NIC Bank was named the overall winner of the 11
th edition of the Financial Reporting (FIRe) Awards at a ceremony held at Safari Park Hotel on Friday. The bank, which had a
238% over subscription of its rights issue, also bagged other awards in the
Bank, Listed Companies, and IFRSs Category as well as Kenya’s winner in the country category.
Financial reporting is the publication of financial information useful for making investment, credit, and other business decisions. Such communications include general purpose financial statements such as income statements, balance sheets, equity reports, cash flow reports, and notes to these statements. Additionally, items such as press releases, meeting minutes and auditor’s reports are also included in financial reporting.
The FIRe awards seek to recognize exemplary accounting standards among companies in the East African Region. It also seeks to promote and institutionalize transparency, integrity, and accountability in the corporate reporting process. This year the award received 93 entries, the highest number since its inception in 2002. These comprised of 26 institutions from the banking sector, 19 from the Industrial, Allied and Services sector, 13 from the Insurance sector, 2 Local Authorities, 16 SACCOs, 10 Not for Profit entities and 7 SMEs.
Kenyan institutions constituted 87% of the total number of entries, Rwanda 7%, Uganda and Tanzania constitute 3% each. In 2009 the Award transformed into a regional initiative against the backdrop of the East African Community cooperation, to pave way for participation by institutions within East Africa.
Other winners included;
Winner Uganda – Stanbic Uganda
Winner Tanzania – Swissport Tanzania
Winner Rwanda – Bank of Kigali
Insurance Category – PanAfrican Holdings
Industrial, Commercial and Services Category – Centum Investments
SACCO’s Category – Unaitas (previously Muramati Sacco)
Not for Profit Category – Strathmore University
Corporate Governance Category – Barclays Bank of Kenya
SME Category – Sai Pharmaceuticals
Corporate Social Investment Category – Standard Chartered Bank
IPSAS Recognition Award Cash Basis – Ministry of Foreign Affairs, Rwanda
IPSAS Recognition Award Accrual Basis – Kenya Roads Board
IFRS’s for SMEs Recognition Award – Melvin Marsh International Ltd
Promoter’s Recognition Award – AMACO Assurance
