2017 FiRe Award Event Promoters

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Welcome to 2017 Financial Reporting (FiRe) Award Conference. The Gala dinner will take place on, Thursday, 16th November 2017 and Friday 17th November 2017 respectively.   2017 FiRe CALL FOR ENTRIES

Fire Award

BARCLAYS BANK IS THE OVERALL WINNER OF 2016 FiRe AWARD

Nairobi October 29, 2016

FiRe Award promoters announced the winners of its 15th edition of Financial Reporting Award yesterday evening in a celebration at The Windsor Hotel. Culled from 399 entries to Barclays Bank emerged the overall winner, while other entities were feted and recognized for their breakthrough accomplishments in 24 different categories.

The award seeks to promote integrated reporting through enhancing accountability, transparency and integrity in compliance with appropriate financial reporting framework and other disclosures on governance, social and environmental reporting by private and public sectors domiciles in East Africa. The annual Award is organized by the Public Sector Accounting Standards Board (PSASB), Capital Markets Authority (CMA), Nairobi Securities Exchange (NSE), and the Institute of Certified Public Accountants of Kenya (ICPAK).

 

This year’s event witnessed the largest number of public sector enemies, “Enhanced transparency in financial reporting is expected in Kenya’s public sector, following increased participation in the Excellence in Financial Report Awards (Fire Award) this year.” Said Mr. Bernard Ndung’u, Chairman Public Sector Accounting Standards Board (PSASB) and who is also the Director General of Accounting and Quality Assurance Services at the National Treasury.

He added that 303 public sector entities participated in the award. The public Institutions include; Ministries, Departments and Agencies, State Corporations and Semi-Autonomous Government Agencies, and the County Governments. In addition to the 303 public sector entries, there are another 96 entries from across East Africa in the financial services sector, industrial, commercial and services sector, public benefits organizations, pension schemes and learning institutions, bringing the total entries to 399 in 2016 compared to 376 in 2015.

 

Mr. Fernandes Barasa, ICPAK national chairman noted that; ‘’Increased participation by the public sector underpins the commitment to more open accountability in the use of public funds and offers the entities an opportunity to be assessed against global standards’’.

 

On his part, CMA Chief Executive, Mr. Paul Muthaura, noted; “responsible financial reporting contributes significantly to ensuring that financial information put out by the entities is reliable and enables investors make informed decisions as they participate in the capital markets”.

 

The NSE Chief Executive, Mr. Geoffrey Odundo, said; “The increased public sector participation in FiRe Award, will enhance accountability and transparency of public institutions, thereby increasing their attractiveness to investors and catalyzing economic growth “.

 

The ICPAK Chief Executive, Dr. Patrick Ngumi, observed; ‘’the entry of public sector in the FiRe Award creates expectations of enhanced disclosures of financial and non-financial information by public sector entities and contributes significantly to buttressing the informative value of public sector financial reporting as envisaged in the Public Financial Management Act, 2012’’.

 

The awards continue to be important for stakeholders and are expected to embed a stronger financial reporting culture in Kenya. Participating entities benefit from an evaluation feedback which helps them to improve their reporting year in year. Entry for Fire Award is open to all entities and no charges are levied.

 

Ms Olajobi Makinwa, from the United Nations Global Compact presided over the event as the chief guest. In her address, Ms. Olajobi commended Kenyan companies for advancing principles of good corporate governance as well as sustainability reporting stressing that, “culture of accountability is key to social economic empowerment, especially in Africa where cases of poor governance abound.”

 

The theme for Fire Award this year was, “Accountable Governance for Excellence and Reliability in Financial Reporting in East Africa’’,

 

ENDS

 

BACKGROUND INFORMATION ON THE FIRE AWARD

 

The Financial Reporting (FiRe) Award is the most prestigious and coveted Award in East Africa for financial reporting. The Award is presented annually, during a colorful, gala evening hosted by the joint promoters; the Public Sector Accounting Standards Board (PSASB), Capital Markets Authority (CMA), the Nairobi Securities Exchange (NSE) and the Institute of Certified Public Accountants of Kenya (ICPAK). For the last fourteen (14) years, the FiRe Award has recognized and awarded the best reporting entities in East Africa. The Award is aimed at promoting integrated reporting through enhancing accountability, transparency and integrity in compliance with appropriate financial reporting framework and other disclosures on governance, social and environmental reporting by private, public and other entities domiciled in East Africa.

 

THE PROMOTERS:

 

PUBLIC SECTOR ACCOUNTING STANDARDS BOARD (PSASB): The PSASB is a statutory body established under Section 192 of the Public Finance Management Act (PFM) No. 18 of 2012. The Board is mandated to provide frameworks and set generally accepted standards for the development and management of accounting and financial systems by all state organs and public entities.

 

ICPAK: The Institute of Certified Public Accountants of Kenya (ICPAK) is a statutory body that regulates the profession of accountancy in Kenya. The Institute has achieved recognition as a professional body for its contribution in finance and accounting education, governance, professional development, maintenance of high accounting, auditing and ethical standards.

As a professional body concerned with protection of public interest, ICPAK is one of the most active thought leaders in governance and economic matters in the country and the region.

 

NSE: The Nairobi Securities Exchange (NSE) is the principal securities exchange of Kenya. Besides equity securities, the NSE offers a platform for the issuance and trading of debt securities. The NSE is a member of the African Securities Exchanges Association (ASEA) and the East African Securities Exchanges Association (EASEA). It is an affiliate member of the World Federation of Exchanges (WFE), an associate member of the Association of Futures Markets (AFM) and a partner Exchange in the United Nations Sustainable Stock Exchanges Initiative (SSE). NSE is also a signatory to the UN Global Compact.


