The Financial Reporting (FiRe) Awards Push for Enhanced Accountability in Sustainability Reporting
The Mt Kenya Times 
CEO- Institute of Certified Public Accountants of Kenya. (ICPAK) CPA Dr. Grace Kamau
By Cynthia Masibo
The Financial Reporting (FiRe) Award promoters have unveiled the 2024 edition, emphasizing the crucial role of integrated financial reporting in boosting transparency and accountability across Kenya’s public and private sectors. The Award, which highlights “Championing Effective Sustainability Reporting through Technology and Innovation,” underscores the importance of detailed business sustainability disclosures as a mandatory reporting practice.
Organized by key institutions including the Institute of Certified Public Accountants of Kenya (ICPAK), the Public Sector Accounting Standards Board (PSASB), the Nairobi Securities Exchange (NSE), the Capital Markets Authority (CMA), and the Retirement Benefits Authority (RBA), the FiRe Award aims to drive comprehensive environmental, social, and governance (ESG) reporting. Entities will be required to detail their ESG practices to showcase their commitment to sustainable development.
In her address at the launch of the 23rd FiRe Award edition, CPA Dr. Grace Kamau, Chairperson of the Award Executive Committee and ICPAK CEO, emphasized the pivotal role of sustainability reporting in advancing sustainable development goals. Dr. Kamau highlighted that adopting International Financial Reporting Standards (IFRS), particularly IFRS S1 and S2, will aid businesses in effectively monitoring, managing, and disclosing their sustainability impacts. “We will soon release a communique detailing the phases of adoption, assurance of sustainability reports, and disclosure practices, complemented by workshops and roundtables to facilitate a smooth transition,” she said.
The NSE’s Chief Executive, Mr. Frank Mwiti, stressed the Exchange’s commitment to supporting Kenyan companies in sustainability reporting. “By focusing on sustainability, we aim to help companies manage risks and attract investment, aligning with growing stakeholder demands for transparency on environmental, economic, and social impacts,” Mwiti noted.
Public sector entities are also encouraged to enhance their ESG reporting practices. Ms. Georgina Muchai, Acting CEO of PSASB, emphasized the increasing regulatory and investor focus on ESG concerns. “Public sector entities must prepare for new sustainability reporting regulations, which will help them gather crucial data to inform strategies, manage risks, and achieve long-term sustainable performance,” Muchai said.
RBA CEO Mr. Charles Machira highlighted the importance of ESG principles in the pension sector. “Stakeholders in the pension industry are demanding clearer sustainability disclosures. Enhanced reporting on ESG impacts, opportunities, and risks will promote governance and boost confidence in the sector,” Machira remarked.
CMA CEO Mr. Wyckliffe Shamiah noted the growing significance of business sustainability and climate-related disclosures, driven by the ISSB’s publication of IFRS S1 and S2 standards. “The finalization of these standards represents a major advancement in establishing a global baseline for sustainability disclosures, enhancing transparency and trust in company reports,” Shamiah stated.
The FiRe Award 2024 promises to be a critical platform for advancing sustainability reporting standards and reinforcing transparency across Kenya’s financial and public sectors.
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