The Retirement Benefits Authority (RBA) continued its championing for transparency, accountability, and good governance within Kenya’s retirement benefits sector. The Authority supported the 23rd Annual Financial Reporting (FiRe) Awards as a way of encouraging retirement schemes to adopt the highest standards in financial reporting.
Since joining the FiRe Awards as a promoter in 2021, the Authority has made it a priority to promote the adoption of International Financial Reporting Standards (IFRS) among retirement benefits schemes. This is seen as a vital step towards enhancing investor confidence, ensuring global competitiveness, and opening pathways to capital markets.
According to RBA CEO Mr. Charles Machira, “Continued participation in the FiRe Awards will not only improve transparency and governance but also strengthen the trust and confidence of stakeholders.” He urged pension schemes to integrate the insightful recommendations provided by the FiRe Awards evaluators to enhance the quality of their financial reports.
Founded in 2002, the FiRe Awards aim to promote excellence in integrated financial reporting, emphasizing accountability, transparency, and integrity. The awards recognize and reward the best reporting entities in East Africa, encouraging compliance with financial reporting frameworks and disclosures on governance, social, and environmental practices.
The awards are an annual collaboration between key promoters: the Institute of Certified Public Accountants of Kenya (ICPAK), the Capital Markets Authority (CMA) Kenya, the Nairobi Securities Exchange (NSE), the Public-Sector Accounting Standards Board-Kenya (PSASB), and the Retirement Benefits Authority (RBA).
