The Institute of Certified Public Accountants of Uganda (ICPAU) officially unveiled the 2025 edition of the Financial Reporting (FiRe) Awards, announcing the theme “Sustainability Practices and Reporting in Uncertain Global Times.”
The annual awards, which celebrate excellence in corporate reporting across Uganda, will this year emphasise the importance of sustainability reporting amid ongoing global economic, environmental, and geopolitical uncertainties.
Speaking at the launch, CPA Charles Lutimba, Director of Standards and Regulations at ICPAU, noted that the theme was selected in response to growing challenges in sustainability practices worldwide, including carbon-related disruptions and mixed governmental attitudes toward environmental policies.
“The question we now face is how organisations report on sustainability and how they strike a balance between financial performance and environmental responsibility,” he said.
He emphasised the evolution of the FiRe Awards since their inception in 2011, explaining that while the focus was initially on compliance with International Financial Reporting Standards (IFRS), the scope has broadened to include Environmental, Social, and Governance (ESG) issues.
“With the introduction of IFRS S1 and S2 by the International Sustainability Standards Board (ISSB), we now have a global framework that allows for consistency and comparability in sustainability disclosures,” he added.
CPA Lutimba stressed that robust sustainability standards are key to managing environmental and social risks, such as waste, emissions, water use, and fair labor practices. He pointed out that by aligning with global benchmarks, organisations can enhance investor confidence and access green financing.
The FiRe Awards seek to highlight and reward organisations that demonstrate excellence in transparency, governance, and sustainability reporting. This year’s event will place special emphasis on how organisations are integrating sustainability into their strategic objectives, operations, and disclosures.
Margaret Saano, a representative from New Vision, the official media partner for the Awards said the public deserves access to credible financial and sustainability data.
“New Vision is proud to support an initiative that promotes transparency, accountability, and responsible business practices,” she said.
Representing the Capital Markets Authority (CMA), Communications and PR Manager Ms Lynn Tukei echoed these sentiments, stating that financial reporting remains a fundamental pillar for raising capital.
“Investors depend on reliable financial reports to make informed decisions. These reports must now include credible sustainability information, especially in this age of green finance and responsible investment,” she noted.
Mr. John Were, Senior Relationships Officer at the Uganda Securities Exchange (USE), likened proper financial reporting to living in a glass house, every move is visible and accountable. He emphasised that sustainability is becoming a top consideration for investors, and organisations must adapt to stay competitive and relevant.
The FiRe Awards are open to all entities that produce annual reports, including public sector institutions, private companies, and not-for-profit organisations. Participation is free of charge, and entrants are required to submit their most recent audited annual report by 30 September 2025. Submissions can be made online or delivered in hard copy to ICPAU offices.
FiRe Awards Committee Chairperson CPA Stephen Ineget reiterated that the Awards aim to, enhance the clarity and relevance of financial and business information, promote accountability through transparent disclosures, encourage SMEs to adopt high-quality reporting standards and improve investor confidence and corporate governance practices.
The Awards feature multiple categories, including Excellence in Financial Reporting, Corporate Governance, Sustainability Reporting, and Communication. Special recognitions like the Most Improved Report and Best Listed Entity will also be awarded.
Over 1,000 participants have taken part in the FiRe Awards since their launch. The initiative has contributed to greater disclosure standards, improved financial practices among SMEs, and heightened awareness of ESG issues across the corporate landscape.
Peter Senyange, CFO of Pearl Bank and past winner of the FiRe Awards, praised the program for its transformative impact.
“The feedback we receive helps us refine our operations and reporting standards. It’s more than just an award, it’s a learning opportunity,” he remarked.
This year’s FiRe Awards ceremony will be held on 5 November 2025.
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