The National Social Security Fund (NSSF) won the Gold Award at the 2021 Financial Reporting (FiRe) Awards. NSSF beat 87 organisations who submitted their annual reports for evaluation. According to the Chairman of the Financial Reporting Awards Committee, the NSSF report was highly interactive, as it was easy to navigate and the information was interlinked. The report also had a strong focus on strategy and value creation, and provided a clear explanation of the utilisation of the six capitals in the value creation process.
NSSF also won the Public Sector Award and were 1st Runners-up in the Sustainability Reporting, and the Corporate Governance Reporting categories. Altogether, the Fund scooped 4 Awards.
With this win, NSSF has overall scooped 3 Gold Awards in financial reporting and joins the team of FiRe Awards high performers such as Stanbic Uganda Holdings Limited who have won Gold Awards continuously. The Fund won Gold in 2020 and 2018. Stanbic won Gold in 2019, 2017, 2015, 2014 and 2012.
In his acceptance speech NSSF Chief Financial Officer, Stevens Mwanje noted that the Fund’s financial reporting is driven by innovation and the goal to be able to communicate effectively with members. “NSSF prides itself in being innovative and being able to communicate and this is what we plan to achieve with the annual report, as it is one of the biggest tools that we use to communicate with our members,” Mwanje said.
In second position, winning silver was Centenary Rural Development Bank while Stanbic Uganda Holdings Limited came third, with the Bronze Award. Centenary Rural Development Bank also won the Communication and Presentation Award and were 2nd Runners-up in the Commercial Banks category. Altogether, the bank scooped 3 Awards. Stanbic Uganda Holdings Limited also won in the categories of: Sustainability Reporting, Corporate Governance Reporting, Commercial Banks and Best Listed Entity, altogether bagging 5 Awards at the 2021 FiRe Awards.
The Franciscan Investment Cooperative Society Limited was recognised for producing the most improved report. The FiRe Awards Committee noted that the cooperative showed strong commitment to the implementation of the recommendations contained in the 2020 FiRe Awards feedback report.
The theme for the 2021 FiRe Awards was Integrated Reporting: Building Blocks for stakeholder confidence. Over the past 3 years the FiRe Awards committee has placed great emphasis on Integrated Reporting, a global reporting framework which places emphasis on addressing the information needs of investors by demonstrating in detail how financial, manufactured, intellectual, human, social and natural capitals are used to create value for investors.
In his remarks, CPA Stephen Ineget, the Chairman of the FiRe Awards Committee noted that although there is increased adoption of the Integrated Reporting (IR) framework, organisations still have some ground to cover in fully appreciating the purpose and content of an integrated report. Some of the areas for improvement are:
- Lack of an explicit statement on compliance with the IR Framework.
- Need for explanation of the materiality determination process.
- Better articulation of the entity’s value creation, preservation and erosion process.
- Disclosure of key performance indicators used to evaluate success and achievement of value creation goals.
- Explanation of entities’ climate change action and linkage to the value creation process.
- More information on the Board’s specific deliberations on strategy, value creation & preservation, as well as the integrated reporting process.
- Information on the assurance or other measures taken to ensure the integrity of the integrated report.
CPA Gervase Ndyanabo, the Deputy Managing Director/Company Secretary of Vision Group appreciated the contribution of the FiRe Awards to the governance of the country.
“Vision Group believes in the FiRe Awards because good financial reporting is a very important aspect of governance, and the good governance of organisations is key for the broad governance of the country,” CPA Ndyanabo noted.
The Director – Research of the Capital Markets Authority, Dickson Ssembuya, who represented the CEO noted that the FiRe Awards have gone a long way in creating and promoting a culture of transparency, stewardship and accountability among Ugandan companies, especially when benchmarked against global companies. He emphasized the need for protection of minority shareholders, as a strategy for attracting more capital.
“Governance and the protection of minority shareholders through transparency, communication, equitable treatment, and safeguarding the interests of small shareholders is important in order to ensure that capital taps remain open,” he said.
Paul Bwiso, the CEO of the Uganda Securities Exchange hailed the FiRe Awards as an initiative which is key in providing the information and accuracy that different stakeholders require within the market.
The President of the Institute of Certified Public Accountants of Uganda, CPA Constant Mayende urged employers to support the Institute’s efforts to promote professionalism in accountancy, by recruiting Certified Public Accountants whose conduct is monitored by the Institute. He noted that in Uganda, a Certified Public Accountant in one who is a member of the Institute of Certified Public Accountants of Uganda (ICPAU).
