By Nancy Akullo
Pearl Bank Uganda Limited won the Integrated Report of the Year - Gold Award at the 2026 Financial Reporting (FiRe) Awards, beating 105 organisations to the coveted title.
The FiRe Awards Committee found that Pearl Bank presented a complete, compelling, well-organised, beautifully signposted integrated report, with navigation icons tying stakeholders, material matters, strategic pillars and capitals together so every section could be read in light of the others.
According to the Committee, the bank’s business model carried quantified inputs and outcomes, the operating environment was analysed in depth, and the strategy was set out with the resources allocated to it, along with a scorecard on performance against targets.
Pearl Bank also won the Banking Services - Tier 1 award. Previous FiRe Awards accolades scooped by Pearl Bank include Banking Services (2025) and bronze (2024 and 2023).
In second place, taking the Integrated Report of the Year - Silver Award, was Uganda Clays Ltd. The company was recognised for its compelling story of a turnaround year.
The FiRe Awards Committee noted that Uganda Clays Ltd provided the strongest account of the materiality process, from identification through to board approval, together with the changes from the previous year.
Centenary Rural Development Group came third with the Integrated Report of the Year - Bronze Award. The organisation’s report was recognised as a comprehensive and well-thought-out integrated report for a dynamic and diversified entity, with an accompanying ESG report that mapped its disclosures to IFRS S1 and IFRS S2 and stated plainly where it did not yet comply.
In a new development, the FiRe Awards Committee introduced the FiRe Awards Titans award, a distinguished recognition reserved for entities that have demonstrated exceptional consistency and sustained excellence at the FiRe Awards. To qualify, it is expected that the entity is:
- Ranked as a premium-level entity and has repeatedly risen to the highest standards, setting benchmarks, inspiring their peers, and contributing to the growth of a culture of transparency, accountability, and excellence in corporate reporting.
- Able to compete in regional-level organised awards.
- A gold award winner at the FiRe Awards, at least 3 times.
The first-ever FiRe Awards Titan award was presented to Stanbic Uganda Holdings Limited. With an impressive record of 8 gold awards, Stanbic Uganda Holdings has distinguished itself as one of the most consistent champions of excellence in corporate reporting.
The second FiRe Awards Titan award was presented to the National Social Security Fund (NSSF). With 4 gold awards, the FiRe Awards committee recognised NSSF’s organisational culture as reflecting values of transparency, sound governance, accountability, and responsible stewardship of resources entrusted to the entity.
Finding leading and commendable reporting practices, the FiRe Awards Committee recognised the following top 10 organisations as having produced noteworthy integrated reports:
- BRAC Uganda Bank Limited
- CARE International in Uganda
- Centenary Rural Development Group Limited
- Infectious Diseases Institute Limited
- Makerere University Retirement Benefits Scheme
- MTN Uganda Limited
- Pearl Bank Uganda Limited
- Quality Chemical Industries Limited
- Uganda Clays Ltd
- Housing Finance Bank
The 2026 FiRe Awards were organised under the theme, Driving Sustainability Reporting through Technology and Innovation. In a speech read for him by CPA Noah Matovu, a member of the FiRe Awards Committee, FiRe Awards Committee Chair CPA Stephen Ineget noted that the theme speaks directly to the evolving role of the accountancy profession.
“In an increasingly digital and sustainability-conscious world, ICPAU recognises that credible sustainability reporting can no longer rely on traditional approaches alone, and technology and innovation are now central to how organisations gather, analyse, and communicate information accurately, in a timely manner, and with transparency,” noted Ineget.
Hon. George Willian Nyombi Thembo, the Executive Director of the Uganda Communications Commission and chief guest, lauded the FiRe Awards as an important platform for promoting transparency, accountability and excellence in corporate reporting, emphasising that a strong economy depends not only on the availability of capital but also on the confidence of those who provide it.
“Investors, lenders, development partners and other stakeholders rely on accurate, timely and credible information to make informed decisions; therefore, they need to understand how organisations are performing, how resources are being managed, what risks they face and what opportunities lie ahead,” said Nyombi Thembo.
“Quality corporate reporting is therefore fundamental to building trust, attracting investment and strengthening confidence in our institutions and businesses,” he added.
Highlighting the theme's relevance, CPA Josephine Ossiya, Chief Executive Officer of the Capital Markets Authority (CMA), noted the role of technology in providing data to support sustainability reporting.
“Digital systems, sensors and connected platforms can capture sustainability data as it is generated, rather than estimating it once a year, and this makes reports more accurate and easier to verify,” said Ossiya.
She further noted that structured, machine-readable reports allow investors, analysts and regulators to compare companies quickly and consistently.
Ossiya, however, cautioned that technology is a tool, not a substitute for judgement, advising that boards remain accountable for what their companies disclose.
“A report produced quickly by a system is only as good as the data and governance behind it,” she noted, adding that accountants and auditors remain the guardians of its integrity and every claim of sustainability must be backed by evidence.
Paul Bwiso, the Chief Executive Officer of the Uganda Securities Exchange (USE), underscored the value of the partnership with the Institute of Certified Public Accountants of Uganda (ICPAU) as one that reflects USE’s conviction that good reporting builds trust, and trust is what opens the door to capital.
In his address, ICPAU President, CPA Timothy Ediomu, reminded the audience of the IFRS Sustainability Disclosure Standards, which ICPAU adopted for use in Uganda in 2024.
The standards were introduced to address longstanding reporting challenges, equipping companies and investors to better understand performance and comply with the ever-evolving regulations, while improving the availability of reliable, comparable, cost-effective, and decision-useful information on material sustainability risks and opportunities of organisations.
With the implementation roadmap launched, which stipulates mandatory adoption starting in 2028, Edimou urged organisations to consider early adoption to build institutional readiness for the mandatory phase.
“Achieving sustainability hinges on a shared commitment and collective accountability, and all professionals, organisations and regulators are required to be on board,” he said, noting the benefits of sustainability reporting, such as increasing investor protection and confidence, improving access to foreign capital markets and green financing, and encouraging foreign direct investment.
The FiRe Awards are organised by ICPAU in partnership with CMA and USE. The awards were introduced in 2011 to improve the quality of financial and business reporting in Uganda by encouraging the implementation of financial reporting standards and other best practices in corporate reporting.
The 2026 edition, the 16th, was held at the Kampala Serena Hotel on 4 November. Sponsoring organisations included New Vision, Bank of Uganda, Office of the Auditor General and Uganda Insurers Association.
Since the FiRe Awards were introduced in 2011, more than 1,500 entities have submitted their annual reports for evaluation, demonstrating a commitment to transparency.
Over the years, the FiRe Awards Committee has observed several positive developments in the corporate reporting landscape in Uganda, including:
- A significant shift in how organisations communicate their performance, with many now including insights on strategy and sustainability-related matters in their reports.
- Notable progress in financial reporting practices among Small and Medium-sized Enterprises (SMEs).
- Increased transparency and disclosure across the public sector.
- Greater visibility and positive recognition for organisations that participate in the awards.
Access the full list of 2026 awardees here.
END
