The Independent Uganda: You get the Truth we Pay the Price
Kampala, Uganda | THE INDEPENDENT | The Institute of Certified Public Accountants of Uganda (ICPAU) marked the 15th edition of the Financial Reporting (FiRe) Awards with a renewed focus on global sustainability and transparency, as Uganda moves to adopt international sustainability disclosure standards.
The event, held under the theme “Sustainability Practices and Reporting in Uncertain Global Times,” showcased the country’s growing commitment to credible and comprehensive reporting that goes beyond financial numbers to include governance, environmental, and social impact.
Speaking at the ceremony on Nov.6, ICPAU President CPA Timothy Ediomu announced that Uganda is preparing to implement the IFRS S1 and S2 Sustainability Disclosure Standards, which will bring greater consistency and comparability to sustainability and climate-related reporting.
Early adoption of these standards will begin in January 2026, with full implementation expected by 2028. CPA Ediomu noted that this development marks a critical step in enhancing transparency and accountability in both public and private sector reporting.
The 2025 FiRe Awards drew record participation, demonstrating how far Ugandan institutions have come in adopting integrated reporting practices. CPA Stephen Ineget, Chairperson of the FiRe Awards Committee, reflected on the 15-year journey of the awards, emphasizing that financial reporting today is no longer about compliance alone but about communicating purpose, resilience, and long-term value to stakeholders. He added that the awards have evolved into a platform that encourages entities to embrace sustainability, governance, and innovation as key elements of their reporting culture.
This year’s FiRe Awards highlighted outstanding performance across various categories, celebrating organizations that demonstrated excellence in financial integrity, corporate governance, sustainability, and innovation in communication. The winners recognized by ICPAU included MTN Uganda Limited, which took home both the Integrated Report of the Year Gold Award and the Sustainability Reporting Award. The National Social Security Fund (NSSF) won the Silver Award for the Integrated Report of the Year, the Corporate Governance Reporting Award, and also emerged as the winner in the Parastatals category. The Bronze Award for Integrated Reporting and the Best Listed Entity Award went to Stanbic Uganda Holdings Limited.
Other notable winners included Bank of Baroda (Uganda) Limited, which received the Presentation and Communication Award, and Amref Health Africa in Uganda, which won the Most Improved Report Award. The Research and Education Network for Uganda (RENU) earned recognition for Reporting under the IFRS for SMEs, while SNV Netherlands Development
Organisation received the award for Reporting under IPSAS. In the Public Sector category, the Law Development Centre (LDC) was recognized as the winner.
Additional honors went to Bank of Uganda, which topped the Regulatory Bodies and Associations category, followed by the Electricity Regulatory Authority (ERA) as first runner-up.
In the Consumer and Industrial Products category, MTN Uganda emerged as the winner, with Uganda Clays Limited and Quality Chemical Industries Limited taking first and second runner-up positions respectively. Uganda Crop Care Limited won the Industrial Products Sub-category, followed by Kibao Enterprises Limited and Neptune Financial Software Uganda Limited.
BRAC Uganda Bank Limited won in the Credit Institutions category. In the insurance segment, UAP Old Mutual Insurance Uganda Limited won Category A, followed by Uganda Reinsurance Company Limited and Liberty General Insurance Uganda Limited, while Liberty Life Assurance Uganda Limited won Category B, followed by Prudential Assurance Uganda Limited. The Infectious Diseases Institute (IDI) was named the best in the Non-Profit Organisations category, ahead of the Joint Clinical Research Centre (JCRC) and Baylor College of Medicine Children’s Foundation Uganda. Among SACCOs and Cooperative Societies, Steadfin SACCO took the top spot, with Wazalendo SACCO and Exodus SACCO (Uganda Police Force) following closely. In the Retirement Benefits Services category, Makerere University Retirement Benefits Scheme was named winner, followed by Bank of Uganda’s Defined Benefits Scheme and Defined Contributions Scheme.
The awards evening was not just a celebration of reporting excellence but also a call to action.
CPA Ediomu urged organizations to embrace transparency and sustainability in their operations, emphasizing that the adoption of the global sustainability standards will strengthen Uganda’s position in responsible business practices. The event reaffirmed ICPAU’s role in promoting accountability, corporate governance, and innovation, as it continues to inspire entities to produce reports that truly reflect their values, performance, and impact.
As Uganda moves towards aligning with global standards, the FiRe Awards continue to serve as a benchmark for excellence and integrity, celebrating those who are redefining the landscape of corporate reporting. Through initiatives like these, ICPAU is not only rewarding best practices but also shaping a future where every report tells a story of purpose, progress, and pride in the Ugandan spirit.
