The bank’s Chief Finance Officer, Fredrick Nshekanabo said in Dar es Salaam yesterday that the award which is presented by Nairobi based Capital Markets Authority, the Institute of Certified Public Accountants of Kenya, Nairobi Securities Exchange and Public-Sector Accounting Standards Board-Kenya, only encourages them to do better.
“This award is also testimony that as a bank we invest a lot in preparation of our reports professionally to enhance transparency and accountability. Currently, we are utilising a comprehensive way of reporting which incorporates all of our business activities for the benefit of stakeholders,” Nshekanabo said.
He said with the theme of this year being, ‘Enhancing corporate value through excellence in financial reporting for cross-border trade and investment facilitation in East Africa and beyond,’ the FiRe Awards are an important vehicle to realise such developments.
“As a bank we have also invested heavily in digital platforms to allow clients and the general public easily access banking services wherever they are. Our bank also subscribes to International Financial Reporting Standards which has meant that quality of our accounting reports conforms to global standards,” he said.
The latest award is an addition to several others awards won by the bank both locally and internationally last year which include best prepared accounts for 2019/20 organized by National Board for Accountants and Auditors (NBAA).
For the last 18 years, the FiRe Awards has recognized and awarded the best reporting entities in the region. The award encourages organizations to strive to be the best by learning about best practices and demonstrating leadership.
The award is aimed at promoting integrated reporting through enhancing accountability, transparency and integrity. This is done to enhance compliance with the appropriate financial reporting framework, and other disclosures on governance, social and environmental reporting by private, public and other entities domiciled in East Africa.
CRDB Bank was overall winner of the ward in 2019 after beating NIC Bank Plc and Equity Group Plc which emerged as first and second runner up. The bank also won first position in the listed firms’ category on its way to winning the overall award.