10 October 2008
Nairobi — In a year when compliance with international accounting standards carried the top score, Standard Chartered Bank has come out tops to win this year's overall FiRe Award.
The FiRe Award seeks to recognise excellence in financial reporting, sound corporate governance and corporate social responsibility among companies.
Excellence in financial reporting encompasses clarity and transparency in reporting financial and business activities of companies, not only in line with international standards, but also on how well such reporting makes it easier for users to understand the business of an organisation.
The award is organised by Capital Markets Authority, Nairobi Stock Exchange and Institute of Certified Public Accountants. Now in its seventh year, the event attracted 84 companies, including some listed at the NSE. It also attracted non-profit making organisations.
StanChart also topped in the listed company category and came second in the corporate citizenship category.
Winning under the latter category was Bamburi Cement, while East Africa Breweries Limited took third position.
NIC Bank topped the banks' category, took second position in listed companies and third in corporate social responsibility.
The winner on the corporate social responsibility category was Pan Africa Insurance Holdings, while Centum Investment Bank took third position.
GlaxoSmithKline, the pharmaceutical company, came top on the industrial, commercial and services category, followed by Safaricom and Uniliver Tea.
The latter came second on the listed company with this year being its last at the NSE, after its parent company gave intentions to delist it.
Getrudes Children Hospital took the winners award under the non-profit making category while ICRAF, the world agro-forestry research centre, came second and the accountants' examination body, Kasneb third.
UAP Provincial Insurance topped the insurance category followed by CFC Life while Pan Africa Insurance took third position.
During the award presentation ceremony, CMA chairman, Mr Chege Waruinge, said the authority will use the current international credit crisis to emphasise the need for local investment companies and stockbrokers to increase their capital base.
Already, a proposal to have the two increase their core capital by almost tenfold is pending in Parliament as part of this year's Finance Bill.
If passed in to law, the proposal will require stockbrokers to shore up their core capital to Sh50 million from the current Sh5 million, while shareholders in investment banks will need to increase capital to Sh250 million from Sh30 million.
"There is a case to be made for the highly capitalised institutions in the capital markets," Mr Waruinge said.
The guest of honour, Vice President Kalonzo Musyoka, advised the business community to embrace ethics in running their organisations.
"We do business with those we trust; we get business from those who trust us. Ethics drives business growth and this demands attention from boards and investors," the VP said.
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