant evening.
For God and my Country
CPA Frederick Kibbedi
Chairperson, FiRe Awards Committee
Partner, PKF Uganda