In a bid to improve the standard of reporting and presentation of Annual Reports as well as to acknowledge the contribution of our key stakeholders towards the development of the stock market and ultimately the capital markets in Fiji, the South Pacific Stock Exchange (SPSE) is this year revamping its traditional Annual Report Competition (ARC) Awards.

The revamped awards for 2017 will be called SPSE Annual Awards and will now be a step higher and a more comprehensive and an all-inclusive awards event wherein the SPSE will not only recognise the Annual Reports submitted by various organisations but will also recognise the efforts and contribution of our stakeholders including stockbrokers, listed companies, investment advisors, institutional investors as well as individual retail investors and reward them accordingly.

Details of the revamped SPSE Annual Awards for 2017 are described below.

WHAT HAS CHANGED?

This year in a bid to have a bigger and a more industry inclusive Awards function, the SPSE will categorise the awards under the two main headings; Annual Report Awards and the Grand Awards.

Annual Report Awards aims to consider, assess, evaluate and reward Annual Reports for both listed and unlisted companies. An independent judging panel comprising of top level executives having substantial experience in a broad range of areas including accounting, auditing, tax, legal and consulting activities will perform this role; and

Grand Awards will be focused on recognising and rewarding industry participants such as stockbrokers, listed companies, investment advisors, institutional investors as well as retail investors.

The members for this Judging Committee will comprise of representatives from SPSE and independent members.

ANNUAL REPORT AWARDS

This year SPSE will allow for only two categories under the Annual Report Awards as opposed to the four categories previously allowed. One category will be for the SPSE listed companies and the other category will be for all other unlisted organisations in Fiji (this will include Statutory Authorities, Co-operatives, Non-Profit & Charitable Organisations, Other Public Companies, Unit Trusts and any other organisations).

A total of four main awards will be given under these categories (two awards for the listed companies’ category and two awards under the unlisted organisations’ category).

A set of special awards will also be handed out based on the judges’ assessment of Annual Reports submitted.

Annual Reports submitted under both categories will be judged primarily on the following criteria:

For Listed Companies, standard of disclosure as stipulated in the SPSE Listing Rules including disclosure on Corporate Governance;

Inclusion of additional quality information in the Annual Report over and above the minimum requirements;

Inclusion and layout of the report with the use of infographics on company operations;

Inclusion of information on review of progress for the year in relation to the company’s aims & objectives;

 Inclusion of company’s outline of plans and prospects which portrays an engaging report for the stakeholders;

Inclusion of details about the company’s Corporate Social Responsibility Activities;

Presentation of Financials and compliance with accounting standards; and

Timeliness of submission as per statutory requirements.

GRAND AWARDS

The Grand Awards is the highlight of the revamped SPSE Annual Awards and has the purpose to motivate, appreciate, congratulate and acknowledge our key stakeholders and add significance to our working relationship. Under this category, the following awards will be presented based on 2017 performance:

Listed Company of the Year – will reward the company that best followed the continuing listing requirements together with other qualitative considerations such as enhancement of shareholder related services, encouragement of gender parity related matters and timeliness of information disclosure.

Stockbroker of the Year – will reward the stockbroking firm that has brought in the majority number of new investors to the stock market; carried and churned out research reports for listed companies; and made use of various partnership opportunities with the SPSE in creating stock market awareness.

Investment Advisor of the Year – will recognise the Investment Advisory firm that has been most active in promoting the benefits of listing on SPSE to potential companies as well as assisting those potential companies in realising  their ultimate goal of becoming a publicly listed company.

Institutional Investor of the Year – will focus on the most successful institution investing in the stock market by considering their investment portfolio, use of diversification, returns made from the market as well as frequency of investment and trading activities.

Retail Investor of the Year – will focus on the most successful individual or a mum/dad investing in the stock market by considering their investment portfolio, use of diversification, returns made from the market as well as frequency of investment and trading activities.

Award ceremonies are a mainstay in many industries and sectors nowadays and the stock market is no different. Holding an awards ceremony for our industry is a boundless way by the SPSE to acknowledge the people and institutions that matter to us – listed companies, stockbrokers, investment advisors and the investors. This platform is also an opportunity for the unlisted companies to improve the standard of reporting and presentation of financial and other relevant information vitally needed by stakeholders and investors.