UAP Old Mutual shines brightest at 13th FiRe Awards

UAP Old Mutual Insurance Uganda Limited was the standout entity at the 13th annual Financial Reporting (FiRe) awards night on November 1.

They took home the top accolades in Insurance Company with the Best Report and Most Improved Report. Organized by the Institute of Certified Public Accountants of Uganda (ICPAU), in partnership with the Capital Markets Authority (CMA), the Uganda Securities Exchange (USE), and the New Vision.

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 to build a better reputation but also enhancing performance and embracing transparency in operations.

Stephen Ineget, the chairperson of the FiRe awards, said ESG assists companies in identifying and addressing potential risks and enhancing long-term value creation.

On his part, Keith Kalyegira, the CEO of Capital Markets Authority, noted that 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,” he said.

The FiRe awards are a pivotal annual event on Uganda’s corporate calendar. 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 across 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.

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.