The National Social Security Fund (NSSF) has again been recognized for its outstanding financial reporting, winning four accolades at the 2023 Financial Reporting awards held recently.
The Fund won the prestigious Silver award, beating over 100 companies that submitted entries to the 12th edition of the FiRe awards. It also received the awards for best Sustainability report, Presentation and Communication award, best report in the Public Sector category as well as a certificate of recognition under the Corporate Governance category.
According to the judges, the Fund’s integrated report had a clear emphasis on value creation and strategy. It crisply emphasized the entity’s purpose and approach to sustainability with links to where more sustainability and ESG information could be found.
In addition, “The report clearly articulated the entity’s understanding and relationships with key stakeholders and how the organization responds to their legitimate needs and interests. NSSF provided a compelling value creation story by linking its strategic value drivers to its business model, key priorities, and strategic outcome,” the awards’ judging panel explained.
Under the Presentation and Communication award, the Fund’s integrated report was recognized for its ability to engage the reader through the use of multiple readership enhancement techniques and showed innovation and creativity in its delightful portrayal of the achievements of the organization.
The Fund’s recognition for the Sustainability award was due to the disclosure of the entity’s plans to develop a comprehensive ESG reporting strategy aligned with the entity’s vision, mission, and goals. It provided a holistic picture of the combination, interrelatedness, and dependencies between the factors that affect the organization’s ability to create value over time. The FiReAwards Committee was impressed by the entity’s commitment to sustainable practices throughout its operations.
Patrick Ayota, NSSF Managing Director attributed these achievements to the Fund’s commitment to transparency and accountability. “Our continuous recognition in the leading local financial reporting awards are an affirmation that our disclosures are fairly and appropriately represented in accordance with international reporting standards,” he said.
“Transparency, accountability, and ethical leadership remain at our core, and we will continue to embrace innovation with clear, transparent communication, forging a transformative journey towards inclusive prosperity and a more sustainable future for generations to come.” Ayota added.
NSSF has previously won Gold in the FiRe awards for a record three consecutive years from 2020 to 2022. In addition, it previously won Gold in 2018, Silver in 2017, Bronze in 2019, and took Communication award and Public Sector award in 2018 & 2017 as well as good corporate governance awards in 2015 and 2016.
The Financial Reporting awards are organized by the Institute of Certified Public Accountants of Uganda (ICPAU) with an aim of recognizing and rewarding excellence in financial reporting in the country. This year’s theme for the award was ESG : Reporting as Brand Storytelling.
The winning NSSF 2023 Integrated report can be found on the Fund’s website www.nssfug.org