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Rwandan companies train to strengthen disclosure practices
A workshop was held today in an effort to strengthen integrated reporting and disclosure practices among Rwandan companies. The workshop was hosted in collaboration with the Capital Market Authority and International Finance Corporation with the goal of building investor trust and attracting capital. Roman Zyla joins CNBC Africa for more.
Tue, 26 Feb 2019 14:56:33 GMT
Disclaimer: The following content is generated automatically by a GPT AI and may not be accurate. To verify the details, please watch the video
AI Generated Summary
- Emphasizing the need for comprehensive information to make informed investment decisions.
- Advocating for the adoption of global reporting standards to enhance transparency and attract investors.
- Addressing the importance of opening up the pension sector to outside players to deepen capital markets and provide guidance to companies.
In a bid to strengthen integrated reporting and disclosure practices among Rwandan companies, a workshop was hosted today in collaboration with the Capital Market Authority and the International Finance Corporation. The event aimed to build investor trust and attract capital by promoting transparency and harmonized reporting standards. Roman Zyla, from the International Finance Corporation, highlighted the significance of such initiatives, emphasizing the need for companies to provide comprehensive information to investors in order to make informed decisions. Zyla underscored that the traditional approach of merely presenting numbers on a page is no longer sufficient, as investors increasingly seek a broader scope of risk and information before committing their funds.
During the discussion, Zyla also addressed the importance of global standards in reporting, citing the Gibbs standards set by the CFA. While these standards are not currently mandatory, Zyla suggested that regulators and capital markets should lead the way in adopting universal reporting standards to enhance transparency and make companies more attractive to investors. By embracing such standards, companies can proactively tell their story and prepare themselves for potential IPOs, ensuring they have a compelling track record and financial reports to present to stakeholders.
Moreover, the conversation delved into the pension sector in East Africa, highlighting the need to open up the market to outside players to deepen capital markets across sub-Saharan Africa. Zyla emphasized the importance of providing guidance to companies to adapt to the evolving landscape and engage more actively with potential investors. By creating a dialogue between companies and stakeholders, supported by the regulatory framework, Zyla believes it will facilitate access to capital and address stakeholder needs.
Overall, the workshop served as a platform for Rwandan companies to explore the shift towards integrated reporting and disclosure practices, aligning with global standards and enhancing transparency in the business environment. As investors increasingly demand more comprehensive information, companies that proactively embrace these practices are likely to benefit from increased investor confidence and improved access to capital.
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