CRDB Bank Plc, a leading financial services provider in Tanzania is this year’s overall winner of Financial Reporting (FiRe) Awards, held on 8th November in Nairobi.
This award is sponsored annually by the joint promoters; the Capital Markets Authority (CMA) Kenya, the Institute of Certified Public Accountants of Kenya (ICPAK), the Nairobi Securities Exchange (NSE) and the Public-Sector Accounting Standards Board-Kenya (PSASB).
The theme for this year’s 19th edition of the FiRe Awards is “Enhancing corporate value through excellence in financial reporting for cross-border trade and investment facilitation in East Africa and beyond”
The FiRe Award Conference was held on Thursday 7th November 2019 at Vila Rosa Kempinski & Gala Dinner on Friday 8th November 2019 at Carnivore Grounds.
CRDB Bank was also the winner in the banks category, followed by NIC Bank Plc and Equity Group Plc as 2nd runner up. The Bank was established in 1996 and listed on the Dar Es Salaam Stock exchange (DSE) in June 2009.
Safaricom Plc won in Industrial and Commercial Service, UAP Insurance (Insurance), Faulu Microfinance (Microfinance), Kenya Tea Development Authority (KTDA), Stima Sacco (Saccos), Kenya Bankers Association (SME).
CRDB Bank Plc also won first position in the listed firms’ category, KCB (Integrated reporting) and Kenya Deposit Insurance Corporation in the State corporations and semi-autonomous agencies category.
Competition Authority was the winner in IPSAS accrual category while Thika Town constituency won in the National Government Constituencies Development Fund category.
NIC Bank clinched the Governance award while Co-op Bank of Kenya Plc. won the Environment and Social Reporting award.
The Presidency won in Ministries, Department and Agencies followed by National Intelligence Service (NIS) while the Public Service Commission was the winner in the Independent Offices and Constitutional Commission Reporting under IPSASs cash.
Makueni County Executive was awarded for its promoter recognition followed by Kericho County Assembly and Nyandarua County Executive.
NIC BANK in Kenya won a trophy for its compliance with the International Financial Reporting Standards (IFRS-9) while CDDB Bank Plc won in Tanzania and Stanbic Bank Uganda Holdings Limited with CRDB clinching the overall IFRS trophy among the banks in East Africa.
For the last 18 years, the FiRe Awards has recognized and awarded the best reporting entities in the region. The award encourages organizations to strive to be the best by learning about best practices and demonstrating leadership.
The Award is aimed at promoting integrated reporting through enhancing accountability, transparency and integrity. This is done to enhance compliance with the appropriate financial reporting framework, and other disclosures on governance, social and environmental reporting by private, public and other entities domiciled in East Africa.
In 2018, firms that occupied the podium at the FiRe awards included Sameer Africa retained its pole position in industrial, commercial and services as well as listed firms’ category, propelling it to the top position in Kenya and East Africa.
Diamond Trust Bank (DTB) was named the winner in banking category, CIC Insurance Group (insurance), Kenya Tea Development Holdings Limited (agriculture), Faulu (microfinance), UN Sacco (Saccos) and Kenya Power Pension Fund Defined Contribution in the not-for-profit category.
Other winners were NIC Bank in governance category, Stanbic Bank of Uganda (Environmental and Social Reporting) and Stanbic Bank Kenya (integrated reporting).
FiRe awards focus on voluntary disclosure of relevant information in annual reports that go significantly beyond the minimum legal and regulatory requirements.
Participating entities benefit from evaluation feedback which helps them to improve their financial reporting. Entry for FiRe Awards is open to all entities at no charge.