The FiRe Awards are organised by ICPAU, in partnership with the Capital Markets Authority, the Uganda Securities Exchange, and Vision Group. The Awards were introduced in 2011, to recognize and reward excellence in financial reporting with regard to the implementation of the international financial reporting standards. Organisations in the private, public and Non-Governmental Organisations sectors participate by submission of their annual reports for the year under review. The best performers are rewarded based on their level of compliance with international financial reporting standards.
The 2021 FiRe Awards were held on 10 November 2021, in a hybrid manner, physically at the Skyz Hotel, and virtually via the Zoom platform and social media.
The full list of winners
Financial Reporting Awards
- Insurance Brokers and Loss Adjustor
- Certificate of recognition for achievement: Willis Towers Watson Uganda Insurance Brokers Ltd
- Forex Bureaux
- Certificate of recognition for achievement: Economic Exchange Forex Bureau Limited
- Religious Institutions
- An Award for Scripture Union of Uganda
- Education Institutions
- An Award for Ndejje University
- Cooperative Societies
- Certificate of recognition for achievement: CPA SACCO Limited
Award winners
- 2nd Runner Up Franciscan Investment Cooperative Society Limited
- 1st Runner Up Y- Save Multipurpose Cooperative Society Ltd
- Winner Wazalendo SACCO Limited
- Retirement Benefit Services
- Certificate of recognition for achievement: Uganda Clays Staff Contributory Provident Fund
Award winners
- 2nd Runner Up Bank of Uganda Defined Contributions Scheme
- 1st Runner Up Bank of Uganda Defined Benefits Scheme
- Winner Makerere University Retirement Benefits Scheme
- Regulatory Bodies and Associations
The Capital Markets Authority and ICPAU were non-competing entries.
- The FiRe Awards Committee recommended an Award for: Bank of Uganda
- Non-for-Profit Organisations
- Certificate of recognition for achievement: Send a Cow Uganda Limited
Award winners
- 2nd Runner Up SNV Netherlands Development Organisation Limited
- 1st Runner Up Baylor College of Medicine Children's Foundation Uganda
- Winner Child’s i Foundation
- Consumer and Industrial Products
Category B
- Certificates of recognition for achievement in financial reporting under the Consumer & Industrial Products Category B
- Elite Computers Uganda Limited
- Harley’s (U) Limited
- Consumer and Industrial Products
Category A
- Certificate of recognition for achievement: British American Tobacco Uganda Limited
Award winners
- 2nd Runner Up CIPLA Quality Chemical Industries Limited
- 1st Runner Up Uganda Clays Limited
- Winner Umeme Limited
- Public Sector
- Certificate of recognition for achievement: Deposit Protection Fund of Uganda
Award winners
- 2nd Runner Up National Water and Sewerage Corporation
- 1st Runner Up New Vision Printing and Publishing Company Ltd
- Winner National Social Security Fund
- Insurance Services
- Certificate of recognition for achievement: UAP Old Mutual Insurance Uganda Limited
Award winners
- 1st Runner Up Uganda Reinsurance Company Limited
- Winner Liberty Life Assurance Uganda Limited
- Microfinance Deposit Taking Institutions
- Winner FINCA Uganda Ltd (MDI)
- Commercial Banks
Award winners
- 2nd Runner–Up Centenary Rural Development Bank
- 1st Runner–Up dfcu Limited
- Winner Stanbic Uganda Holdings Ltd
Special Awards of Excellence
- Reporting under IPSAS
- 1st Runner Kampala Capital City Authority
- Winner SNV Netherlands Development Organization Limited
- Reporting under the IFRS for SMEs
- 2nd Runner Elite Computers Uganda Limited
- 1st Runner Send a Cow Uganda Limited
Award
- Winner Child’s i Foundation
- Most Improved Report Award
Award
- Winner Franciscan Investment Cooperative Society
- Best Listed Entity Award
- 2nd Runner dfcu Limited
- 1st Runner New Vision Printing & Publishing Company Limited
Award
- Winner Stanbic Uganda Holdings Ltd
- Presentation and Communication Award
- 1st Runners–Up New Vision Printing & Publishing Company Limited
Uganda Development Bank Limited
Liberty Life Assurance Uganda Limited Award
- Winner Centenary Rural Development Bank
- Sustainability Reporting Award
- 1st Runners–Up National Water & Sewerage Corporation
National Social Security Fund Award
- Winner Stanbic Uganda Holdings Ltd
- Corporate Governance Award
- 2nd Runner–Up Liberty Life Assurance Uganda Limited
- 1st Runner–Up National Social Security Fund Award
- Winner Stanbic Uganda Holdings Limited
Integrated Report of the Year Award
a) Bronze Award Stanbic Uganda Holdings Limited
b) Silver Award Centenary Rural Development Bank
c) Gold Award National Social Security Fund
