FiRe Award: Why participating matters
Kenya Police Sacco officials being presented their award by the Fire Award Chief Judge, Dr Jim McFie . The Kenya Police Sacco were the winners in the Sacco category.
The Financial Reporting (FiRe) Award is the most coveted Award in East Africa. The Award is presented annually during a colourful gala dinner hosted by the joint promoters: the Public Sector Accounting Standards Board (PSASB), the Capital Markets Authority (CMA), the Nairobi Securities Exchange (NSE), the Institute of Certified Public Accountants of Kenya (ICPAK), and the Retirement Benefits Authority (RBA).
For the last 22 years, the FiRe Award has recognised 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 theme of the 22nd edition held this year, was “Utilising technology and innovation to enhance transparency of sustainability, governance and financial information.” The theme resonates with the critical role that technology plays in ensuring transparency of non-financial information disclosures, which give a wholesome view of organisational performance and its relevance in decision-making.
The public and private sectors have been urged by the promoters of FiRe Award to embrace disclosure of non-financial information, as it plays a key role in business sustainability.
The disclosure of non-financial information is essential for building trust amongst the public by responding to their expectations and needs, and for communicating with external stakeholders, including investors, which in turn contributes to sound decision-making.
The participation in 2023 reported 842 public sector entries and 100 entries from the private sector.
Visit the website: http://www.fireaward.org for more information.
Total Energies Marketing Kenya Plc officials being presented their award by the Guest of Honour, Hon Kimani Kuria, Chairman National Assembly Finance and National Planning Committee and Nairobi Securities Exchange CEO, Mr Geoffrey Odundo. Total Energies Marketing Kenya Plc were the overall winners of the Fire Award 2023.
The Promoters
Public Sector Accounting Standards Board: The Public Sector Accounting Standards Board (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.
Institute of Certified Public Accountants of Kenya: 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.
Nairobi Securities Exchange: 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).
Capital Markets Authority: 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. CMA also regulates the commodity markets and online forex trading.
Total Energies Marketing Kenya Plc officials being presented their award by the Guest of Honour, Hon Kimani Kuria, Chairman National Assembly Finance and National Planning Committee. Total Energies Marketing Kenya Plc were the overall winners of the Fire Award 2023
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, and 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.
Retirement Benefits Authority: The Retirement Benefits Authority (RBA) was established under the Retirement Benefits Act, and is mandated to: Regulate and supervise the establishment and management of retirement benefits schemes; protect the interests of members and sponsors of the retirement benefits sector; promote the development of the retirement benefits sector; advise the Cabinet Secretary, National Treasury and Economic Planning, on the national policy to be followed with regard to retirement benefits industry, and implement all government policies relating to retirement benefits.
