503 Entities Participate in 2018 Fire Award

Sameer Africa are the winners of 2018 FiRe Award. This was revealed  at a colourful gala dinner which was held at the Carnivore grounds Nairobi on 16th November 2018. Enhanced transparency in financial reporting is expected in Kenya’s public sector, following increased participation in the Excellence in Financial Report Awards (Fire Award) this year. The annual Award is organized by the Public Sector Accounting Standards Board (PSASB), Capital Markets Authority (CMA), Nairobi Securities Exchange (NSE), and the Institute of Certified Public Accountants of Kenya (ICPAK).CPA, BIRARO R OBADIAH [AUDITOR GENERAL REP. OF RWANDA ] with staff of SAMEER AFRICA LTD- OVERALL WINNER. FIRE AWARD

CPA Obadiah Biraro, Auditor General, Rwanda, who graced the event as chief guest, said 408 public sector entries participating in 2018, is a clear indication that the decision to adopt the International Public Sector Accounting Standards in 2014, as the reporting framework, is bearing fruit. The public Institutions include; Ministries, Departments and Agencies, State Corporations and Semi-Autonomous Government Agencies, and the County Governments.

In addition to the 408 public sector entries, there are another 95 entries from across East Africa in the financial services sector, industrial, commercial and services sector, public benefits organizations, pension schemes and learning institutions, bringing the total entries to 503 in 2018 compared to 456 in 2017.

Mr Biraro said; ‘’Increased participation by the public sector underpins the commitment to more open accountability in the use of public funds and offers the entities an opportunity to be assessed against global standards’’.

The ICPAK Chief Executive, Mr. Edwin Makori, observed; ‘’the entry of public sector in the FiRe Award creates expectations of enhanced disclosures of financial and non-financial information by public sector entities and contributes significantly to buttressing the informative value of public sector financial reporting as envisaged in the Public Financial Management Act, 2012’’.

The awards focus on voluntary disclosure of relevant information in annual reports that go significantly beyond the minimum legal and regulatory requirements. The awards continue to be important for stakeholders and are expected to embed a stronger financial reporting culture in Kenya.  Participating entities benefit from an evaluation feedback which helps them to improve their reporting year in year. Entry for Fire Award is open to all entities and no charges are levied.

The list of winners in various categories is attached below:

 

CATEGORY RANKING NAME OF ENTITY
Agriculture Winner Kenya Tea Development Holdings Limited
1st Runner Up Kakuzi PLC
2nd Runner Up Rea Vipingo Plantations Limited
Banks Winner Diamond Trust Bank Limited
1st Runner Up Barclays Bank of Kenya PLC
2nd Runner Up KCB PLC
Industrial ,Commercial & Services Winner Sameer Africa PLC
  1st Runner Up Safaricom PLC
  2nd Runner Up Umeme
Insurance Winner CIC Insurance Group Limited
1st Runner Up Jubilee Holdings PLC
2nd Runner Up ICEA Lion General Insurance Ltd
Not-for-profit Winner Kenya Power Pension Fund Defined Contribution
1st Runner Up Kenya Power Pension Fund Defined Benefit
2nd Runner Up Strathmore University
IFRS for SMEs Winner Kenya Bankers Association
1st Runner Up Dune Packaging Limited
SACCOs Winner UN SACCO
1st Runner Up Stima SACCO
2nd Runner Up Tai SACCO
Tanzania Winner CRDB PLC
Kenya Winner Sameer Africa PLC
Uganda Winner Umeme
Governance Winner NIC Bank
1st Runner Up DTB Bank
2nd Runner Up Britam
Environmental and Social Reporting Winner Stanbic Bank (U) Limited
1st Runner Up Co-operative Bank of Kenya
2nd Runner Up Kengen
Listed Winner Sameer Africa PLC
1st Runner Up Barclays Bank of Kenya PLC
2nd Runner Up KCB PLC
Integrated Reporting Winner CFC Bank
1st Runner Up KCB
2nd Runner Up Sameer
IPSAS Accruals Winner Competition Authority
1st Runner Up Kenya Roads Board
2nd Runner Up Energy Regulatory Commission
Independent Offices and Constitutional Commission Reporting under IPSASs Cash Winner Office of the Controller of Budget
1st Runner Up Independent Policing Oversight Authority
2nd Runner Up Public Service Commission
State Corporations and Semi Autonomous Government Agencies(SAGAs) under IFRS Winner Kenya Deposit Insurance Corporation
1st Runner Up KENGEN
2nd Runner Up Jomo Kenyatta Foundation
Ministries, Department, and Agencies Winner State Department for Maritime and Shipping Affairs
1st Runner Up State Department for Petroleum
2nd Runner Up The Presidency
Promoter Recognition for Constituency Development Fund Financial Statements Winner Kipkelion West Constituency
Promoter Recognition for Most improved Public Sector Entity Winner Kenya National Commission for Human Rights
Microfinance Winner Faulu Microfinance Bank Limited
1st Runner Up Caritas Microfinance Bank Limited
Overal winner  Fire Award 2018 Winner Sameer Africa PLC