The National Social Security Fund (NSSF) has won prestigious awards at the 6th edition of the Annual Financial Reporting Awards (FiRe Awards) that took place last Thursday at Kampala Serena Hotel.
The Fund won the Corporate Governance award, Sustainability Reporting award and was named the 1st Runner up in Parastatals and Government Business category.
The awards, which are organized by the Institute of Certified Public Accountants of Uganda (ICPAU), aim at promoting best practices in financial reporting in complying with international financial reporting standards for the various sectors of Uganda’s economy.
NSSF Chief Finance Officer, Patrick Ayota who received the awards on behalf of the Fund, said that the recognition is affirmation of the Fund’s commitment to transparency. . “Over the last 5 years, the Fund has received an unqualified opinion from the Auditor General, affirming that our financial records and statements are fairly and appropriately presented, and in accordance with Generally Accepted Accounting Principles. These awards are proof of our adherence to international financial reporting standards.
The Fund was commended for providing a clear and concise picture of the organisation’s corporate governance approach with detailed information on division of responsibilities between the board and management as well as a discussion on the organisation’s values, strategy and culture.
The Fund also won the Sustainability Reporting Award that focuses on the reporting of Corporate Social Responsibility activities of an institution and how they have impacted on a wider community. In this category, NSSF revealed the organisation’s involvement in community initiatives, partnerships with the different stakeholders, attention to employee welfare, and internal and external initiatives undertaken to conserve the environment.
“From our perspective, Corporate Social Responsibility (CSR) is a commitment to ensure promotion of social and environmental wellbeing of the communities in which we do business. The Fund’s CSR interventions make a deliberate attempt to develop and build the very basics that support a decent life within our community. ,” Ayota said.
The awards are also intended to encourage effective communication of financial and business information, showcase best practices in financial reporting, and to promote good financial reporting as a prerequisite for raising funds on the capital markets.
Over the last 5 years, the Fund has won several awards, including the Global Balance Score For Excellence in Strategy Execution, Africa Pension Fund Initiative of the Year 2005, East Africa Super Brands 2014 award for excellence in branding, International Social Security Association (ISSA) Good Practice Award, and the Uganda Communications Commission ACIA 2013 Business Excellence Award.