FiRe Award 2024 Launched with Focus on Enhanced Sustainability Reporting and Transparency

FiRe Award 2024 Launched with Focus on Enhanced Sustainability Reporting and Transparency

By MAXIMILLA WAFULA & PATRICK KIMANZI 

The COUNTY DIARY News 

Nairobi, 27 August 2024- the Financial Reporting (FiRe) Award has officially launched its 2024 edition, underscoring a commitment to enhancing accountability and transparency in resource management across Kenya's private and public sectors. This year's theme, "Championing Effective Sustainability Reporting Through Technology and Innovation," highlights the increasing importance of sustainability disclosures in financial reporting.

The FiRe Award, an initiative by the Institute of Certified Public Accountants of Kenya (ICPAK), the Public Sector Accounting Standards Board (PSASB), the Nairobi Securities Exchange (NSE), the Capital Markets Authority (CMA), and the Retirement Benefits Authority (RBA), aims to integrate comprehensive environmental, social, and governance (ESG) reporting into business practices.

At the launch of the 23rd edition, CPA Dr. Grace Kamau, Chairperson of the Award Executive Committee and ICPAK CEO, emphasized the role of sustainability reporting in achieving sustainable development goals and promoting corporate responsibility. She announced that ICPAK will soon release guidelines for adopting International Financial Reporting Standards (IFRS) S1 and S2, which focus on sustainability and climate-related disclosures.

NSE Chief Executive Mr. Frank Mwiti stressed the Exchange's commitment to supporting Kenyan companies in reporting on sustainability to better manage risks and attract investments. PSASB Acting CEO Ms. Georgina Muchai urged public sector entities to adopt ESG reporting in preparation for new regulations and to enhance transparency and accountability.

RBA CEO Mr. Charles Machira highlighted the growing demand for sustainability disclosures within the pension sector, aiming to improve governance and stakeholder confidence. CMA CEO Mr. Wyckliffe Shamiah pointed out the significance of new ISSB standards for sustainability and climate-related disclosures in enhancing transparency and comparability in capital markets.

The FiRe Award, known for its prestigious recognition of financial reporting excellence in East Africa, continues to promote integrated reporting by setting high standards for accountability, transparency, and integrity in both private and public sectors.