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How Much Industry Experience Does Your New CFO Need?

Unlike a mid-level accountant who can take the time to learn the business and systems, a new CFO is expected to hit the ground running and quickly ascertain how effectively the company is delivering on its business objectives. An industry-experienced CFO can quickly serve as a strategic partner to both the C-level team and non-financial areas of the business such as marketing and operations. Read more here ...

South Africa CFO route to the top

From SPENCER STUART: SPENCER STUART, a management consulting firm conducted a report to find out more about CFOs in the top 40 JSE listed companies, also comparing their findings to the US, UK and Australia. The detailed analysis of the CFOs in the JSE top 40 companies include the following insights:
  1. Ethnicity
  2. Gender
  3. Experience
  4. qualification
  5. Type of appointment
Read more about the top 40 JSE company CFOs here ...

Do MBAs or accountants make better CFOs?

CEOs have turned the CFO into their advisor and second-in-command. The CFO is like the Hand of the King in Game of Thrones, the one person who has the courage and knowledge to question the ruler. Recent opinion pieces seem to take the MBA’s side more often than the accountants. The degree and certification, of course, are just proxies for several skillsets that rarely coexist in a CFO. It’s a mistake to let three letters replace clear thinking about this ...

Finding CFO: How executive search has evolved during the pandemic

Companies seeking CFOs, or even CFOs recruiting financial analysts, are also encountering a fast-evolving hiring landscape. That new dynamic is reflected in the fact that some searches, once begun, have been postponed—and even cancelled; months-long hiring processes have been compressed into days; and succession planning has sometimes been abandoned, in favour of luring former CFOs out of retirement. Read more here ...

Join SAIBA at the CFO World Congress this November

The South African Institute of Business Accountants (SAIBA) is on its way to Mexico for the 51st IAFEI World Congress in Mexico to be part of the New Economy: PRIVATE INITIATIVE, PUBLIC POLICIES AND DEVELOPMENT discussion among experts and global leaders. The congress is set to discuss topics like:
  1. Financial Architecture in the New Economy
  2. Democracy and Balance of Powers as a Central Element of Economic Stability
  3. New Rules of Business: Creating Real Value in a Changing World
  4. Designing ...

Small business CFOs must build ethical awareness

From CFO.COM: Chief financial officers, known for demonstrating strong professional ethics, must play a leading role in navigating these challenging times. CFOs must support their CEOs, cross-functional partners, boards, and owners by shining light on the ethical blind spots and helping protect against potentially severe errors in judgment. CFOs and their teams of finance and accounting professionals are traditionally known for integrity and trust. We start building ethical awareness in the classroom and solidify this awareness by joining professional organizations ...

Walmart CFO Brett Biggs Is Stepping Down

From CFO.COM: Walmart’s longtime corporate finance executive Brett Biggs is stepping down from his position as the company’s CFO. As CFO, Biggs was responsible for accounting and controls, corporate strategy and development, business planning and analysis, global procurement, internal audit, treasury, tax, and investor relations. Biggs, who has held the top finance post since 2015, will stay in the role until Walmart finds a successor. He will then assist with the transition and plans to leave the company at the ...

Covid-19: NAC CEO, CFO charged over disbursement of R300m

From News24: The National Arts Council (NAC), which was at the centre of corruption allegations in the disbursement of R300 million meant for artists and creatives, says it has charged its suspended CEO Rosemary Mangope and CFO Clifton Changfoot. According to the forensic report, they received irregular payments of R511 452 for performing the work of independent panel members in contravention of the NAC Act. The report found Mangope failed to properly manage and direct the stimulus package in that ...

Office of the Auditor-General to drive a cultural shift in public service

From Daily Maverick: The Office of the Auditor-General has given legislators a peek into the future of public auditing through the submission of its strategic plan and budget for 2022-2025. In that brave new world of public auditing, more emphasis will be placed on drawing up a programme of action that will influence a cultural shift in the public service. The Office of the Auditor-General is charting a renewed institutional course to 2030 broadly in line with amendments made to ...

Why everything that can be automated, should be automated: Levi Strauss CFO

From CNBC.COM: Harmit Singh, chief financial officer at Levi Strauss & Co., says the digital preferences of consumers are shaping the investments CFOs need to make.
C-suite executives need to understand that digital transformation is a key part of sustainable profitability and shareholder value creation, even if the costs can be hard to understand upfront.
This thinking includes cloud adoption to keep legacy systems from falling behind; digital upskilling and employee hackathons; data visualization and artificial intelligence; and robotic process ...

How top CFOs are incorporating tech into their roles

From It’s becoming increasingly clear: Tech is in everything. That includes the role of the top finance job: the chief financial officer. And 2021’s CFOs need to be more tech-savvy than ever. “Maybe 20 years ago, it was a department in the corner. It now permeates every aspect of your business, and every aspect of the finance function, so there’s lots of opportunities to learn,” Kristina Salen, the CFO of entertainment titan WWE, said at a Fortune virtual webinar ...

Demand for Part-Time CFOs Heats Up as Startups Raise More Money

From The Wall Street Journal: Chief financial officers who work part-time for several companies are in high demand as venture-capital firms pour more money into early-stage startups, creating a gig economy for CFOs. Such part-time CFOs help establish processes and make operational decisions, for example how to create financial forecasts or whether to expand to new markets. Read more here ...

COP26: Why freeing up CFO time to focus on ESG initiatives is key

From InformationAge: Today, CFOs need to be more than financial controllers; provided they are given the opportunity to step back from the manual day-to-day processes that can be handled by AI and automation, and focus on strategic initiatives that help them survive and thrive whatever the challenge. A turbulent few years has highlighted the increasing importance of business agility, and the need to constantly assess challenges and priorities. Read more here ...

Former Gauteng Health CFO loses bid to have Premier Makhura held liable for PPE scandal

From News24: In a judgment sent to the parties electronically on Monday, Judge Lebogang Modiba of the Special Tribunal ruled against former Gauteng health department chief financial officer Kabelo Lehloenya in her attempt to have Makhura join in the civil recovery proceedings before the tribunal. Lehloenya wanted Makhura to be held liable in the personal protective equipment (PPE) saga. Read more here ...

Two IOSCO speeches at COP26 focus on new ISSB

From IAS Plus: The Chair of the IOSCO Sustainable Finance Task Force, Erik Thedéen, noted that IOSCO identified the IFRS Foundation as the vehicle to develop a global baseline for investor-oriented sustainability standards given its well-tested governance structure, its best-in-class reputation in setting international reporting standards and its proven record of transparent and inclusive due process. He stressed: The ISSB global standards are the right tool to respond to the existing ‘alphabet soup’ of voluntary sustainability disclosures. They can drive ...

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