Stanbic wins five accolades at Financial Reporting Awards

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Chief Finance Officer Stanbic Bank Uganda Sam Mwogeza (Left) and his team receive award for best listed entity. Looking on is the Stanbic Board Chairman Japheth Katto (Left)

Stanbic Bank won an unprecedented five accolades including the overall Gold award at the 2017 Financial Reporting awards held at the Serena Hotel in Kampala.

Held under the theme, ‘Moving beyond numbers: Unlocking the value through reporting’ different institutions were awarded in 13 categories, with Stanbic Bank winning the Annual Report of the Year for a record 4th time. Stanbic Bank also won the Best Banking services category, Best Listed Entity award and Sustainability Reporting of the Year award in addition to being recognized for excellence in Corporate Governance reporting.

Accepting the awards on behalf of the Bank Sam Mwogeza the Chief Financial Officer of Stanbic Bank said, “Special thanks and recognition go to the Stanbic finance and the broader bank team for another excellent job well done. This truly is an award winning team in every sense and speaks to the spirit of team work and excellence with which we are committed to serving our clients, shareholders, regulators and other partners for growth.”

“We will continue to strive for excellence in our reporting as in all other areas as a fully integrated partner for growth. We commend the sponsors of this initiative; CMA, USE, ICPAU and the New Vision for playing a leading support role in the improvement of financial reporting and will continually to look to enhance the quality and depth of reporting to all our stakeholders,” Mwogeza added.

Stanbic Bank team pose for a photo with one of their Awards

Speaking at the event, Elliot Mwebya – Executive Director, Governor’s office representing the Deputy Governor Bank of Uganda noted that, “A lot of Small and Medium Enterprises (SMEs) never expand to become large firms due to limited capital.”

He advised firms seeking to mobilise capital by issuing equity or corporate bonds on the capital market, a history of financial reports is a prerequisite because the institutional investors, who are the main customers for corporate stocks and bonds, rely heavily on financial reports to evaluate prospective investments.

The FiRe awards are organised by the Institute of Certified Public Accountants of Uganda (ICPAU) in collaboration with the Capital Markets Authority (CMA) and Uganda Securities Exchange (USE).

They seek to enhance the quality of financial and business reporting in Uganda by encouraging the implementation of financial reporting standards as well as best practice.

Over 70 companies submitted their 2017 annual reports for review.