UAP Old Mutual Insurance Uganda Limited has seen excitement and jubilation after it received two prestigious awards at this year's annual Financial Reporting (FiRe) awards.
The event, organised by the Institute of Certified Public Accountants Uganda (ICPAU), in collaboration with the Capital Markets Authority (CMA), the Uganda Securities Exchange (USE), and the New Vision, marked a significant moment for the company.
The theme of this year's FiRe Awards was 'ESG: Reporting as Brand Storytelling.' The message was clear - organizations are increasingly expected to address Environmental, Social, and Governance (ESG) issues, not only to enhance their reputation but also to improve performance and embrace transparency in their operations.
Stephen Ineget, Chairperson of the FiRe Awards, emphasised the importance of ESG in his remarks, stating, "ESG is an external investment framework with three pillars - Environmental, Social, and Governance - which helps companies identify and address potential risks while enhancing long-term value creation."
Keith Kalyegira, the chief executive officer of the Capital Markets Authority, further highlighted the significance of this year's theme, stating, "Reporting on ESG matters aligns companies with sustainable and ethical principles while shaping 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 showcasing their commitment to making a positive impact on society and the environment,"he added.
For UAP Old Mutual, the night was nothing short of spectacular as it received two prestigious awards: "Insurance Company with the Best Report" and "Most Improved Report."
FThese accolades not only celebrate the company's outstanding performance but also serve as a testament to its unwavering commitment to ESG values.
The FiRe Awards have become an integral annual event on Uganda's corporate calendar since their introduction in 2011.
They aim to enhance the quality of financial and business reporting in Uganda by promoting the implementation of financial reporting standards.
These awards recognise and reward organizations across private, public, and non-profit sectors based on their adherence to International Financial Reporting Standards (IFRS) and their adoption of emerging best practices in corporate reporting.
Josephine Okui Ossiya, President of ICPAU, emphasized the overarching goal of the 2023 FiRe Awards, stating, "The aim is to effectively communicate financial and business information, showcase best practices in financial reporting, and promote and institutionalize transparency in the corporate reporting process."
Moreover, the FiRe Awards play a crucial role in creating a more robust economic landscape.
Participating organizations have the opportunity to receive valuable feedback on their compliance with relevant financial and corporate reporting frameworks.
This feedback serves as a vital step in fostering better reporting practices within organizations and, ultimately, throughout the nation.
