What you need to know:
- According to Mr Stephen Ineget, the KPMG country leader, it is no longer sufficient for organisations to report merely about profit while omitting aspects that contribute to preserving the ecosystem within which they operate.
Providers of capital are now keen to see how their resources are used to generate stakeholder value through Environmental Social Governance (ESG) to support the well-being of society, according to KPMG.
Speaking during the Institute of Certified Public Accountants of Uganda Financial Reporting Awards in Kampala last week, Mr Stephen Ineget, the KPMG country leader and chairman of the awards committee, said it was no longer sufficient for organisations to report merely about profit while omitting aspects that contribute to preserving the ecosystem within which they operate.
“Providers of capital and debt finance are now keen to see more than ever how their resources are holistically used to generate stakeholder value to support the well-being of society,” he said, noting that because most environmental challenges such as melting glaciers, drastic changes in weather, prolonged droughts, rising sea levels, wildfires, tropical storms and heat waves, among others, are human caused, deliberate actions to mitigate their effects must be seen and undertaken no matter the financial cost, which calls for individuals, organisations, and leaders to play their fair part.
The Financial Reporting Awards, which were held in Kampala last week, saw 20 companies walk away with awards. At least 108 entries were recorded with Stanbic Holdings emerging the overall winner, taking home best listed company award, sustainability report award and corporate governance award, among others.
Regulatory bodies and associations award went to Bank of Uganda, while MTN won the best consumer and industrial products award. Centenary Rural Development Group won a bronze for integrated reporting and was overall winner of the banking services award.
Mr Constant Othieno Mayende, the ICPAU president, said the awards committee had, since inception in 2013, noted improvement in the quality of financial reporting with organaisation reporting increased stakeholder confidence as well as increased ability to raise capital.