CMA: The Capital Markets Authority (CMA) was set up in 1989 as a statutory agency under the Capital Markets Act Cap 485A. It is charged with the prime responsibility of both regulating and developing an orderly, fair and efficient capital markets in Kenya with the view to promoting market integrity and investor confidence. The regulatory functions of the Authority as provided by the Act and the regulations include; Licensing and supervising all the capital market intermediaries; Ensuring compliance with the legal and regulatory framework by all market participants; Regulating public offers of securities, such as equities and bonds & the issuance of other capital market products such as collective investment schemes; Promoting market development through research on new products and services; Reviewing the legal framework to respond to market dynamics; Promoting investor education and public awareness; and Protecting investors’ interest.

 

For more information, visit our website: http://www.fireaward.org

 

 

 

The winners honored in each industry are as follows:

 

NO

CATEGORY

 

WINNER

1ST RUNNER UP

2ND RUNNER UP

1

Agriculture

 

KAPCHORUA TEA LIMITED

 

 

2

Bank

 

BARCLAYS BANK OF KENYA

STANDARD CHARTERED BANK OF KENYA LIMITED

CRDB BANK PLC

3

Independent Offices & Constitutional Commissions

 

OFFICE OF THE CONTROLLER OF BUDGET

INDEPENDENT POLICING OVERSIGHT AUTHORITY

PUBLIC SERVICE COMMISSION

4

Industrial, Commercial & Services

 

SAMEER AFRICA

EAST AFRICAN CABLES

BRITISH AMERICAN TOBACCO (K) LIMITED

5

Insurance

 

AFRICA REINSURANCE CORPORATION

BRITAM HOLDINGS LIMITED

JUBILEE INSURANCE COMPANY OF KENYA LIMITED

6

Micro Finance Institutions

 

FAULU MICROFINANCE BANK

 

 

7

MINISTRIES

 

STATE DEPARTMENT OF FISHERIES

 

 

8

Not for Profit

 

STRATHMORE UNIVERSITY

KENYA POWER PENSION FUND - DC

KENYA POWER PENSION FUND - DB

9

Sacco

 

STIMA SACCO SOCIETY LIMITED

UN SACCO

UNAITAS SACCO

10

SME

 

KEVIAN

 

 

11

LISTED

 

BARCLAYS BANK OF KENYA

SAMEER AFRICA

 

12

STATE CORPORATIONS AND SEMI-AUTONOMOUS GOVERNMENT AGENCIES (SAGAs)

 

KENYA ROADS BOARD

CENTRAL BANK OF KENYA

KENYA ELECTRICITY GENERATING COMPANY LIMITED

13

IPSAS CASH

 

OFFICE OF THE CONTROLLER OF BUDGET

INDEPENDENT POLICING OVERSIGHT AUTHORITY

STATE DEPARTMENT OF FISHERIES

14

IPSAS ACCRUAL

 

KENYA ROADS BOARD

KENYA UNIVERSITIES AND COLLEGES CENTRAL PLACEMENT

NATIONAL COUNCIL FOR LAW REPORTING

15

IFRS for SME

 

KENYA BANKERS ASSOCIATION

 

 

16

IFRS (Public Sector Entities)

 

CENTRAL BANK OF KENYA

KENYA ELECTRICITY GENERATING COMPANY LIMITED

IDB CAPITAL LIMITED

17

IFRS

 

BARCLAYS BANK OF KENYA

EQUITY GROUP HOLDINGS LIMITED

KENYA POWER PENSION FUND - DC

18

BEST PFM

 

KENYA UNIVERSITIES AND COLLEGES CENTRAL PLACEMENT

NATIONAL COUNCIL FOR LAW REPORTING

 

19

Environmental & Social Reporting

 

UMEME LIMITED

BAMBURI CEMENT LIMITED

KCB GROUP

20

Governance

 

BARCLAYS BANK OF KENYA

SAFARICOM LIMITED

BRITISH AMERICAN TOBACCO (K) LIMITED

21

Promoters' Recognition

 

 

 

 

22

Rwanda

 

BANK OF KIGALI

 

 

23

Tanzania

 

CRDB BANK PLC

 

 

24

Uganda

 

STANBIC BANK UGANDA

 

 

25

Kenya

 

BARCLAYS BANK OF KENYA

 

 

26

BEST PUBLIC SECTOR

 

KENYA ROADS BOARD

 

 

27

OVERALL

 

BARCLAYS BANK OF KENYA

 

 

 

Video Presentation

FiRe Award Tickets

 

 


Conference Ticket

Ksh 8,500


Gala Dinner / Ceremony Ticket

Ksh 7,500

Download Our Program: FiRe Award 2016

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2017 FiRe Award Event Promoters

2017 FiRe Award Venue

FiRe award Conference:
Thursday, 16th November 2017
From 8.00AM

FiRe award Ceremony and Gala Dinner:
Friday 17th November 2017
From 5.30pm

 

About Us

FiRe Award 2017
The Financial Reporting (FiRe) Award is the most prestigious and coveted Award in East Africa for financial reporting. 

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Contacts

For general information about the event/conference, including registration, please contact us at:
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 020 2353531
 020 2353531
 Nairobi