Fiscal Nepal
First Business News Portal in English from Nepal
KATHMANDU: Shikhar Insurance Limited has received the Certificate of Merit at the SAFA Best Presented Annual Reports Awards, becoming the first insurance company in Nepal to be honored with the regional recognition for outstanding financial reporting and corporate governance.
The award, presented by the South Asian Federation of Accountants (SAFA), is considered one of South Asia’s most prestigious benchmarks for transparency, disclosure quality, accountability, and excellence in annual financial reporting. The recognition places Shikhar Insurance among the leading corporate institutions in the region that have demonstrated strong commitment to international reporting standards.
According to the company, the achievement marks a significant milestone for Nepal’s insurance industry, as no Nepali insurer had previously secured a position in SAFA’s competitive annual reporting category.
Shikhar Insurance stated that the honor reflects its ongoing dedication to sound corporate governance, financial discipline, and transparent communication with stakeholders. The company credited its internal reforms—ranging from improved disclosure practices to strengthened reporting frameworks—for meeting the rigorous standards set by SAFA.
Corporate leaders at Shikhar Insurance said the award will further motivate the organization to raise its governance and reporting standards, contributing to the broader credibility and growth of Nepal’s insurance and corporate sectors.
The SAFA awards evaluate institutions across South Asia on criteria including accounting quality, compliance with financial reporting standards, corporate governance, sustainability disclosures, and overall presentation of annual reports.
Shikhar Insurance said the recognition reinforces its commitment to maintaining global standards in reporting and to enhancing trust among policyholders, regulators, and the investment community.
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