The Independent Uganda: You get the Truth we Pay the Price
Kampala, Uganda | THE INDEPENDENT | UAP Old Mutual Insurance Uganda Limited has committed to respecting environmental social and governance values as cornerstones for its business growth and sustainability.
This comes a week after the insurer bagged two accolades at the 13 Financial Reporting Awards (FiRe awards). The two awards are; Insurance Company with the Best Report and the other is, the Most Improved Report.
In a news statement shared with this website on Nov.7, company executives said, “We are pleased about the two FiRe awards that we have won. We not only celebrate our company’s outstanding performance in this area, but this win also stands as a testament to the unwavering commitment to ESG values. As a company, we heed stakeholder expectations and, focus on ESG values to make a meaningful impact. This recognition inspires us to further our journey toward a sustainable future.” said Arthur Edeet, Chief Financial Officer, UAP Old Mutual Insurance.
FiRe Awards are organized by the Institute of Certified Public Accountants Uganda (ICPAU), in partnership with the Capital Markets Authority (CMA) and other partners.
They were introduced in 2011 to enhance the quality of financial and business reporting in Uganda by encouraging the implementation of financial reporting standards. They are a recognition and reward system that spans private, public, and non-profit sectors, based on their adherence to International Financial Reporting Standards (IFRS) and the adoption of emerging best practices in corporate reporting.
This year’s FiRe Awards theme was ‘ESG: Reporting as Brand Storytelling.’ The underlying message was crystal clear – the world is increasingly looking towards organizations to address environmental, Social, and Governance issues. The focus is not only on building a better reputation but also on enhancing performance and embracing transparency in operations.
Stephen Ineget, chairperson of the FiRe awards said, “ESG is an external investment framework with three pillars, Environmental, Social, and Governance which assists companies in identifying and addressing potential risks and enhancing long-term value creation.”
The CEO of Capital Markets Authority, Keith Kalyegira said, “This year’s theme holds profound importance. Reporting on ESG matters not only aligns companies with sustainable and ethical principles but also shapes 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 narrating their commitment to making a positive impact on society and the environment Kalyegira said.
“The overarching aim of the 2023 FiRe awards is effective communication of financial and business information, showing best practices in financial reporting and promoting and institutionalizing transparency in the corporate reporting process,” Josephine Okui Ossiya, the President ICPAU said.
Participating in the FiRe Awards is also a chance for organizations to receive invaluable feedback on their compliance with relevant financial and corporate reporting frameworks. This feedback is a crucial step in fostering better reporting practices within organizations and, ultimately, throughout the nation.
